Firm Proves the Value of Brainstorming
Some people question the value of brainstorming, claiming that face-to-face brainstorming is inefficient compared to coming up with ideas all alone, casting doubt on the value of brainstorming as a problem-solving or idea-generating technique. After doing some research of their own, two Stanford University professors, Robert Sutton and Andrew Hargadon, argued the folly of judging the…
Six Smart Reasons to Keep Scrupulous Records
In order to qualify as a tax-exempt entity, a not-for-profit organization must comply with certain federal income tax laws. To prove compliance, you must maintain records. There is no required recordkeeping system. Your organization can choose any system that suits its activities and clearly shows your income and expenses. It is prudent for not-for-profit organizations to keep scrupulous…
Collaborative Divorce: A More Civilized Option
Once upon a time, one person sitting across a divorce negotiating table was the love of the other person’s life. They may have dreamed about what their children would look like and taken sunset walks on the beach. Now they may not be able to can look at one another. Divorce isn’t exactly the happily-ever-after they…
What to Expect in a Deposition
Let’s say you’ve been summoned to give a deposition. It might send shivers up your spine, but it may be the one time you can tell your story. Only there’s no judge, no jury. A deposition is a strategic tool that lawyers on both sides use to dig for the facts before a case goes Being…
How to Maximize Tax Breaks for Work-Related Education Costs
School is back in session. So, it’s time for a refresher on tax breaks for work-related education expenditures. Here’s what individual taxpayers need to know. Are You Self-Employed? Self-employed individuals may be eligible to deduct qualified work-related education expenses on their business tax forms. Self-employeds don’t have to worry about the 2%-of-adjusted-gross-income limit for itemized deductions or the…
Non-Compete Agreements: What Can They Accomplish?
It may seem ironic that companies encourage innovation and brilliance while employees are on the payroll, but pull the plug on that ambition if they dare to leave. But non-compete agreements attempt to do just that to control damage. State Laws Vary Laws regarding non-compete covenants vary from state to state. For example, courts in California…
Safeguarding Customer Privacy
Federal and state laws are becoming more stringent when it comes to the information you can share about your customers. For Sale on the Internet Technology has facilitated the ability to access high quality fake identification tools such as driver’s licenses, birth certificates and Social Security cards. The ease of creating authentic-looking counterfeit documents and obtaining…
Camera Phones: Neat Technology + Liability Risks
The camera phone may be an important business tool, but the technology comes with heavy security risks. A person carrying a tiny phone with a built-in camera can easily press a button, take a photo and transmit it over the Internet before anyone notices. The result could be intellectual property theft or embarrassing images of employees…
Are You Ready for the New IRS Partnership Audit Rules?
Legislation enacted in 2015 established a new IRS audit regime for partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. Here’s a comparison between the old and new partnership audit rules, along with a summary of recently proposed guidance to help partners prepare for the changes that are effective starting with…
Disability Insurance and the Buy-Sell Agreement
If you own a small family business, you’ve probably heard of “buy-sell agreements.” In fact, your professional advisers may have mentioned the need for one. A buy-sell agreement has three main functions: To ensure an orderly transfer of your business when you die; To set a value on the business for transfer and tax purposes; To…