Category: Business Practices
Financial record keeping for small businesses: What to keep and for how long
It's important for a business of any size to keep well-organized and up-to-date financial records. For the purposes of a small business, this can be through either hard copy or electronic filing. Not only will this organizational practice help prepare...
Choice of entity considerations: LLC or Corporation?
Are you considering whether to set up your company as an LLC or corporation? Here are few insights to help you make your decision. As a practical matter, the protection for LLCs might be stronger than that for corporations. While...
Red flags of employee fraud
For business owners, dealing with an employee who commits fraud is a traumatic experience. Were there signs you missed? Could you have prevented it? While there is no way to stop these types of crimes, you can educate yourself on...
GAA election: A valuable tool for tangible property depreciation
Most taxpayers aren’t familiar with a General Asset Accounts (GAA) election, but it can prove very beneficial for tangible property depreciation. A GAA is designed to accommodate an acquisition of a group of similar type asserts, with similar useful lives...
Understanding the Small Business Health Options Program (SHOP) Marketplace
The Small Business Health Options Program (SHOP) Marketplace is designed for small employers who want to provide affordable, flexible and convenient health and dental coverage to their employees. To use the SHOP Marketplace, your business or non-profit organization must have...
Updates to Employer Shared Responsibility for 2016
We’d like to provide our business clients with an update to employers’ responsibility as it relates to medical insurance for their employees. The relief for applicable large employers (ALEs) with 50 to 99 full-time equivalents (FTEs) is no longer available for 2016. ...
How small businesses can keep data secure
A lack of resources and a false sense of security can make small businesses enticing targets for hackers. Organizations with limited IT budgets can keep their data secure by: Don’t think it can’t happen to you. Breaches at large companies...
Guest Author Scott Salaske: Does your business accept credit cards? Learn how to lower your costs
Anytime most business owners hear the phrase “credit card processing”, they begin to get a cold chill down their spine and quickly want to change the topic. Fortunately, or unfortunately, credit card processing is a necessary function (or evil) in...
Guest Author Heather G. Ptasznik: FLSA white collar exemption changes approved … Are you ready?
On May 19, 2016, the Department of Labor (“DOL”) issued its final rule regarding the Fair Labor Standards Act (“FLSA”). This ruling will have nationwide sweeping implications for most private and public employers as it pertains to who is exempt...
Tax benefits of putting junior family members on the payroll
In addition, employing a child age 18 (or if a full-time student, age 19–23) may be a way to save taxes on the child's unearned income. Here are the key considerations. You can turn some of your high-taxed income into tax-free...