Research credit available to some businesses for the first time

The TCJA didn’t change the research credit, but it has an impact on the credit. Previously, corporations subject to alternative minimum tax (AMT) couldn’t offset the research credit against AMT liability, which erased the credit’s current benefits. By eliminating corporate AMT, the TCJA removed this obstacle. Pass-through businesses can still claim the credit against AMT…

4 pillars of a solid sales process

Generally, there are four pillars of a solid sales process. First, your marketing and sales departments need to work together to create an expanding universe of customers and prospects. Second, a sense of urgency is crucial; determine how quickly salespeople are following up on leads. Third, documentation is important and unavoidable. Ensure you’re using the…

Tax-free fringe benefits help small businesses and their employees

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Those that are tax-free are especially attractive to employees. Examples include many types of insurance (health, disability, long-term care, life) and assistance plans (dependent care, adoption and educational), subject…

Businesses aren’t immune to tax identity theft

Tax identity theft may seem like a problem only for individuals. But increasingly businesses are becoming victims. Business tax identity theft occurs when a criminal uses information from a business (such as the Employer Identification Number) to obtain tax benefits or enable individual tax identity theft schemes. Here are some prevention tips: 1) Educate employees…

Are you ready to expand to a second location?

Are you thinking about expanding your business to a second location? If so, make sure your company is truly ready. First ask whether you can duplicate the success of your current location at another one. Also look into how an expansion might create conflicts between the two locations. Explore the financial aspects, too. How will…

HSA + HDHP can be a winning health benefits formula

“HSA + HDHP” represents the concept of offering a Health Savings Account (HSA) coupled with a high-deductible health plan (HDHP). For 2019, an HDHP must have a deductible of at least $1,350 for single coverage or $2,700 for family coverage. Your business and the employee combined can make pretax HSA contributions up to $3,500 for…