As small businesses navigate an uncertain economic environment, many are still looking to expand or maintain their health benefit offerings, according to a new report from Chase. The report surveyed 563 small business owners in June for the annual midyear check-in on their business and found that 80% currently offer health coverage for their employees, with half [...]
Disaster victims get big tax benefits from federal disaster declarations. In fact, it can make your wildfire settlement tax-free. As such, you might logically assume that it is always 100% whether your particular disaster gets the helpful federal nod from the Federal Emergency Management Agency. But in the case of wildfires, is it always so [...]
Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Adequately [...]
When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different [...]
HR managers say they spend 12 hours on average, or more than one-fourth of their week, on payroll and benefit-related administrative tasks–with 27% of them spending 20 hours or more. Are human resources (HR) teams spending a disproportionate amount of time on administration? That is one of the finding in the 2024 State of Employee Financial [...]
The 2024 Olympics showcased numerous instances of diversity, equity, and inclusion (DEI). Here are some DEI takeaways that entrepreneurs can implement in their businesses today. For the very first time, the world witnessed the first all-black podium in women's gymnastics Olympic history. Brazilian gymnast Rebeca Andrade joined Simone Biles and Jordan Chiles from Team USA [...]
The IRS is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit (ERC). Third-party payers report and pay clients’ federal employment taxes under the third-party payer’s Employer Identification Number. They handle clients’ payroll and tax reporting duties. Some of these TPPs filed ERC claims for multiple [...]
The IRS shared new steps the agency is taking to prevent honest taxpayers from falling victim to Employee Retention Credit (ERC) scams. The IRS continues to warn small businesses about aggressive promoters encouraging filing potentially ineligible claims. The IRS urges small businesses to check with a trusted tax professional about ERC instead of relying on a promotion company. [...]
Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes also called [...]
Maximizing Leadership Potential through Deliberate Decision Making is crucial for business growth. As an executive coach for the last 30 years, I will share with you why it’s so important to make deliberate decisions, especially in today’s fast-paced business landscape. I have witnessed leaders who are often faced with the pressure to make rapid decisions [...]