How to Put Financial Statements to Work for Your Business

Spring is the time of year that calendar-year-end businesses receive financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP) and prepare tax returns. This year, take your financial data beyond compliance and use it to develop a comprehensive business plan. Also, assess how your business measures up over time and against the competition. […]

Smart Factories and Blockchain Technology

Most manufacturers have already applied classic business management concepts, such as just-in-time production and continuous improvement initiatives, to enhance cash flow and efficiency. But those efforts might not be enough to stay competitive in a technology-driven marketplace. Here’s how smart factories and blockchain technology are expected to revolutionize the manufacturing industry in the 21st century. […]

Small Business Owners Get Unprecedented Tax Break – Make Sure Your Company Gets Theirs

There are a whole host of new tax rules designed to lower the tax burdens for all companies.  It is important that you are aware of the changes to ensure you get the benefits. The larger corporations (C-corporations) that pay taxes themselves, rather than passing the tax burden onto their shareholders, received a big tax […]

Revenue Recognition – Accounting for Uninstalled Materials

Time is closing in on the deadline for non‑public business entities to adopt the new accounting guidance under ASU 2014‑09, Revenue from Contracts with Customers (Topic 606).  In our continuing series of articles on this new standard, one of the significant changes required by the new standard relates to accounting for uninstalled materials.  Under current accounting […]

IRS Issues New TCJA Guidance for Businesses

The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses several related issues, including eligibility, types of leave covered and calculation of the credit amount. […]

Tax-Free Fringe Benefits Help Small Businesses and Their Employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing tax-free fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of […]

3 Ways to Protect Yourself from Fraud When Shopping Online

3 Ways to Protect Yourself from Online Shopping Fraud Online shopping enables consumers to buy almost anything from the convenience of their own homes. But comfortable surroundings can lull online shoppers into a false sense of security. You wouldn’t leave your wallet unattended in a busy shopping mall or enter a sketchy-looking shop, yet you […]

Now’s the Time to Review Your Business Expenses

As we approach the end of the year, it’s a good idea to review your business expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many […]

Year-End Tax Planning for Manufacturers

As the calendar year is coming to an end, manufacturers should be thinking about ways to implement tax savings strategies.  The Tax Cuts and Jobs Act of 2017 (“TCJA”), signed into law on December 22, 2017, brings numerous changes to corporate and individual taxation, and includes many exciting new tax laws aimed at reducing your […]

Independent Contractor vs. Employee: Worker Classification Matters

Many employers mistakenly believe that the misclassification of employees as independent contractors doesn’t really matter, so long as the contractors satisfy all of their tax obligations. This couldn’t be further from the truth. Worker classification is extremely important. Improper classification of workers comes at a high cost, and both federal and state authorities have been […]

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