Related-party transactions: Think like an auditor
Issues between related parties played a prominent role in the scandals that surfaced more than a decade ago at Enron, Tyco International and Refco. Similar problems have arisen in more recent financial reporting fraud cases, prompting the Public Company Accounting Oversight Board (PCAOB) to unanimously approve a tougher audit standard on related-party transactions and financial […]
Evaluating cyberthreats
How much does a data breach cost? The average total cost of a data breach has risen to roughly $4 million, according to a 2016 survey of IT security professionals by the Ponemon Institute (a research center dedicated to privacy, data protection and information security policy). That figure has grown 29% from 2013. The study […]
Business owners: Put your successor to work before you set sail
A hastily chosen or ill-prepared successor can lead a company astray or, in worst cases, mismanage it into bankruptcy. Before you set sail into retirement or perhaps on to your next great professional adventure, make absolutely sure that your chosen replacement is ready to, well, succeed. Build stakeholder confidence Perhaps the simplest, most important thing […]
4 pillars of robust business growth
Many businesses start life small and simple. But with growth comes the need for a stronger company infrastructure and increased operational sophistication. As you pursue a more robust business process pillars, focus on these 4 pillars: 1. Organizational management Implement a formalized system for measuring performance that begins with written job descriptions and training. Issue […]
Throw a company picnic for employees this summer and enjoy larger deductions
Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But […]
10/20 – Are you taking full tax advantage of your business property?
HSA + HDHP = Your ideal benefits strategy?
Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small to midsize businesses and the self-employed. So, assuming your company falls into one of these categories, have you considered the strategy of using these accounts with a high-deductible health plan (HDHP)? Tax benefits The tax benefits of […]
Innovate or acquire? That’s the strategic question
Many companies reach a point in their development where they have to make an important decision: Innovate themselves or acquire a competitor? Of course, it isn’t always an either/or decision. Nonetheless, business owners should consider the pluses and minuses of both approaches. Innovating to grow Innovation is a broad term that encompasses many strategies — […]
Businesses can also be disrupted by tax identity theft
A great deal of attention is paid to individual tax identity theft — when a taxpayer’s personal information (including Social Security number) is used to fraudulently obtain a refund or commit other crimes. But businesses can also be victims of tax identity theft. Significant consequences Business tax identity theft occurs when a criminal uses the […]
Combine business travel and a family vacation without losing tax benefits
Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to fund a portion of your vacation costs. But if you’re not careful, you could lose the tax benefits of business travel. Reasonable and necessary Generally, if the primary purpose of your trip is business, […]
