Your company probably offers its employees a retirement plan. If so, can you identify all of your plan fiduciaries? From a risk management perspective, it’s critical for business owners to know who has fiduciary status — and the associated liability. Here are some common, though in some cases overlooked, plan fiduciaries: Named fiduciaries. The Employee […]

In December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase individual insurance coverage, rather than […]

In popular culture, the word “spinoff” usually refers to a television show whose main characters originated from an already established show. But the word applies to the business world, too. Here it describes a division or subsidiary of a company being sold off to a buyer as a separate entity. The process is hardly simple. […]

When a company reissues or revises its financial statements, some people automatically assume that management is cooking the books. But misinterpretations, errors and misclassifications may happen as management struggles with today’s complex accounting rules. In fact, the probability of error likely increases as the complexity of transactions increases. Examples of hard-to-report activities include hedging, issuing […]

Not-for-profits generally benefit from corporate volunteer programs — but not always. So if you’re considering a corporate partnership, you need to make sure that it really will be mutually beneficial. Win-win It’s easy to understand the appeal of volunteer programs for companies. Volunteering in the community boosts a company’s reputation, raises its visibility, provides team-building […]

Your inventory accounting method can significantly affect your tax bill. If your inventory costs typically rise over time, using the last-in, first-out (LIFO) method, rather than first-in, first-out (FIFO), generally will save tax. By allocating the most recent (and, therefore, higher) costs first, LIFO maximizes cost of goods sold, which minimizes taxable income. But there […]

Year end is just about here. You know what that means, right? It’s a great time to settle in by a roaring fire and catch up on reading … your company’s financial statements. One chapter worth a careful perusal is the balance sheet. Therein may lie some important lessons. 3 ratios to consider In a […]

Updating your payroll records before year-end and putting procedures in place for annual reporting is an especially good idea this December. Two important due dates have been pushed forward, and you’ll want to have your information ready so you can meet the shorter time frame. In addition, you’ll need to begin using a new version […]

2016 is winding down, but you still have time to wrap up business tax strategies before December 31. Here are five to put on your list. *Make capital contributions. When you have losses in your Subchapter S corporation, the amount you can deduct on your personal tax return may be restricted. That’s because losses are […]

Going global may seem like a quick and trouble-free growth strategy. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses. Chart your course carefully: Do you intend to sell to foreign markets or lower production/admin costs (or both)? Beware of hidden […]