Many businesses struggle to turn abstract strategic business planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees. However, the process for hashing them out just doesn’t work. Here are a few ways to run your strategic-planning meetings like … Continue reading “Run Your Strategic Business Planning Meetings Like They Really Matter”
Month: July 2019
Businesses Can Utilize The Same Information IRS Auditors Use To Examine Tax Returns
The IRS uses Audit Techniques Guides (ATGs) to help its examiners in preparing for an audits. Your business can use the same guides to gain insight on your small business audit requirements, by seeing what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries or … Continue reading “Businesses Can Utilize The Same Information IRS Auditors Use To Examine Tax Returns”
Section 179 Deduction: Buy Business Equipment & Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the … Continue reading “Section 179 Deduction: Buy Business Equipment & Other Depreciable Property”
Buy Accounting Software That Will Live Up To Its Hype!
If you are looking to buy accounting software, it typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your company accounting software living up to the hype? If not, there are … Continue reading “Buy Accounting Software That Will Live Up To Its Hype!”
M&A Transactions: Avoid Surprises From The IRS
Are you’re considering buying or selling a business? Or are you in the process of a business merger or acquisition? If so, it is important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of receiving an IRS audit. It is common for a sale … Continue reading “M&A Transactions: Avoid Surprises From The IRS”
Gamification: Odd Word But Cool Concept For Businesses
“Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general sense, the term refers to integrating characteristics of game-playing into business-related tasks to excite and engage the people involved. Might it have a place in your company? Internal focus Sometimes gamification refers … Continue reading “Gamification: Odd Word But Cool Concept For Businesses”
Barter Exchange: A Taxable Transaction Even If No Cash Is Exchanged
Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. Does your business engage in bartering? If so, be aware that the fair market value of goods that you receive from a barter exchange is taxable income. And if you exchange services with another business, the transaction … Continue reading “Barter Exchange: A Taxable Transaction Even If No Cash Is Exchanged”
Grading the Performance of Your Company’s Retirement Plan
Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you if you are providing one of the best retirement plans for 2019. … Continue reading “Grading the Performance of Your Company’s Retirement Plan”