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December 2009
The number of idea thefts in the workplace seems high. A recent survey finds that 29 percent of responding employees claim they've had a coworker or a boss take credit for one or more of their ideas at work. Yet, is that claim always accurate? And what can bosses and management do to deal with the possible theft of employees' ideas by coworkers? For some ideas on reducing idea theft, continue reading. Read More
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December 2009
The end of another year is coming up fast, and with it, some of the last opportunities to minimize your business 2009 taxable income. The good news: There's still time to take advantage of some tax-saving strategies before December 31st. Here are some quick ideas to consider. Read More
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November 2009
The Securities and Exchange Commission has established a "roadmap" with 2014 as the year when companies that currently issue 10-K reports must convert to International Financial Reporting Standards (IFRS).
A universal accounting language around the world is expected to provide investors of publicly traded companies with comparable information and greater transparency in financial reporting.
However, as with most changes of this magnitude, the effective date may be delayed, but ultimately, the adoption of IFRS is inevitable. . Read More
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November 2009
The IRS released guidance for retirement plan administrators, plan participants and retirees regarding legislation passed last year that affected required minimum distributions.
The Worker, Retiree, and Employer Recovery Act of 2008 waives required minimum distributions for 2009 from certain retirement plans. (See right-hand box for more on the law.)
Background: Normally, if you have reached age 70 1/2, you're required to take annual distributions from qualified retirement plans such as 401(k) plans and traditional IRAs. The amount of the distribution is based on your life expectancy and the balance in the account on December 31 of the prior year. If you don't take a required distribution, the IRS imposes an onerous 50 percent penalty on the amount you should have withdrawn. Read More
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October 2009
Even successful businesses get snarled up in a rut now and then a vicious cycle of status-quo marketing and current-customer dependence. If you're nodding your head thinking, "Yeah, that's our company," maybe it's time to take action to help pump up the volume on sales and profits. Read More
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October 2009
Collection issues are very serious. To solve the problem, you generally must take a big picture view of the situation. Look at collections as an entire process that must be evaluated, changed and monitored. Read More
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September 2009
Estate tax (also referred to as "death tax" by some) has been on a declining scale since 2002. Starting at 55% in 2001, the maximum rate went down to 45% in 2009. Those that inherit an estate in excess of $3.5 million (or below) in 2010 may escape estate tax altogether. Speculation among sources has indicated that the Obama administration and Congress will attempt to prevent the estate tax from disappearing. Although Congress wants the estate tax at the 55% maximum tax rate, President Obama is in favor of keeping the estate tax exception & maximum rate permanently at the 2009 threshold - $3.5 million & 45% respectively. Read More
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August 2009
Taxpayers who are constructing or planning to construct new energy efficient buildings and energy efficient improvements to existing buildings, have new tax incentives. Read More
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August 2009
Intuit will soon be issuing Release 8 to address a variety of issues with QuickBooks 2009, QuickBooks Premier 2009, and Enterprise Solutions 9.0. This is a significant update and I encourage you to accept this update when it becomes available.
If you do not do so already, I recommend you ENABLE automatic updates. Read More
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July 2009
As the IRS gears up for more examinations, the federal government estimates that there's about $350 billion in taxes missing from its coffers. This so-called "tax gap" represents the difference in the amount of taxes actually collected and the amount believed to
be due. It's the job of the IRS to shrink the tax gap to a reasonable level.
To further this purpose, the IRS is cranking up its audit machinery again. It's a simple matter of dollars and cents. According to IRS estimates, every additional dollar invested in enforcement in recent years has yielded about four dollars in added tax revenues. Of course, the IRS intends to go after people who don't file tax returns, as well as those who don't report all of their income. Read More
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July 2009
Over the last two decades, scientific studies have shown that we do pass moods and emotions from one person to another. As the famous psychologist C.G. Jung observed, "Emotions are contagious." In one study, two people sat silently in a room together for a few minutes waiting for a researcher to return. During that time, the more receptive person picked up the expressive person's mood and, when questioned later, reported the expressive person's emotions as the way they were feeling themselves.
Enthusiasm doesn't mean that you're grinning from ear to ear and chatting a mile a minute. The word comes from the Greek "entheous" which means, "having a god within." Before you think I'm getting religious on you, remember that the Greeks had gods for all manner of arts and sciences. Basically, enthusiasm means being filled up inside by anything uplifting. You can be enthusiastic and completely silent. What's important is that you come to other people already filled up with something they'd want to catch from you. Read More
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June 2009
Have you ever tried to pull some aluminum foil out of the box and the entire roll just jumps right out of the box as you pull? Then you have to put the roll back in the box and start over. The stubborn roll always comes out at the wrong time!
Well, whoever looks at the end of your aluminum foil box? I sure never did until someone shared an unexpected surprise with me. Recently a friend revealed this to me... Read More
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June 2009
Surveys repeatedly show that many Americans are not saving enough for retirement. That's a shame. Not only are they risking a financially-insecure future, they are overpaying their taxes. Don't let this happen to you. Here are some facts you should know... Read More
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May 2009
Even before the financial tsunami in the last quarter of 2008, China, the largest manufacturing basis in the world, had been the number one destination for small and mid-size businesses which were seeking cost-saving strategies for their products and services. Financial market melt-downs and this on-going recession make China a destination of prosperous opportunities.
When China passed its new Corporate Income Tax Law, effective January 1, 2008, two major changes were accepted as revenue generating tools: the unified 25% tax rate and anti-tax-avoidance rules. Anti-tax-avoidance rules are to be carried out through reasonable transfer pricing between China's enterprises and their controlled foreign subsidiaries or controlling foreign parents. Transfer pricing legislations have been on most developed countries' tax codes for long time. However, they have been carried out by most developed countries slowly and some even sporadicall. Read More
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April 2009
Making your children owners of your company is not only fraught with business and tax issues but emotional issues as well. It's difficult to turn over ownership and maybe control to a business that you've created and built over many years. In addition, no parent ever wants to be beholden to their children. Read More
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March 2009
Thanks to recent tax law changes,self-employed individuals (including those employed by their own corporations) now have better retirement plan options than ever before. For example, you can open up: A profit-sharing plan. For 2009 and 2010, you can potentially contribute and deduct up to $49,000. To get a tax deduction for the year, the plan must be established by a certain date. Read More
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February 2009
Niche development is a comprehensive assessment of what you do best and how to create a strong practice around it. Any size company can develop and promote a niche by:
Focusing on Smaller Ponds. Choose markets that match a growing client base or area of interest. This can happen organically by developing referrals or strategically by following a personal passion. Read More
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January 2009
As retailers cope with lagging sales and escalating costs, consumer products companies are feeling the domino effect with chargebacks (also known as customer deductions and short pays). Most can be classified into three categories... Read More