Consider electing to contribute to a health FSA for 2019. You can put in up to $2,700 to your employer's health FSA to help cover out-of-pocket medical costs. Amounts contributed to an FSA escape federal income tax as well as payroll taxes.
You must clean out your health flexible spending arrangement by December 31st if your employer hasn't implemented either the 2 1/2 month grace period or the $500 carryover rule. Otherwise, you will forfeit any money left in your account.
November 29, 2018
The Importance of Internal Leadership Training and Development

Many factors go into the success of a company. You’ve got to offer high-quality products or services, provide outstanding customer service, and manage your inventory or supply chain. But there’s at least one other success factor that many business owners often overlook: internal leadership training and development....

November 26, 2018
Estimates vs Actuals – Was Your 2018 Budget Reasonable?

As the year winds down, business owners can be thankful for the gift of perspective (among other things, we hope). Assuming you created a budget for the calendar year, you should now be able to accurately assess that budget by comparing its estimates to actual results. Your objective is to determine whether your budget...

November 26, 2018
Three Ways to Get More From Your Marketing Dollars

A strong economy leads some company owners to cut back on marketing. Why spend the money if business is so good? Others see it differently — a robust economy means more sales opportunities, so pouring dollars into marketing is the way to go....

November 19, 2018
Tax Law Changes for Long-Term Construction Contracts

The Tax Cuts and Jobs Act (TCJA) changed some important aspects of the tax law for construction contractors regarding the accounting for long-term contracts.  Any contract that is started in one year and ends in another is considered a long-term contract. Long-term contracts are generally accounted for using the comple...

November 19, 2018
Warning: Partnership Audit Regime Rules Ahead

With all the new tax law issues to address, one of the provisions from way back in 2015 is going to affect the tax filings and responsibilities associated with partnerships starting in year 2018. The Bipartisan Budget Act of 2015 (BBA) established a new audit regime for partnerships that changes audit procedures by al...

November 18, 2018
Taking the Hybrid Approach to Cloud Computing

Many businesses have found it difficult to fully commit to the cloud for a variety of reasons — including complexity of choices and security concerns. If your company has struggled to make a decision in this area, a hybrid cloud might provide the answer....

November 16, 2018
A Balanced Evaluation Approach to Working in Retirement

The decision to work after “normal” retirement age is one that more and more of us are facing these days and for a variety of reasons. Here at BB we are asked the “should I retire question” frequently as more of our clients are facing possible retirement. We counsel our clients to take a balanced approach to the delibe...

October 29, 2018
Reduce Insurance Costs Through Employee Wellness Programs

Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so.  Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. ...

October 29, 2018
The ABC’s of Customer Assessment

When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically.  If your business has reached this point, regularly assessing your c...

October 25, 2018
Construction Contracts – Percentage of Completion

Percentage of completion is the long-term construction contract method that is the most common and generally the best understood of all methods for recording construction contracts....