Spouses Are Guilty Until Proven Innocent
When you got married, you knew it was for “better or worse.” But you might not know about laws that hold you responsible if your spouse cheats on a tax return. “Innocent” versus “Injured” Spouse If your current or former spouse has gotten you into tax trouble, you may be able to get help from…
3 Affordable Care Act Taxes Postponed by Congress
On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under the ACA. Cadillac Tax Under prior law,…
6 Last-Chance Tax Breaks: Do You Qualify?
The new Tax Cuts and Jobs Act (TCJA) significantly changes some parts of the tax code that relate to personal tax returns. In addition to lowering most of the tax rates and increasing the standard deduction, the TCJA repeals, suspends or modifies some valuable tax deductions. As a result, millions of Americans who have itemized…
Focus on Your Profit Centers
It can be a hard choice, but successful companies often have to make strategic decisions to “fix it or exit.” In other words, every element of a business must earn its keep, be fixed or let go. Companies must have a growth and profitability mentality that prompts them to maintain their winning profit centers and…
Mine Data Efficiently
Ever have the feeling that you’re drowning in data and yet you can’t find the exact information needed to make critical business decisions? You’re not alone. Industry observers estimate that information gathering is doubling or tripling every year. This leaves loads of critical information about customers, sales, profit margins and other factors – making decisions…
Workers’ Compensation Vs. Disability Income Insurance
Sometimes the disability is work-related, but disability can occur as a result of any number of diseases, life events and accidents. And too often workers are woefully unprepared for them. For employees it’s critical to understand the difference between disability insurance and workers’ compensation.
Prevent Fraud by Envisioning How it Could Occur at Your Organization
Every year, millions of dollars are donated to not-for-profit organizations. In these cases, the money that’s supposed to go to an organization’s causes can be diverted to thieves. Not-for-profits aren’t immune to the threat of fraud from their own employees. Preventing internal fraud within a not-for-profit organization requires many of the same approaches that for-profit…
Protect Directors and Officers From Legal Liability
It’s an age of personal responsibility and legal liability can cause financial ruin for your organization’s officers and board members. Directors and officers of not-for-profit organizations can be personally responsible for managing the affairs of the organizations. (This can also be true for directors and officers of for-profit companies.) Being an effective board member takes…
Start Succession Planning Now
The majority of North American businesses are family owned and many are facing ownership-transfer issues as more Baby Boomer founders enter retirement. Roadblocks to Successful Transitions There are four major reasons successions in family businesses tend to fail: 1. Lack of viability. The business is so dependent on the founder that it cannot operate without…
Unusual Circumstances Involving COBRA
Question: An employee on unpaid Family Medical Leave Act (FMLA) leave has just notified us that she does not intend to return to work. She was covered under our major medical plan until her leave began. However, she opted to drop her coverage when she went on leave rather than continuing to pay the employee…