Roth IRA Conversion

Oversight group says Roth IRA conversion reviews need improvement. The IRS must strengthen how it handles potential noncompliance for Roth IRA conversions, the Treasury Inspector General for Tax Administration (TIGTA) said. The IRS allows some individuals to convert to traditional IRAs if they pay tax on the conversion. TIGTA found that an automated program that matches third-party reported amounts to …

Protecting Americans from the Tax Hikes Act of 2015

On December 19th, both the House and the Senate passed “The Protecting Americans from the Tax Hikes Act of 2015” Act and will be signed into law within the next few days. This new act does considerably more than just the typical tax extenders legislation has seen in prior years. Once President Obama signs the bill, which is expected to …

Identity Theft – Preventative Measures You Should Be Taking!

As your trusted consultant, we suggest the following: Truncate Social Security Numbers (SSNs) where possible or mask them on insurance cards. Monitor credit reports (this goes for personal and business) at least annually. Request that clients forward any IRS notices immediately. Keep Social Security cards and financial information in a secure location and properly dispose of documents with SSNs or …

The ACA and You – What you should know

(As Seen in Our Latest E-Blast) Due to the Affordable Care Act (ACA), the Internal Revenue Service has reiterated the rules on health insurance deductions for 2% shareholders of an S corporation and their employees. Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by the S corporation and reportable as …

Bank Shopping for a Small Business

Where and how a small business owner chooses to manage their money can play an important part in the overall success of the company. So often, entrepreneurs disregard the importance of shopping around for the right bank for the business and end up paying for it in the long run. Understanding what services your business requires is part of Small …

Leadership Styles – How to Make the Most of Them

Being an effective operations manager does not always translate into being a great leader, a common misconception in small business management. Leadership is about creating and communicating a vision, inspiring others, teaching others and promoting a positive business model. Operational details are one thing; human nature is a whole different ball game. A great boss inherently represents both sides of …

Recognizing an Opportunity

The saying “timing is everything” could not be more apt than when it comes to small business management. Timing and opportunity are often what segregate successful businesses from those that flounder. A true entrepreneurial spirit is rooted in this belief. “Stay active in the industry and up-to-date with the technology.” Opportunity does not come dressed in a pretty package with …

Testimonials and Referrals – The Value of a Positive Endorsement

Recommendations and positive feedback from trusted sources are some of the most powerful tools when it comes to growing a successful business. Would you buy a new car without doing the research and reading the customer reviews? Probably not. Chances are, your clients follow the same principles. Referrals and testimonials can also be looked at as hot leads. The groundwork …

Healthy Wealth

“…Society has drummed into our heads that wanting wealth is a bad thing, one that will drive you to behave in ways that are unethical, corrupt and morally bankrupt.” The appeal of being a small business owner is usually twofold: being your own boss, and making lots of money…no? Okay, there may be other factors here and there, but when …