A midyear review should go beyond financials
Now’s the perfect time for business owners to stop, take a breather and engage in a midyear review. Naturally, this will involve looking at your financials. But go beyond those numbers and look at areas such as: 1) HR: specifically, how’s employee turnover trending compared with last year? 2) Sales and marketing: for example, are you meeting monthly sales goals and getting good ROI on marketing efforts? 3) Production: for instance, is product quality slipping or customer satisfaction dropping? Contact us for help finding the answers.
2 tax law changes that may affect your business’s 401(k) plan
When you think about recent tax law changes and your business, retirement benefits probably aren’t what first come to mind. But if your business sponsors a 401(k) plan, be aware of two changes: 1) Beginning in 2018, former employees with outstanding plan loan balances have until their tax return filing due date (plus extensions) to repay the loan or contribute the outstanding balance to an IRA or other qualified plan and avoid taxes and penalties. 2) Beginning in 2019, limits on employee 401(k) hardship withdrawals will increase. Contact us to learn more.
The tax impact of the TCJA on estate planning
The massive changes the TCJA made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number of taxpayers who’ll be subject to them by more than doubling the gift and estate tax exemption. Yet factoring taxes into your estate planning is still important. First, the higher exemptions are only temporary. Second, you still may face state estate tax. Third, tax-smart estate planning can reduce income tax. Questions? Contact us.
Could a long-term deal ease your succession planning woes?
As some business owners begin to consider retirement, they just can’t identify a suitable successor. One potential solution is a long-term deal that gradually cedes control to an outside buyer. The process typically begins with the owner selling a minority stake, followed by a tryout period to assess compatibility. If all goes well, the minority stakeholder may offer a takeover bid. Buyers look to long-term deals to manage risk and avoid outside financing. Meanwhile, the seller can feel more comfortable in retirement knowing his or her business is in good hands.
Bookings vs. shippings: A sales flash report primer
Do bad sales months sneak up on you? Don’t forget the power of flash reports to display timely snapshots of critical data. For example, every workday, generate a flash report that shows total new orders taken (bookings) compared with total orders filled (shippings). After you’ve established the timeframes of bookings and shippings, assess your sales staff’s activity by displaying bookings and shippings by salesperson. Use the data to establish sales goals and track progress toward these objectives. For further information about flash reports, please contact us.
What businesses need to know about the tax treatment of bitcoin and other virtual currencies
Most small businesses aren’t yet accepting bitcoin or other virtual currency payments, but more and more larger businesses are. And the trend may trickle down to smaller businesses. What are the tax consequences? The IRS has yet to offer much guidance, but it has established that bitcoin should be treated as property, not currency, for federal income tax purposes. So businesses accepting bitcoin payments must report gross income based on the fair market value of the virtual currency when received, measured in equivalent U.S. dollars. Contact us to learn more.
Factor in state and local taxes when deciding where to live in retirement
Thinking about retiring to another state? Consider state and local taxes. A state that has no personal income tax may appear to be the best option. But if you don’t also factor in property, sales and estate taxes, you could be hit with unpleasant tax surprises. Also look at what types of income a state taxes. Some don’t tax wages but do tax interest and dividends. Others offer tax breaks for retirement plan and Social Security income. And keep in mind the TCJA’s new $10,000 limit on the federal deduction for state and local taxes. Contact us to learn more.
5 Reasons TrumpCare Will Cause A Home Care Boom
It’s no secret that the home care industry has been in a downward spiral for the past
decade, primarily due to declining reimbursements and audits, among other obstacles.
As a direct result, the number of providers has decreased, leading to larger and larger
companies that can take advantage of economies of scale. Despite these concerns,
demand has continued to rise as older citizens and people with disabilities want care in
their own homes.
Hospital Deals Accelerate in 2018
Hospital mergers and acquisitions accelerated during the first part of 2018, according to deal-tracking companies. Hospitals were involved in 25 transactions in the first quarter of 2018, which would translate to the highest annual rate since 2015, according to Irving Levin Associates.
Show me the money: transparency builds trust
Many providers still don’t offer the price transparency that 91 percent of healthcare consumers seek. Yet offering cost information upfront does not change most patients’ buying behaviors. Nearly half say they require the information for budget planning purposes. Only 11 percent use such information to shop around for a different provider.