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Is there a weak link in your supply chain?
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Is there a weak link in your supply chain?

Every company should watch out for weak links in its supply chain. Examples include: 1) legal risks; a supplier could be embroiled in a lawsuit or violation, 2) political risks; a supplier may operate in a politically unstable region (even nationally), and 3) transportation risks; weather or other disasters could compromise a supplier’s shipping routes. To cope, consider strategies such as diversifying your suppliers to...

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03 Aug 2018
Business deductions for meal, vehicle and travel expenses: Document, document, document
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Business deductions for meal, vehicle and travel expenses: Document, document, document

Some common deductions for businesses are meal (generally 50%), vehicle and travel expenses. Deductibility depends on a variety of factors, but proper documentation is one of the most critical. Following some simple steps can help ensure your deductions will pass muster with the IRS. First, keep receipts, canceled checks or similar documentation. Also, track the business purpose of each expense (and don’t wait until year...

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27 Jul 2018
Basis consistency rules may come into play if you’re administering an estate or inheriting property
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Basis consistency rules may come into play if you’re administering an estate or inheriting property

The income tax basis of inherited property is prohibited from exceeding the property’s fair market value as determined for estate tax purposes. Why does this matter? It prevents beneficiaries from arguing that the estate undervalued the property and, therefore, they’re entitled to claim a higher basis for income tax purposes. The higher the basis, the lower the taxable gain on any subsequent sale of the...

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19 Jul 2018
Key Design USB stick isolated on white background
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3 keys to a successful accounting system upgrade

Today’s accounting software can perform adequately for years, but improved features are being created all the time. Here are three key considerations to help you decide when to upgrade: 1) Your users’ tech savvy needs to align with the system’s level of sophistication. 2) Costs matter: Set a firm budget and focus on only needed functions. Also look into add-ons such as free trials, initial...

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12 Jul 2018
Finding a 401(k) that’s right for your business
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Finding a 401(k) that’s right for your business

Ready to offer a 401(k) plan? Know your options: Traditional 401(k)s let employees contribute pretax dollars and give employers the option of matching contributions. But rigorous testing rules apply. Roth 401(k)s allow employees to contribute after-tax dollars and take tax-free withdrawals (subject to limitations). Safe harbor 401(k)s avoid strict testing but require certain employer contributions. Smaller businesses may offer SIMPLE 401(k)s, which are akin to...

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03 Jul 2018
Choosing the best business entity structure post-TCJA
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Choosing the best business entity structure post-TCJA

On the surface, the TCJA’s new, flat 21% income tax rate for C corporations may make choosing C corp structure for your business seem like a no-brainer. After all, 21% is much lower than the 37% top rate that applies to pass-through entities (such as partnerships and S corps). But C corps can still be subject to double taxation. And pass-through entity owners may be...

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26 Jun 2018
A midyear review should go beyond financials
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A midyear review should go beyond financials

Now’s the perfect time for business owners to stop, take a breather and engage in a midyear review. Naturally, this will involve looking at your financials. But go beyond those numbers and look at areas such as: 1) HR, specifically, how’s employee turnover trending compared with last year? 2) Sales and marketing, for example, are you meeting monthly sales goals and getting good ROI on...

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14 Jun 2018
2 tax law changes that may affect your business’s 401(k) plan
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2 tax law changes that may affect your business’s 401(k) plan

When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an...

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12 Jun 2018
Could a long-term deal ease your succession planning woes?
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Could a long-term deal ease your succession planning woes?

As some business owners begin to consider retirement, they just can’t identify a suitable successor. One potential solution is a long-term deal that gradually cedes control to an outside buyer. The process typically begins with the owner selling a minority stake, followed by a tryout period to assess compatibility. If all goes well, the minority stakeholder may offer a takeover bid. Buyers look to long-term...

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07 Jun 2018
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