With the changing dynamics, businesses are starting to open back up which also means the workforce is starting back up as well. Businesses can look at this critical time as a fresh start. As many of us had to reduce the workforce because of COVID, now is a great opportunity to start with a clean […]

Group life insurance can be an added bonus to take advantage of if offered in your benefits package through your employer. However, be sure to pay close attention to the type of coverage offered. If the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The […]

Does your business receive large amounts of cash or cash equivalents? Read on to find out if you are required to submit forms to the IRS and how. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than $10,000 in cash in one transaction, or in […]

Management of your company’s supply chain is always a concern. The COVID-19 crisis has only exacerbated this concern for many of us. Concentration of your supply chain in one area is a massive danger to your company. To guard against this risk, you’ve got to maintain a constant awareness of the state of your supply […]

College may look very different this coming semester with our continuing adaptation to COVID-19. However, many students will be returning or just starting their collegiate journey’s. If your child earned themselves a scholarship, first and foremost, celebrate! Second, let’s make sure this scholarship does not turn into tax burden for them or yourself. Scholarships (and […]

Have you even wondered why the income reported on your tax return for your partnership doesn’t really correlate with the cash you were distributed throughout the tax year? Why is this? The answer lies in the way partnerships and partners are taxed. Unlike regular corporations, partnerships aren’t subject to income tax. Instead, each partner is […]

As regulations and restrictions change, many business owners are seeking ways they can reopen and work towards normalcy once again. However, there are a variety of things to consider to avoid withdrawing the growth you have slowly started to build back. A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in […]

When receiving an inheritance, or planning for your estate, it is important to make sure you have the correct “cost” or “basis” for the assets involved. This will allow for a fair estimate of income or loss while also eliminating unnecessary taxes. If you’re planning your estate, or you’ve recently inherited assets, you may be […]

By bartering, you can keep the cash you have and offer a service or good which you have. Although it seems simple, there are tax implications despite the absence of cash in the exchange. Here’s how to keep your taxes in check. These difficult times have has forced many of us to adapt and to […]

A common mistake that some businesses will make is spending all their time and energy on their weaknesses and not capitalizing on their strengths. One way to focus on your strengths is to identify and explicate your unique selling proposition (USP). Give it some thought In a nutshell, a USP states why customers should buy […]