Insights: Consulting Services

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Navigating the Qualified Business Income Deduction

July 2, 2019

One of the most talked about provisions of the Tax Cuts and Jobs Act of 2017 is the Qualified Business Income Deduction, a new tax benefit allowing entrepreneurs, self-employed individuals and investors to deduct 20 % of their business income in calculating their income tax.  This was a significant change to the taxation of flow-through…

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Put a number on your midyear performance with the right KPIs

June 25, 2019

We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that matter? You can if you choose and calculate the right key performance indicators (KPIs). 4…

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Grading the performance of your company’s retirement plan

June 19, 2019

Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you. Mind the basics More than likely, you already use certain criteria to…

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Thinking about moving to another state in retirement? Don’t forget about taxes

May 23, 2019

When you retire, you may consider moving to another state — say, for the weather or to be closer to your loved ones. Don’t forget to factor state and local taxes into the equation. Establishing residency for state tax purposes may be more complicated than it initially appears to be. Identify all applicable taxes It…

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Your succession plan may benefit from a separation of business and real estate

May 22, 2019

Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that is, the building and the land it sits on. Under such circumstances, many business owners choose…

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The simple truth about annual performance reviews

May 15, 2019

There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming. The simple truth is that smaller companies may not need to exert a lot of effort on a complex approach. Sometimes a…

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What type of expenses can’t be written off by your business?

May 6, 2019

If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the general rule is contained in…

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Employee vs. independent contractor: How should you handle worker classification?

May 2, 2019

Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply to reduce taxes or avoid their employee benefit obligations. Why it matters When your business…

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Responding to the nightmare of a data breach

April 11, 2019

It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering a data breach without an emergency response plan…

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Prepare for the worst with a business turnaround strategy

April 8, 2019

Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure. Often, the demise of a company is driven by internal factors — such as weak financial oversight, lack of management consensus or one-person rule. External factors typically contribute, as well. These may include disruptive…

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