Unfortunately, fraud is a relevant topic for almost everyone and everything in today’s business environment. We all have likely heard about “Wall Street-size” corporate fraud, but if you are a business owner, fraud should be more than something that happens to the big guys. The business's employees, managers, and officers often perpetuate fraud against companies. [...]

Payroll is a vital part of any business. A primary reason for working is to make money. But some parts of employee payment could cause employees to look elsewhere.Employees expect a set time frame of when they are getting paid, whether weekly or monthly. They expect for it to be constant, timely, and accurate. It can [...]

The flat 21% federal income tax rate for C corporations under the Tax Cuts and Jobs Act (TCJA) has been great news for these entities and their owners. But some fundamental tax truths for C corporations largely remain the same:C corporations are subject to double taxation. Double taxation occurs when corporate income is taxed once at [...]

An Employee Stock Ownership Plan (ESOP) is a retirement plan in which the company contributes its stock to a plan to benefit the company’s employees. The company maintains an account for each employee participating in the plan. Under ESOP, shares of the company’s stock are vested over a period on behalf of the employee. Employees [...]

With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining the strategic plan that you should consider: a SWOT analysis. Let’s take a [...]

Many tax-related limits that impact businesses are annually indexed for inflation, and many have increased for 2021, although a few remained the same due to low inflation. We provide an overview of the tax-related limits that may be important to you and your business. Deductions Section 179 expensing: Limit: $1.05 million (up from $1.04 million) [...]

Identity theft is defined as an organized crime of consciously using someone else’s personal information to commit fraud or gain a financial advantage, and the victim may have to face the consequences. This type of crime is a major national security threat. The information targeted and stolen could be full names, identification numbers, driver’s license numbers, [...]

A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while building these thoroughfares, leaving its marketing message ineffective and muddled. Here are a few indications that you might [...]

Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility or moving to or constructing a new one, it’s important to be aware of smart buildings.A smart building is equipped with various sensors that gather and track information about the structure’s energy usage and [...]

As a business owner, how much confidence do you have in your financial reports’ numbers and internal control? Does the net income represent a successful business operation? Alternatively, does the net loss expose all your business's weaknesses? Are you sure the amount of inventory sitting in your warehouse is the number shown in the balance sheet? [...]