A budget is necessary for every business, but the best method of budgeting varies with the needs of each business. To identify areas of improvement, here are six key elements of a business budget and some best practices to consider. For some, firm structure and detailed tracking is needed, while others may use generally available […]

Some forms of income and gains are naturally tax free, or tax reduced. Here are 6 of the best ways to collect nontaxable income, along with their qualifiers. Roth IRAs offer tax-free income accumulation and withdrawals. Unlike withdrawals from traditional IRAs, qualified Roth IRA withdrawals are free from federal income tax. A qualified withdrawal is […]

The business entity type you choose to operate you company as will make a big difference. Both your personal and company liability are affected, as well as your tax bill or other issues. There are many benefits that may result from choosing an LLC. A limited liability company (LLC) is a common choice that allows […]

Under the newly signed Corporate Transparency Act (CTA) many businesses will have a new reporting requirement this year. Under this new act, if your business is deemed a “reporting Company” you may fall under the Beneficial Ownership Information reporting rules beginning in 2024 Who’s who? A reporting company includes any corporation, limited liability company or […]

Instead of stock option awards companies have started offering restricted stock awards. Restricted stock awards are popular because stock options can lose their value overtime. If your restricted stock loses value overtime, your company can issue more shares to make up for the loss in value. Restricted stock awards can be a great way to […]

Whether you are restructuring your current business or starting a new one, you should use careful consideration when choosing the entity type for your business. There are many entity types to consider when deciding what entity will benefit your business the most. You may decide the most beneficial entity type would be a C Corporation […]

Given the advancements of technology in the business world, most companies are sitting on a lot of sensitive data that could be abducted, exploited, corrupted or even destroyed. Of course, there is always danger of outside parties hacking your network to do harm but there are also, internal risks – namely, your “privileged users”. Simply […]

If your employer offers a 401(k) plan that you do not participate in, you might be wondering if you should be. Normally it could save you on your taxes while you are contributing to your retirement. These plans help you accumulate savings for retirement and receiving a tax advantage while doing it. If you are […]

Do you have employees that are traveling and having to document every expense while they travel? Perhaps you as a business owner are annoyed at reviewing this documentation every time your employees travel. There may be a way that you can simplify the way these expenses are reimbursed. In Notice 2023-68, the IRS announced the […]

Benefit plans adhere to the regulations established by the Employee Retirement Income Security Act (ERISA), which entail numerous rules and substantial documentation. A request could be received from the U.S. Department of Labor (DOL) for plan-related documents — commonly referred to as a “plan audit.” Here are the basic steps that a DOL plan audit […]