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Take a fresh look at your company’s brand

By |2020-08-19T15:20:16+00:00August 19th, 2020|Latest News|

A strong, discernible brand is important for every business. Even a company that never undertakes a formal branding effort will, over time, establish a brand through its communications with customers and interactions with the public. For this reason, it’s a good idea to regularly take a fresh look at your brand and determine whether tweaks

More parents may owe “nanny tax” this year, due to COVID-19

By |2020-08-13T14:43:02+00:00August 13th, 2020|Latest News|

In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all household workers, including housekeepers, babysitters, gardeners or others who aren’t independent contractors. If you employ someone

5 common accounting software mistakes to avoid

By |2020-08-13T14:40:39+00:00August 13th, 2020|Latest News|

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without stopping

The tax implications of employer-provided life insurance

By |2020-08-05T18:49:52+00:00August 5th, 2020|Latest News|

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. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn’t add anything

Thoughtful onboarding is more important than ever

By |2020-08-05T18:47:01+00:00August 5th, 2020|Latest News|

Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are hiring or may start adding employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges. Crucial opportunity Onboarding refers to “[a formal]

Strengthen your supply chain with constant risk awareness

By |2020-08-05T18:44:51+00:00August 5th, 2020|Latest News|

When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry. 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. The pandemic

Are scholarships tax-free or taxable?

By |2020-07-28T16:02:55+00:00July 28th, 2020|Latest News|

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications.

Reopening concepts: What business owners should consider

By |2020-07-27T16:47:16+00:00July 27th, 2020|Latest News|

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” 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

Take advantage of a “stepped-up basis” when you inherit property

By |2020-07-21T14:37:34+00:00July 21st, 2020|Latest News|

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 Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

Conduct a “paycheck checkup” to make sure your withholding is adequate

By |2020-07-21T14:34:24+00:00July 21st, 2020|Latest News|

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free

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