Businessman with 3 colleagues

An FLP can save tax in a family business succession

Succession Planning

One of the biggest concerns for family business owners is Succession Planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business.

A family limited partnership (FLP) can help owners enjoy the tax benefits of gradually transferring ownership yet allow them to retain control of the business.
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supply chain

Is there a weak link in your supply chain?

Supply Chain Risks to Your Business

In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure you’re regularly assessing where weak links in your supply chain may lie. Read More >

payroll tax advisors

How to avoid getting hit with payroll tax penalties

Payroll Tax Advisors

For small businesses, managing payroll can be one of the most arduous tasks. Adding to the burden earlier this year was adjusting income tax withholding based on the new tables issued by the IRS. (Those tables account for changes under the Tax Cuts and Jobs Act.) But it’s crucial not only to withhold the appropriate taxes — including both income tax and employment taxes — but also to remit them on time to the federal government.

If you don’t, you, personally, could face harsh penalties. This is true even if your business is an entity that normally shields owners from personal liability, such as a corporation or limited liability company. Read More >

q3 key tax deadlines

2018 Q3 Key Tax Deadlines for Businesses

Q3 Key Tax Deadlines

Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. Read More >

estate planning

The tax impact of the TCJA on estate planning

Estate Planning

The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them, at least for the next several years. Nevertheless, factoring taxes into your estate planning is still important. Read More >

tax impact of virtual currency

What businesses need to know about the tax treatment of Bitcoin and other virtual currencies

Virtual Currency

Over the last several years, virtual currency has become increasingly popular. Bitcoin is the most widely recognized form of virtual currency, also commonly referred to as digital, electronic or crypto currency.

While most smaller businesses aren’t yet accepting bitcoin or other virtual currency payments from their customers, more and more larger businesses are. And the trend may trickle down to smaller businesses. Businesses also can pay employees or independent contractors with virtual currency. But what are the tax consequences of these transactions? Read More >

wifi router vpnfilter attack

Have Russian hackers broken into your home? VPNFilter attack!

VPNFilter attack –

Main stream media has been heavily covering the recent threat of Russian hackers taking over home Internet routers using an attack named “VPNFilter”.  Here is an article which lists the affected routers: “Is Your Router Vulnerable to VPNFilter Malware?

Time for a WiFi upgrade! –

As outlined in the article above, updating the router may eliminate this threat while rebooting the router may reduce the risk, if only temporarily.  If any businesses are using the routers on the list, the router should not simply be updated, but should be replaced with a business-class solution.  Routers are what connect your network to the Internet, and as such, they should be providing strong firewall and cybersecurity features for businesses. Read More >

Question mark on computer monitor

Ask the right questions about your IT strategy

IT STRATEGY

Most businesses approach technology as an evolving challenge. You don’t want to overspend on bells and whistles you’ll never fully use, but you also don’t want to get left behind as competitors use the latest tech tools to operate more nimbly.

To refine your IT strategy over time, you’ve got to regularly reassess your operations and ask the right questions. Here are a few to consider:

Are we bogged down by outdated tech? More advanced analytical software can eliminate many time-consuming, repeatable tasks. Systems based on paper files and handwritten notes are obviously ripe for an upgrade, but even traditional digital spreadsheets aren’t as powerful as they used to be. Read More >

deduct business travel

Can you deduct business travel when it’s combined with a vacation?

Business Travel Deductions:

At this time of year, a summer vacation is on many people’s minds. If you travel for business, combining a business trip with a vacation to offset some of the cost with a tax deduction can sound appealing. But tread carefully, or you might not be eligible for the deduction you’re expecting.

General rules
Business travel expenses are potentially deductible if the travel is within the United States and the expenses are “ordinary and necessary” and directly related to the business. (Foreign travel expenses may also be deductible, but stricter rules apply than are discussed here.) Read More >

QTIP trusts

Provide for your spouse, then your kids, with a QTIP trust

QTIP Trust

If you want to preserve as much wealth as possible for your children, but you leave property to your spouse outright, there’s no guarantee your objective will be met. This may be a concern if your spouse has poor money management skills or if you two don’t see eye to eye on how assets should be distributed to your children. In both of these situations, a properly designed Qualified Terminable Interest Property (QTIP) trust may be the answer.

How does it work?
A QTIP trust provides your spouse with income for life while preserving the trust principal for your children. By appointing a qualified trustee, you can have greater confidence that the assets will be invested and managed wisely. And the trust documents will ensure that, upon your spouse’s death, the trust assets will be distributed to your children according to your wishes. Read More >