Squeeze More Work Out of Your Computers
That computer sitting on your desk can do five times more than it’s doing now if you set up PC sharing among your employees. Let’s say you have one employee working a morning shift, and another working in the afternoon. In theory, you don’t need two separate computers and can save some money. But there…
Build Teams for Growth and Success
Teamwork. It’s a common enough term these days, and well-known companies such as General Electric, 3M, Texas Instruments and Federal Express have been using it to their advantage for decades. Now an increasing number of businesses have taken up team building for growth, efficiency and competition. However, building effective teams isn’t a snap, particularly here…
Is Your Company Facing a Cash Flow Crunch?
Cash flow is always an important element in the smooth and successful operation of your business and is particularly key in meeting opportunities and demands. Generating sales and managing operations are, of course, also important, but ensuring that that cash from those sales is collected and that your company’s daily cash flow needs are managed…
Survey: Employers Adapt Quickly to Withholding Tax Changes
Most employers had no problems meeting the February 15, 2018, deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA). However, many employees question how the TCJA will affect them.Those are findings of a recent American Payroll Association survey of 1,000 payroll…
How to Pay Retiree Health Costs Tax-Free
If you own a small business, you may have set up a defined benefit pension plan for you and your employees that will provide a specific amount of retirement income based on salary history and years of service. For 2018, the maximum annual benefit of a defined pension plan is $220,000 (up from $215,000 in…
Coping With a Nightmare: Firing a Relative in a Family Business
Of course, you love your family members. But let’s say you hired them — and their spouses and children — to work in the family business and one of them is not working out. In fact, an outside consultant has told you that the person is incompetent, destructive to the business morale and should be…
Are Roth IRAs Still Beneficial under the New Tax Law?
The Roth IRA remains an attractive retirement planning vehicle for many individuals after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. New Tax Law Eliminates Reversal Privilege for Roth IRA Conversions Did you know that…
Subcontractor Due Diligence: 8 Questions to Ask
Prime contractors are responsible for negligence in the selection of subcontractors. In one fraud perpetuated against the U.S. Department of Interior’s Fish and Wildlife Service, two individuals were engaged in a series of transactions that were intended to hide the involvement of one of them from the government. How Prohibited Involvement Was Concealed From the…
Keep Employees Up to Speed on Compliance Issues
Government contract clauses require that your company set up and maintain adequate internal controls. One common theme is employee training. Your business is expected to provide periodic instruction in aspects of government contracting, including the terms of a contract. Many clauses also require performing and executing activities specific to federal contracting. Summary of Tips Read…
Invest Excess Company Cash Wisely
Business owners face a constant balancing act when it comes to deciding how much cash to keep in their regular checking accounts. On one hand, the money in these accounts is available in case of an emergency or great business opportunity. But on the other hand, banks are prohibited by law from paying interest on regular…