Every type of company needs to devise a philosophy, strategy, and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff.
Why ESG Should Be in Your Strategic Business Plan
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”
4 Ways Businesses Can Better Control Cash Flow
From the minute they open their doors, business owners are urged to keep a close eye on cash flow. And for good reason — even companies with booming sales can get into serious trouble if they lack the liquidity to compensate employees and pay their bills. Here are four ways businesses can better control cash flow.
A General Look at Generative AI for Businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.
One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.
Figuring Corporate Estimated Tax
The next quarterly estimated tax payment deadline for individuals and businesses is September 16, so this is another good opportunity to review the rules for computing corporate federal estimated payments.
You want your business to pay the minimum estimated tax amount without triggering the penalty for underpayment of estimated tax.
5 Strategies for Improving Collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”
Independent Contractors: Classify Carefully
Many businesses use independent contractors to help keep their costs down and provide flexibility for short-term needs. However, the question of whether a worker is an employee or an independent contractor is complex.
Be careful that your independent contractors are properly classified for federal tax and employment tax purposes because if the IRS reclassifies them as employees, it can be an expensive mistake.
Why Some Businesses Choose to Execute a Pivot Strategy
When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses sometimes choose to pivot, too.
Under a formal pivot strategy, a company consciously changes its strategic focus in a series of carefully considered and executed moves. Obviously, this endeavor should never be undertaken lightly or suddenly. But there’s no harm in keeping it in mind and even exploring the feasibility of a pivot strategy under certain circumstances.
Research Credit: Better Tax Breaks on Payroll Taxes
The credit for increasing research activities often called the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.
But in addition to the credit itself, be aware that two additional features are especially favorable to small businesses:
Starting a Business? 9 Tax Tips for Sole Proprietors
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: