Businesses: Know who your privileged users are … and aren’t

Man walking through a busy open plan office

Given the pervasiveness of technology in the business world today, most companies are sitting on treasure troves of sensitive data that could be abducted, exploited, corrupted or destroyed. Of course, there’s the clear and present danger of external parties hacking into your network to do it harm. But there are also internal risks — namely, your “privileged users.”

Contributing to your employer’s 401(k) plan: How it works

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to a plan at work, here are some of the advantages.

The Corporate Transparency Act

The U.S. government is quietly phasing in a new reporting requirement for a broad range of business and not-for-profit entities beginning January 1, 2024, under the Corporate Transparency Act (CTA) which was passed in fiscal 2021. The CTA is meant to prevent the use of shell companies to conceal the profits of criminal activities by creating a database, the Beneficial Ownership Secure System (BOSS). The only authorized users of this database will be federal and state governmental agencies, as well as financial institutions performing required due diligence with customer consent, and foreign law enforcement agencies/authorities who submit qualifying requests.

What businesses can expect from a DOL benefits plan audit

Audit wording with magnifier glass on red background among white jigsaw for quality control assurance and ISO concept.

All but the smallest businesses today are generally expected to offer employees “big picture” benefits such as health insurance and a retirement plan. Among the risks of doing so is that many popular plan types must comply with the Employee Retirement Income Security Act (ERISA). That means lots of rules and much documentation.

Facing a future emergency? Two new tax provisions may soon provide relief

Life Ring

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax.

Valuations can help business owners plan for the future

Business people shaking hands, finishing up a meeting

If someone was to suggest that you should have your business appraised, you might wonder whether the person was subtly suggesting that you retire and sell the company.

Business automobiles: How the tax depreciation rules work

Side profile view smiling young driver smiling businessman man 20s wear black dinner suit driving car taxi hold steering wheel look camera Vehicle transport traffic lifestyle business trip concept

Do you use an automobile in your trade or business? If so, you may question how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle.

A refresher on the trust fund recovery penalty for business owners and executives

payroll taxes . multicolored stickers and yellow notepad with notepad page with text

One might assume the term “trust fund recovery penalty” has something to do with estate planning. It’s important for business owners and executives to know better.

The tax implications of renting out a vacation home

Many Americans own a vacation home or aspire to purchase one. If you own a second home in a waterfront community, in the mountains or in a resort area, you may want to rent it out for part of the year.

Could value-based sales boost your company’s bottom line?

Value-Based Selling

If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed is to diversify your approaches, so you’re not limited to a single method by which salespeople interact with customers.