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Our member accountants, tax specialists and practitioners are always looking for new ways to share their knowledge and help clients better understand the sometimes confusing world of small business finance.
DOL to Focus on Proposed Rules for Overtime, ...
The Office of Management and Budget’s (OMB) Office of Information and Regulatory Affairs posted its Agency Rule List for spring including two rules affecting overtime calculations under the Fair Labor Standard Act (FLSA) and one aligning the tip credit regulations. Overtime Standard salary level for “white collar” exemption. The DOL intends to issue a Notice of Proposed Rulemaking (NPRM) ...More
Paying Yourself When Starting a Business
Determining how to pull money from your business is a critical step in small business ownership. Whether you take a draw or a salary, makes little difference if you are a sole proprietor. A combination of salary and draw is typically how most small businesses start. When the business is doing well, the draw can be easy to utilize, but remember that the business will need cash flow when times are leaner...More
The Truth About Quick Loans
If you own a small business, you’ve no doubt seen those ads promising quick and easy small business loans, usually for large dollar amounts. Should you really take out such a loan? Before you sign the loan agreement, there are a few key steps to protect yourself and your business. Do your homework. The old adage,’ if it’s too good to be true, it probably is’ should be carefully adhered to. Take the tim...More
IRS Adjusts 2018 Family HSA Contribution (AGA...
Revenue Procedure 2018-27, issued by the IRS on April 26, 2018, grants relief for taxpayers by allowing the family-coverage HSA contribution limit of $6,900 to remain in effect for 2018. In the up again, down again changes of the IRS HSA maximum, the 2018 contribution limit for health savings accounts (HSAs) linked to family coverage will now be $6,900 once more. Originally adjusted in March 201...More
Small Business Week Survey Says Finances Stil...
According to WalletHub’s national Small Business Week survey on the state of their finances, small business owners are optimistic but still report needing better access to capital. With more than 543,000 new businesses started every month, the survival rate is still threateningly low – some two-thirds will only survive into the third year. Traditional sources of small bu...More
The Inside Scoop on Donor Advised Funds
Looking for a different way to donate to your favorite charity? Many investors are finding that donor advised funds are a creative way to contribute dollars while still receiving a tax deduction for their efforts. The Donor Advised Fund (DAF) is a charitable vehicle created at a public 501(c)3 organization, which is called a sponsoring organization. Each account is composed of contributions made by ind...More
Taxpayers Encouraged to Get Paycheck Check Up
If it has been a while since you have looked at your pay stub or reviewed your tax withholding, stop what you’re doing and make a point to do it today. Circumstances change and with the new Tax Cuts and Job Act (TCJA) in December 2017, there are even more pressing reasons to perform a quick paycheck review. According to the IRS, employers should encourage employees to use the new ...More
IRS Adjusts HSA Plan Maximum for 2018
On March 5, 2018, the IRS announced a retroactive change to the 2018 Health Savings Account (HSA) plan maximums for families. While this may not seem like a big deal, there are countless health management systems, employee deductions and human resource managers all struggling to make the change. HSAs are a great way to put money aside for health-related expenses accompanying enrollment in a q...More
Tired of Not Getting Paid?
Freelancers have become an even larger part of the small business population since the great recession of 2009. According to a 2014 study commissioned by the Freelancers Union, some 34 percent of the total workforce is independent workers, or freelancers. That number is expected to rise to nearly 50 percent by 2020. Many large companies who traditionally hired workers, now subcontract to freelancers, saving the comp...More
The Impact of the Tax Cuts and Jobs Act on Yo...
There are many winners and losers from the recent Tax Cuts and Jobs Act passed by Congress in December 2017, and nonprofits may be one of the biggest losers. While you may still plan on contributing to your local charity in 2018 and beyond, it will be harder for you to receive the tax benefit due to an increase in the standard deduction. While not everyone gives to charity to t...More
