Recent News

Manageable Growth Should Be a Strategic Planning Focus

When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However, unbridled growth can be a dangerous thing. A business that expands too quickly can soon run out of working capital. And the very leaders who pushed the business to grow beyond its means might find themselves spread too thin and burned out. That’s why, as...

Shine a Light on Sales Prospects to Brighten the Days Ahead

When it comes to sales, most businesses labor under two major mandates: 1) Keep selling to existing customers, and 2) Find new ones. To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments. Succeeding at the latter may be more difficult. Yet perhaps the most discernible way a sales department can help boost a company’s bottom line is to win over prospects consistently and manageably. Laser Focus on Lead Generation Does your marketing department help you generate leads by doing things such as maintaining an easily searchable database of potential customers for...

Work Opportunity Tax Credit Provides Help to Employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026. The IRS recently issued some updated information on the pre-screening and certification processes. To...

2022 Q4 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. 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. Note: Certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas. Monday, October 3 The last day you can initially set up a SIMPLE IRA plan, provided you (or any predecessor employer) didn’t previously maintain...

Hey, Watch the Language! (In Your Employee Handbook)

Every company needs an employee handbook to ensure that everyone understands the policies, procedures and rules of the organization. However, an improperly written handbook can inadvertently create a binding obligation that can be used against you. What you don't want is for the documents to be interpreted as an employment contract. Keep this in mind when crafting or revising your employee handbook, so you can lower the risk of legal claims by litigious employees. Here's a list of dos and don'ts: Don't use phrases such as "permanent position" or "the company promises." There should be no statements that you don't intend, or may...

Inflation Reduction Act Provisions of Interest to Small Businesses

The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the law adds a 1% excise tax on stock buybacks of more than $1 million by publicly traded U.S. corporations. But there are also provisions that provide tax relief for small businesses. Here are two: A Payroll Tax Credit for Research Under current law, qualified small...