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As the saying goes, nothing lasts forever — and that goes for most companies. Then again, with the right succession plan in place, you can do your part to ensure your business continues down a path of success for at least another generation. From there, it will be your successor’s job to propel it further into perpetuity. Some business owners make the mistake of largely ignoring succession planning under the...
Read moreThe most useful metric to gauge a company’s performance isn’t necessarily net income, pretax profits or earnings per share, as defined under U.S. Generally Accepted Accounting Principles (GAAP). In some industries, investors and lenders turn to non-GAAP measures for additional information. Before relying on non-GAAP metrics, however, it’s important to understand what’s included and excluded to avoid making misinformed investment decisions. Here are the upsides and potential downsides of using...
Read moreThe executor’s role is critical to the administration of an estate and the achievement of estate planning objectives. So your first instinct may be to name a trusted family member as executor (also referred to as a personal representative). But that might not be the best choice. Important duties Your executor has a variety of important duties, including:• Arranging for probate of your will (if necessary) and obtaining court approval...
Read moreIf you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But there’s another date you should keep in mind: January 23. That’s the date the IRS will begin accepting 2016 returns, and filing as...
Read moreDo you start thinking about filing your tax return when it gets close to the April deadline? You might even want to file for an extension so you don’t have to send your return in until October. But filing early can help protect you from tax identity theft, a growing scam in which thieves file bogus returns using victims’ Social Security numbers. Tax ID theft can cause big headaches and...
Read moreTax refund delay to hurt some people. A 2015 law requires the IRS to delay, until at least Feb. 15, tax refunds for taxpayers who claim an earned income tax credit or additional child tax credit on their returns. The delay was put into place to help the IRS better check claims for these credits. But, according to a report from the Tax Policy Center, a joint venture of the...
Read moreIn December, Congress passed the 21st Century Cures Act. The long and complex bill covers a broad range of health care topics, but of particular interest to some businesses should be the Health Reimbursement Arrangement (HRA) provision. Specifically, qualified small employers can now use HRAs to reimburse employees who purchase individual insurance coverage, rather than providing employees with costly group health plans. The need for HRA relief Employers can use...
Read moreAsset protection trusts — both offshore and domestic — can be effective vehicles for protecting your wealth in today’s litigious society. But these trusts can be complex and expensive, so they’re not right for everyone. For those seeking simpler asset protection strategies, there are several basic, yet effective, tools to consider. Some of these strategies involve transferring assets to another person or entity, or changing the way property is titled....
Read moreGathering knowledge about your company’s competitors and industry has never been easier. This practice, known as “competitive intelligence,” can help you stay nimble and drive innovation. But before you dive in, establish a competitive intelligence policy. It should abide by four principles: 1) Be authentic about your identity, 2) Respect formal agreements (such as noncompetes), 3) Comply with the law, and 4) Monitor third-party consultants carefully. Please contact our firm...
Read moreMedical expense deductions can be difficult for many taxpayers to claim. That’s because most people can only deduct qualified medical expenses, which haven’t been reimbursed by insurance, to the extent they exceed 10% of adjusted gross income (AGI). However, if either you or your spouse were at least age 65 as of Dec. 31, 2016, a 7.5%-of-AGI deduction threshold applies for the 2016 tax year, making it a little easier...
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