LanguageEnglish
+

Monday, 15 April

Search Engine

Can employees donate unused vacation pay to charity?

Robert Tighe

Posted By: Robert Tighe

Posted November 25, 2019 / No comments

Like many employers, you may allow employees to carry over unused vacation pay from one year to the next. With the year winding down, and gift giving on the minds of many, certain staff members might inquire about donating their unused vacation pay to charity. In turn, you may wonder: Is doing so allowed under

Read More

2 valuable year-end tax-saving tools for your business

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 25, 2019 / No comments

At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible machinery, equipment, furniture or

Read More

The tax implications if your business engages in environmental cleanup

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 18, 2019 / No comments

If your company faces the need to “remediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup

Read More

Holiday parties call for inclusion and gratitude

Keith Orr

Posted By: Keith Orr

Posted November 15, 2019 / No comments

Year end can be a stressful time for those in ownership and management positions. Along with having to tackle myriad tasks related to financial reporting and tax planning, you also probably need to plan a holiday party. And whether it’s the food or the venue or the time of day, employees have been known to

Read More

Small businesses: Get ready for your 1099-MISC reporting requirements

Cynthia Petschke

Posted By: Cynthia Petschke

Posted November 13, 2019 / No comments

A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be time consuming and

Read More

How to keep track of small tools and equipment

Stephen Leazzo

Posted By: Stephen Leazzo

Posted November 1, 2019 / No comments

Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these

Read More

Must employers distribute initial COBRA notices every year?

Robert Tighe

Posted By: Robert Tighe

Posted October 28, 2019 / No comments

When an employer’s staff size reaches 20 or more, it’s generally required to offer “COBRA” health care coverage to departing employees. (The name comes from the legislation that made it law: the Consolidated Omnibus Budget Reconciliation Act of 1985.) If your organization is subject to COBRA, you may wonder whether you must provide the initial

Read More

Valuing profits interests in LLCs

Stephen Leazzo

Posted By: Stephen Leazzo

Posted October 28, 2019 / No comments

The use of so-called “profits interest” awards as a tool to attract and retain skilled workers has increased, as more companies are being structured as limited liability companies (LLCs), rather than as corporations. But accounting complexity has caused some private companies to shy away from these arrangements. Fortunately, relief from the Financial Accounting Standards Board

Read More

Accelerate depreciation deductions with a cost segregation study

Cynthia Petschke

Posted By: Cynthia Petschke

Posted October 21, 2019 / No comments

Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a

Read More

Phased retirements can capture intellectual capital, help older workers

Robert Tighe

Posted By: Robert Tighe

Posted October 20, 2019 / No comments

When retiring employees walk out the door for the last time, they often leave with more than fond memories. Many depart with vast amounts of “intellectual capital” — knowledge related to the organization and their jobs that no one else possesses. Unfortunately, few employers take the time to “debrief” retiring employees before they exit. Many

Read More