As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnera...

Your board’s audit committee is a first line of defense against fraud. But to be effective, committee members need to do more than simply review financial statements and audit results.  Members should also adopt the following best practices:...

Many of the favorable attributes of the new tax law apply to businesses with less than $25M of gross receipts. In addition, these entities avoid the 30% of taxable income interest limitations under §163(j). Unfortunately, there is a significant exception to the $25M test. �...

The main objective of bookkeeping is to have an accurate record of all the money going in and out of your business.  Having a rental property requires good bookkeeping skills or having an experienced bookkeeper on staff.  When you know how your business is doing at any poi...

Profit fade comes into play when a company’s profit is lower than expected or budgeted.  It can happen in any industry, but it unfortunately happens quite often in construction.  Profit fades are common to construction companies due to the complex nature and some unknown...

Incentive stock options (ISOs) are a popular form of compensation for executives and other employees of corporations. They allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the ISO grant date. If the sto...

For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it.  It’s in your best interest as a business owner to buck t...

Phoenix companies earn their name because they rise from the ashes of failed companies, trading on the goodwill of the original businesses. Here’s how a phoenix company scheme might work: A company’s owner buys goods on credit, purposely drives the business into the grou...

The Tax Cut and Jobs Act substantially improved the Child tax credit and introduced a brand-new credit for dependents. The credits effective for year 2018 so be sure to factor these into your tax filings for 2018. Here is a summary of both credits:...

In the restaurant industry, where long hours and thin profit margins are the norm, owners and managers often lack the time and resources to focus on fraud. Unfortunately, restaurants can provide crooked employees, customers and vendors with plenty of opportunities to steal. ...

The Tax Cut and Jobs Act imposed a new limitation for business interest expense.  Interest expense for the year is limited to 30% of adjusted taxable income plus any floor plan financing interest paid by vehicle dealers under new code section 163(j)(1).  This limitation ap...

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally provides the cash flow to cov...