A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges.
Blog
The tax implications of employer-provided life insurance
August 4th, 2020 by Douglas Freeman
Posted in Employee Benefits, Employees, Federal Taxes, Life Insurance, Local Taxes, Medicare Taxes, Social Security, State Tax, Tax, Tax Planning
Tags: "Carve-Out" plan, Group Term Insurance, Phantom Income, W-2
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.
File cash transaction reports for your business — on paper or electronically
August 4th, 2020 by Douglas Freeman
Posted in Cash Payment, Form 8300, Internal Revenue Service (IRS)
Tags: Bank Checks, Batch File Reports, Cash Transactions, Cashier's Checks, E-Filing, FinCen's BSA E-Filing System, Foreign Money, Money Orders, Traveler's Checks, Treasure Checks, U S Currency
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.
Strengthen your supply chain with constant risk awareness
July 30th, 2020 by Douglas Freeman
Posted in Small Business, Supply Chains
Tags: Concentration Risks, Geography, Products and Services, Risk Management
It’s long been known that, if too much of a company’s supply chain is concentrated (that is, dependent) on one thing, that business is in danger.
Are scholarships tax-free or taxable?
July 29th, 2020 by Douglas Freeman
Posted in COVID-19, Form W-2, Scholarships, Tax, Tax Savings
Tags: College Tuition, Eligible Expenses, Fees, Fellowships, Record Keeping, Reduced Tuition, Stipend, Tax-Free, Taxable, Tuition expenses
If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. For a scholarship to be tax-free, certain conditions must be satisfied.
Why do partners sometimes report more income on tax returns than they receive in cash?
July 27th, 2020 by Douglas Freeman
Posted in Capital Gains, Charitable, Contributions, Deductions, Income Tax, Partnerships, Securities, Tax, Tax Planning
Tags: Distributions, Income, Interest Expense, Liquidating Distrbutions, Noncash Distributions, Tax-Free
In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this?
Does your business have a unique selling proposition?
July 23rd, 2020 by Debbie Davis
Posted in Marketing, Small Business, Unique Selling Proposition (USP)
Tags: Competitors, Customers, Sales and Marketing, Sales Process, Slogan
Many business owners spend so much time trying to eliminate weaknesses that they never fully capitalize on their strengths. One way to do so… a unique selling proposition (USP).
Reopening concepts: What business owners should consider
July 23rd, 2020 by Debbie Davis
Posted in COVID-19, Employees, Small Business, Strategic Business Planning
Tags: CDC, Hammer and the Dance, Sanitation Procedures, Ventilation Infrastructure
The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day life
Take advantage of a “stepped-up basis” when you inherit property
July 22nd, 2020 by Douglas Freeman
Posted in Estate Planning, Estate Tax, Federal Gift Tax, Gift Tax, Real Estate, Tax, Tax Deduction, Tax Planning
Tags: Fair Market Value (FMV), Inheritance, Property, Step Down or Carryover, Step Up
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules.
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