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2019 Q2 tax calendar: Key deadlines for businesses and other employers
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2019 Q2 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax deadlines for businesses during Q2 of 2019. APR. 1: File with the IRS if you’re an employer that will electronically file 2018 Forms 1097, 1098, certain Forms 1099 and/or Form W-2G. APR. 15: If you’re a calendar-year corporation, file a 2018 income tax return (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due....

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27 Mar 2019
An implementation plan is key to making strategic goals a reality
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An implementation plan is key to making strategic goals a reality

Strategic planning comprises two primary tasks: establishing goals and achieving them. The key to that all-important second task is establishing an implementation plan. First, appoint a leader to communicate and champion your objectives. Next, establish teams of employees to complete goal-related projects. Ensure each team’s members represent a cross-section of your company’s departments. Also, regularly monitor the implementation plan’s financial feasibility, considering your company’s budget,...

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20 Mar 2019
There’s still time for small business owners to set up a SEP retirement plan for last year
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There’s still time for small business owners to set up a SEP retirement plan for last year

If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can be set up for 2018 as long as you do it before your 2018 income tax return filing deadline. You have until the same deadline to make 2018 contributions and claim a potentially substantial...

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13 Mar 2019
Using knowledge management to develop your succession plan
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Using knowledge management to develop your succession plan

As you develop your succession plan, you’ll need to consider how to mitigate the loss of pure know-how that will occur when you step down. One way is to implement a knowledge management strategy. This is a formal process of treating knowledge as a valuable company asset. Knowledge generally can be subdivided into two types: 1) explicit (already documented) or 2) tacit (exists only in...

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06 Mar 2019
Beware the Ides of March — if you own a pass-through entity
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Beware the Ides of March — if you own a pass-through entity

Pass-through entity owners: Beware the Ides of March. Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies treated as partnerships or S corporations for tax purposes. Why? The Ides of March, better known as March 15, is the federal income tax filing deadline for these entities. If you haven’t filed your return and are...

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27 Feb 2019
Best practices when filing a business interruption claim
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Best practices when filing a business interruption claim

Business interruption insurance generally provides cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event. But submitting a claim can be time-consuming and requires preparation. First, notify your insurer of an interruption immediately and review your policy. Then reorganize your bookkeeping to segregate costs related to the business interruption and carefully maintain supporting documents. The loss...

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20 Feb 2019
When are LLC members subject to self-employment tax?
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When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to self-employment (SE) tax. But the IRS has been seeking back taxes and penalties from LLC members it claims have underreported SE income, with some success in court. At the greatest risk are LLC members who are comparable...

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13 Feb 2019
Financial statements tell your business’s story, inside and out
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Financial statements tell your business’s story, inside and out

As a business evolves, it will encounter the need to build credibility with outside parties, such as investors and lenders, and to make well-informed strategic decisions. In short, financial statements are a necessity. Typical components are an income statement, a balance sheet, and a cash flow statement. Also frequently included: a retained earnings/equity statement and a notes section. Financial statements tell an important, ongoing narrative...

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07 Feb 2019
Is your business stuck in the mud with its marketing plan?
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Is your business stuck in the mud with its marketing plan?

A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But a business can get stuck in the mud trying to build these thoroughfares. For example, many companies use the same, outdated marketing materials for years. Others overly focus on one marketing medium, missing critical opportunities. Still others have messaging...

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29 Jan 2019
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