Use Business Intelligence to Make Profitable Decisions
As the saying goes, “knowledge is power.” To derive knowledge from your company’s operating data requires the development of an effective business intelligence (BI) program. Simply put, BI is a technology-driven process for analyzing data and presenting actionable information to help corporate executives, managers and others make more informed decisions. For example, if you’re clear…
Keep Tax-Smart Corporate Minutes
If you operate your law firm as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there’s some good news: Minutes can also be used to document the firm’s intentions for transactions…
Drop Evaluations and Grow Employees
There’s a connection between involving your employees in their own achievement, and the achievement and success of your business or organization. And one important strategy to increase your employees’ involvement in their own achievement is to switch from a traditional employee evaluation to an employee achievement plan. The traditional employee appraisal, the type most supervisors…
A Legally Binding Contract
The success of your business depends to a great extent on the quality of the contracts you sign. A good contract protects everyone, while a bad contract could ruin you. Every time you promise to exchange services or property, you create a contract — either written or unwritten. Oral contracts present several problems. They can…
From Reluctant to Excited: Turn Your Board into Enthusiastic Fundraisers
If your not-for-profit organization expects its board members to play a fundraising role, you probably already know how difficult it can be to motivate them. They’re busy people, and even when they have excellent connections, they’re not always comfortable asking those in their network for money — however noble the cause. Fortunately, there are ways you…
Effective Retirement Planning Includes Contingencies
Roughly one in five Americans in the workforce believe that “working for pay” will be a major source of their retirement income. This is according to the “2018 Retirement Confidence Survey” produced by the Employee Benefit Research Institute (EBRI). Nearly half of respondents believe paid work will be a minor source of retirement income for them. This…
Successful Strategies Create Successful Mergers
Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don’t pay off and it’s often management issues — not market conditions — that get in the way. Here are eight key strategies that spell the difference between success and failure in mergers and acquisitions,…
Tax Law Changes Affecting Partnerships, LLCs and Their Owners
The Tax Cuts and Jobs Act (TCJA) brought many modifications to the tax laws that affect partnerships, limited liability companies (LLCs), and their owners. Here’s a look at the key changes. Technical Termination Rule Repealed Under prior law, a partnership (or LLC treated as a partnership for tax purposes) was considered to terminate for federal…
Sell Corporate Stock Tax-Free to an ESOP
When family business owners sell C corporation stock for a big profit, they usually qualify for the current 20% maximum federal rate on long-term capital gains (assuming they’ve owned the shares for over a year). While a 20% rate is good, a tax-free sale to an ESOP could be even better. Current rules: The maximum…
Tax Law Expands Accounting Method Options for Small Businesses
Thanks to changes included in the Tax Cuts and Jobs Act (TCJA), many more businesses can now use the simpler and more-flexible cash method of accounting for federal income tax purposes. The new law also includes some other tax accounting changes that are good news for small businesses. Like many TCJA changes that apply to…