Hiring this summer? You may qualify for a valuable tax credit

If you hire from certain “targeted groups” and get proper certification, you can claim the Work Opportunity Tax Credit (WOTC) on your 2019 tax return. You can claim it for eligible workers whose employment begins before January 1, 2020. Targeted groups include qualified veterans, eligible summer youth, the long-term unemployed, ex-felons and certain government assistance…

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Build long-term relationships with CRM software

Customer relationship management software can help you build long-term relationships with those most likely to buy your products or services. These solutions are generally designed to gather and organize customer data and then integrate it with other systems and platforms (including social media). The right product can help you track leads, forecast and track sales,…

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Buy vs. lease: Business equipment edition

Life presents us with many choices. A common conundrum for business owners is whether to buy or lease their companies’ equipment. Some still take pride in owning their assets. If you do, work to pass along this dedication to employees. Also, consider enhanced tax breaks under the Tax Cuts and Jobs Act for purchasing. Meanwhile,…

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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.…

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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…

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Best practices when filing a business interruption claim

Business interruption insurance generally provides cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event. But submitting a claim can be time-consuming and requires preparation. First, notify your insurer of an interruption immediately and review your policy. Then reorganize your bookkeeping to segregate costs related to…

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When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income (after deducting compensation for services in the form of guaranteed payments) aren’t subject to self-employment (SE) tax. But the IRS has been seeking back taxes and penalties from LLC members it claims have underreported SE income, with some success in court.…

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