Posted in The Bottom Line, Featured Post, Small Business

Avoiding Late Employee Elective 401(k) Contributions

Transferring your employees’ 401(k) contributions to your checking account on payroll dates could save you a headache. Tired of your auditors telling you that employee elective contributions to your 401(k) plan are late? Upset when the auditors issue that Internal Control Deficiency letter explaining that your failure to timely remit such contributions resulted in a…

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Posted in The Bottom Line, Featured Post, Accounting & Auditing

Got multiple locations? Expect auditors to keep a close eye on inventory

Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in losses. A key ploy that perpetrators used in the Phar-Mor case was to overstate inventory balances at individual stores. Management became adept at hiding the scam from their…

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Posted in The Bottom Line, Featured Post, Estate Planning

A Win for Family Businesses

In 2016 it looked like a new proposed regulation might greatly limit a popular estate planning technique – leading to a big increase in the estate taxes of family business owners. Thankfully, late last month the IRS formally withdrew the proposal, allowing estate planners and their clients to breathe a huge sigh of relief. Here’s…

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Posted in Featured Post, Small Business

ESOPs offer businesses tax and other benefits

With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning.

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