Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?
There’s a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think of that side activity as a business and hope to deduct any losses on your…
Get the Most From Accounting Software
Owners and managers of small or medium sized businesses have probably adopted accounting software to help ease the burden and monotony of mundane bookkeeping tasks. But it’s just as likely that they are overlooking some of the most valuable and useful features of this software — automated financial reporting, financial analysis and data sharing. The…
What You May Not Know About Warranties
When you buy something for your business – say, an automobile or copy machine – you usually get a warranty guaranteeing that the product’s going to work as expected. But when it comes to software, it’s often up to you to ensure that the product works properly and is reliable. Typically, software packages come with…
5 Recent Supreme Court Decisions that Could Affect Your Business
At the end of June, the U.S. Supreme Court adjourned for its summer recess. Here are five recent cases from its 2016 term that may be of interest to business owners and managers. 1. Advocate Health Care Network v. Stapleton (S. Ct. No. 16-74, June 5, 2017) Under the Employee Retirement Income Security Act of 1974 (ERISA),…
Long-Term Care Insurance Can Be a Tax-Free Perk
As the Baby Boom generation continues to age, there is an increasing interest in insurance to pay some of the high costs involved in staying in a long-term care facility. Your family business can provide group coverage for yourself and your employees. If you are interested in long term care insurance, it can be worthwhile to obtain…
Increase Your Chances of Success
If you want your business to grow and remain competitive, a solid financial plan and a well-conceived strategy can mean the difference between boom and bust. The obvious place to start is with a cash-flow analysis. The Elements of a Cash Flow Statement A cash flow statement comprises three basic parts: 1. Operating cash flow: This is…
What Self-Insured Health Plans Cannot Do
Question: Telemedicine can be a convenient, economical way to access physician services. Can we add this to our self-insured major medical plan? Could we offer a telemedicine-only plan? It might be attractive for healthy, tech-savvy employees. Answer: Self-insured major medical plans can include telemedicine services. But, as explained below, you can’t offer a “telemedicine-only” plan because it…
Beefing Up Benefits as War for Talent Intensifies
In a tightening labor market, employers across the country are reporting that it’s becoming tougher and tougher to fill important job vacancies. In fact, some are seeking to improve their ability to compete for talent by shoring up their employee benefits. According to the Society for Human Resource Management 2015 Strategic Benefit Survey, recruiting workers…
Decrease the Chance of an IRS Audit
Executive perks that are not properly reported to the IRS can land both you and your company in hot water. In the last couple of years, the IRS has engaged in an audit initiative involving executive compensation and fringe benefits. The focus began with large corporations and has now moved to smaller companies, too. “Executive compensation…
Are Your Company’s Voluntary Benefits Really ERISA Plans?
Today’s employers are offering a growing array of voluntary benefits to their staff members. It’s easy to see why these plans are well received by employees and employers. They expand the menu of benefit choices at discounted rates to employees (compared to what they would pay on the individual market) and at little or no…