Articles

4 Key Metrics to Fortify Your Business

Even the best, well-prepared business plans can unravel quickly without a process in place to evaluate performance. Creating a scorecard with quality metrics can give you the daily insight you need to successfully run a business without drowning in the details. Create a scorecard that works An effective scorecard gives you a holistic view of the state of your business in one report. The report consists of key financial and non-financial metrics to provide a daily

This month:

April 15: – Individual tax returns due – C corporation tax returns due – First-quarter 2019 estimated tax due – Six-month filing extension – 2018 gift taxes – 2018 IRA contributions – 2018 HSA contributions

What is Eminent Domain? Do I have to hand my property over to the government?

The government has the power to seize private property for public use under the authority of eminent domain. However, this doesn’t mean the government can take your land without compensating you for it. In fact, not only does the government have to provide you with “just compensation” you are also given an opportunity to object. The legal process of eminent domain is known as condemnation and is only used when private property is needed for the

Estate planning critical for non-traditional couples

Generally speaking, estate planning laws were designed for the traditional nuclear family, a married couple with kids. But according to the 2010 U.S. Census, such families are less than 50 percent of the total. Non-traditional families, including single parents, blended families and unwed partners, need to pay particular attention to their estate plans to avoid unwanted consequences. If you die without a will, your assets will be distributed according to your state’s default laws. If you’re

Preventing a will contest

When you write a will, you have control over how your assets will be distributed after your death. However, if someone in your family disputes your will, an anonymous probate court judge could end up with the final say over who gets your property. Emotions run high when someone dies. If family members aren’t content with what they’ve received or don’t believe your wishes are being interpreted properly, they may contest your will. Will contests can

Protect assets, retain access with a Spousal Lifetime Access Trust

A Spousal Lifetime Access Trust (SLAT) is an estate planning tool that can be used to lock in the current estate tax exemption while still allowing a certain degree of access to trust assets. SLAT basics A SLAT is an irrevocable trust created by one spouse for the benefit of the other. The gift removes assets from your estate but allows your spouse to access the trust. It provides you with indirect access to the funds

Opportunity Zones offer tax breaks

For a limited time, investors can help reinvigorate distressed communities while deferring capital gains on profits earned elsewhere. The 2017 Tax Cuts and Jobs Act created the Qualified Opportunity Zone program in order to offer tax incentives for investment in economically blighted communities. When you invest in an Opportunity Zone, you can defer and possibly reduce taxes on recognized capital gains. If you will be subject to a large tax bill as a result of capital

Data security and the vulnerability of the company car

By now, you’ve probably heard the horror stories about hackable cars. The most publicized concern is that digitally connected cars are vulnerable to hackers who could disable the engine or even take control of the steering. But while this kind of physical threat grabs headlines, a different risk goes relatively unmentioned: data security. According to a recent post in the online publication Motherboard, our cars may be housing an alarming cache of unsecured data. Reportedly, a

OSHA recordkeeping rule stalled

In May of 2016, OSHA enacted amendments to its recordkeeping regulation that would require establishments with 250 or more employees to submit OSHA 300 logs and 301 forms electronically. But now that change is in limbo. At the time the change was announced, OSHA said the forms would be published on its website, with employee names and other personal information redacted. According to the agency, “making injury information publicly available will ‘nudge’ employers to focus on

Tax reform impacts pass-through entities

Previously, net taxable income from pass-through business entities such as sole proprietorships, partnerships, certain LLCs, and S corporations was passed through to owners and taxed at their standard rates. Now, the Tax Cuts and Jobs Act creates a 20 percent deduction for this business income. The proposals on pass-through business entities were a hot-topic among lower and middle market businesses and were closely watched during the final months of negotiation over the tax reform bill. The

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