Deducting business meal expenses under today’s tax rules

You probably spend a bundle “wining and dining” customers, vendors and employees. Under current tax law, entertainment expenses are no longer deductible. But you can still deduct 50% of the cost of business-related food and beverages, if you meet certain requirements. What if you buy food and beverages at an entertainment event? You can still…

Understanding how taxes factor into an M&A transaction

If your company is merging with or acquiring another business, it’s important to understand how the transaction will be taxed. For tax purposes, a transaction can basically be structured in two ways: stock (or ownership interest) or assets. For tax and nontax reasons, buyers usually prefer to purchase assets, while sellers generally prefer stock sales.…

An implementation plan is key to making strategic goals a reality

Strategic planning comprises two primary tasks: establishing goals and achieving them. The key to that all-important second task is establishing an implementation plan. First, appoint a leader to communicate and champion your objectives. Next, establish teams of employees to complete goal-related projects. Ensure each team’s members represent a cross-section of your company’s departments. Also, regularly…

Using knowledge management to develop your succession plan

As you develop your succession plan, you’ll need to consider how to mitigate the loss of pure know-how that will occur when you step down. One way is to implement a knowledge management strategy. This is a formal process of treating knowledge as a valuable company asset. Knowledge generally can be subdivided into two types:…

Beware the Ides of March — if you own a pass-through entity

Pass-through entity owners: Beware the Ides of March. Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies treated as partnerships or S corporations for tax purposes. Why? The Ides of March, better known as March 15, is the federal income tax filing deadline for…