How to Address Fraud in Your Business

Did you know that the typical organization loses a median of 5% of revenues from fraud each year? On a global scale, this translates to losses of approximately $3.7 trillion, according to the Association of Certified Fraud Examiners (ACFE). It is a significant problem faced by organizations of all types, sizes, locations and industries. Prevention […]

Tax Issues to Consider When Investing in Training and Recruiting

A top concern is the shortage of manufacturing employees. There are various options to bridge the skills gap, but training and recruiting options often require a substantial investment. What’s the most cost-effective way for you to tackle this challenge? Deducting training costs Before looking outside your organization for skilled job applicants, consider your existing employees. Could any […]

Family Businesses: How to Survive a “Divorce”

Many successful small manufacturing businesses are run by families. Unfortunately, when business and personal lives are so intertwined, disagreements sometimes happen and family members decide to part ways. Here are valuation methods that apply when divvying up a marital estate that includes a family-owned business — or when buying out a dissenting shareholder. Valuing a […]

Loan or Lease: What’s the Smartest Way to Finance New Asset Purchases?

If your company needs to expand its facilities or update equipment, you may be weighing the pros and cons of financing vs. leasing. Here’s some guidance to help you make an informed decision. Traditional Financing Few companies have enough cash on hand to purchase fixed assets — such as warehouses, office space, furniture and machinery […]

Understanding and Reducing Cyberrisks

“Manufacturers must strike a balance between progress and security,” said National Association of Manufacturers board member Rick Schreiber in a recent statement.“ Data analytics and the Internet of Things may spur the next industrial revolution, but with that comes increased exposure to cyberrisk. Manufacturers still have some catching up to do to adequately protect their […]

Are You Ready for Millennials in Your Workplace?

What do you think of when you hear about millennials in the workplace? Many people think that this generation of workers, ages 18-34, are entitled, lazy and addicted to technology/social media.  However, the millennial generation often has a different view of themselves and would claim they are motivated, forward-thinking and crave mentorship. With millennials currently […]

Virtual Currency Regulation

Bitcoin, Ethereum, Namecoin, Litecoin, Zcash, Dash, Ripple, Monero are just a few of the over 700 cryptocurrencies, valued at over $12 billion that have entered the market and continue to grow. Although there are still uncertainties about the treatment and taxation of this virtual currency, the Internal Revenue Service issued initial guidance regarding cryptocurrency in […]

What You Should Know About Paid Family Leave

New York State will join California, Rhode Island and New Jersey as the only states that provide Paid Family Leave benefits beginning January 1st, 2018. This law allows employees to take time off to bond with their newborn child, care for a close relative with a serious health condition, or help relieve pressures on a […]

What Contractors Should Do Before Year-End

As the end of another business year rapidly approaches, now is the time to start considering some of the major tax implications that will be affecting your construction business. With proper tax planning, your business may be able to postpone or even eliminate some of your 2017 tax liability. It’s particularly important as the current […]

Are You In Compliance With The Employer-Owned Life Insurance Contract Rules?

It is common for companies to carry life insurance on its owners and certain key-employees to help lessen the financial strain on the company should an unfortunate death of one of these individuals happen. When the company insures the life of its owners and key-employees, the policies are referred to as “employer-owned” insurance contracts, where […]

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