Forming a cross-functional sales team
Business owners are often warned about silos. Not the tall, cylindrical structures typically seen on farms or at grain processing facilities. Rather, the insular nature of many departments that results in the hoarding of information and a distinct lack of companywide communication. Among the most damaging effects of having silos within a business is poor […]
Changes in Sec. 174 make it a good time to review the R&E strategy of your business
It’s been years since the Tax Cuts and Jobs Act (TCJA) of 2017 was signed into law, but it’s still having an impact. Several provisions in the law have expired or will expire in the next few years. One provision that took effect last year was the end of current deductibility for research and experimental […]
Protect the “ordinary and necessary” advertising expenses of your business
Under tax law, businesses can generally deduct advertising and marketing expenses that help keep existing customers and bring in new ones. This valuable tax deduction can help businesses cut their taxes. However, in order to be deductible, advertising and marketing expenses must be “ordinary and necessary.” As one taxpayer recently learned in U.S. Tax Court, […]
Key tax issues in M&A transactions
Merger and acquisition activity dropped dramatically last year due to rising interest rates and a slowing economy. The total value of M&A transactions in North America in 2022 was down 41.4% from 2021, according to S&P Global Market Intelligence. But some analysts expect 2023 to see increased M&A activity in certain industries. If you’re considering […]
How the new SECURE 2.0 law may affect your business
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years. SECURE 2.0 is meant to […]
Look to a SWOT analysis to make better HR decisions
Many business owners spend most of their time developing strategic plans, overseeing day-to-day operations and, of course, putting out fires. Yet an underlying source of both opportunity and trouble can be human resources (HR). Think about it: The performance of your HR department determines who works for you, how well employees are supported, and to what […]
3 ways your business can uncover cost cuts
Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and overhead — often aren’t a viable […]
Is now the time for your small business to launch a retirement plan?
Many small businesses start out as “lean enterprises,” with costs kept to a minimum to lower risks and maximize cash flow. But there comes a point in the evolution of many companies — particularly in a tight job market — when investing money in employee benefits becomes advisable, if not downright mandatory. Is now the […]
Employers should be wary of ERC claims that are too good to be true
The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]
Unused PTO a problem? Consider a contribution arrangement
A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use it or lose it” policies, workers have likely left a few or perhaps many unused hours on the table. It’s a growing problem. A July 2022 survey conducted by Sorbet, a provider […]
