Insights

How to research a business customer’s creditworthiness

October 10, 2019

Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt if these customers don’t make their payments. Even worse, they could declare bankruptcy and bow…

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Getting a divorce? There are tax issues you need to understand

October 8, 2019

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce. Alimony or support payments. For alimony…

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Take advantage of the gift tax exclusion rules

October 6, 2019

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For…

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Watch out for tax-related scams

October 4, 2019

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months. Fake property liens. A tax bill is sent from a…

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Uncle Sam may provide relief from college costs on your tax return

September 30, 2019

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation…

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Department of Labor releases the long awaited final rule on overtime

September 26, 2019

On Tuesday, September 24, 2019, the Department of Labor (DOL) released the long awaited final rule on overtime, which will take effect January 1, 2020.  Employees who make less than $35,658 per year will now be eligible for overtime pay. To be exempt from overtime under the Fair Labor Standards Act (FLSA), employees must be…

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Does your team know the profitability game plan?

September 19, 2019

Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches…

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The chances of an IRS audit are low, but business owners should be prepared

September 17, 2019

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overall, audit rates are historically low. There’s no…

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Cryptocurrency Transaction Reporting

September 12, 2019

Recently the Internal Revenue Service sent over 10,000 letters to taxpayers who the IRS believes may have failed to properly report their cryptocurrency transactions.  Three different letters were sent – Letters 6173, 6174 and 6174-A.  Each of these letters indicate that the IRS has information regarding a failure to report digital gains.  Taxpayers have also…

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For best results, start your strategic planning early

September 11, 2019

Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…

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