Write Strong, Binding International Business Contracts
Is your business entering into a contract with a foreign entity? If so, you should be aware of certain legal terms that may be included — or are necessary to have — in the contract. These terms are important so you will not have difficulty pursuing or defending against potential claims with foreign entities. Contracts…
Handling Law Firm Start-Up Expenses For Tax Purposes
If you are starting a new law firm, you may incur several different types of “pre-opening expenses.” By pre-opening expenses, we mean those that are incurred during the period before the new firm is actually up and running and earning revenue. Special federal income tax rules apply to such pre-opening costs. This article summarizes how…
Think You Don’t Need a Written Contract? Think Again
You’ve probably heard the old saying, “a verbal contract isn’t worth the paper it’s written on.” Yet many business owners and executives still enter into handshake deals. For example, consider the case of a successful Irish pub with a 10-year lease. The property had a great location with lots of foot traffic and a loyal…
Boost Profits with These 10 Techniques
They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting. By cutting costs, you can enhance your bottom line in several ways. Here are 10 ideas: Improve cash flow. If your business is seasonal, ask your biggest vendors to let…
Trim Compensation Expenses
For many businesses, payroll is the single largest expense. Just the basics of wages and salaries add up significantly. But it doesn’t stop there. Your payroll costs are increased by about 24% when you add in vacations, FICA contributions, as well as unemployment, workers’ compensation, health insurance and other fringe benefits. And then there’s overtime…
Payment Card Fraud on the Rise Despite Use of Chip Technology
When the major U.S. credit card companies — including Visa, MasterCard, Discover and American Express — agreed to switch to chip-enabled payment cards, many saw it as a way to chip away at billions of dollars in losses from payment card fraud. Unfortunately, more than three years after the major U.S. card companies mandated a…
Is an HSA Right for You?
Health care costs have skyrocketed over the last few decades. Fortunately, health savings accounts (HSAs) allow qualifying individuals to pay for certain medical expenses with pretax dollars. Here is what you need to know to put an HSA to work for you. Healthy Growth Over the last decade, many people have jumped on the HSA…
Get Inspired: Cost-Effective Ways To Improve Retention
Like many other businesses, your company may occasionally endure downturns during which revenues stagnate and your ability to authorize generous raises is compromised. In these situations, you may understandably worry about breaking the news to your workers and nervously anticipate their reactions. After all, you likely have top performers who deserve higher salaries. Let’s look…
Understanding IRS Audit Guidance
IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction. Though designed to help IRS examiners prepare for audits, ATGs are available to the public. So, small business taxpayers can review…
Offer Acceptance Periods: Can You Revive an Expired Offer?
What Happens If an Offer Expires But the Agency Doesn’t Cancel the Procurement? When a contractor submits an offer (a bid or proposal, depending on the type of procurement) to the federal government, the solicitation normally specifies the period within which the government can accept the offer and form a legally binding contract. The acceptance…