Business Advisory
Estate Planning Pitfalls to Avoid
Despite having good intentions, many people fail to make an estate plan. But if you don’t develop a plan featuring a will, your assets could end up being distributed according to state law. And the lack of an estate plan could lead to family conflicts and lengthy legal battles. Plus, you’ll miss out on opportunities for…
Read MoreHealthcare Practices and Lessoning the Financial Impact of the Pandemic
The COVID-19 pandemic has had, and will continue to have, a large economic impact, with high unemployment levels and many closed businesses resulting from this time of uncertainty. The effects are rippling throughout the economy — and being felt by medical practices and hospitals. Many physician practices have experienced a reduction in patient volume as…
Read MoreWhat Can You Do to Prevent Employee Fraud?
Employee fraud costs industries billions of dollars a year. It’s important to be aware of the potential for misdoings in your healthcare practice, organization or business and take steps to prevent them by closing down opportunities. Ensure that your internal controls are designed to provide maximum protection. What is it? The most common forms of…
Read MoreBuying a Distressed Business
Many businesses have suffered financial losses due to the COVID-19 crisis. Some may even be on the verge of bankruptcy or otherwise looking for an exit strategy. Fortunately, there’s an upside: Adverse market conditions can create opportunities for investors with excess cash and access to capital to acquire and then turn around distressed businesses. Here’s some…
Read MoreHow to Keep Your Business a Success in Times of Economic Distress
Stay steady in a troubled economy The novel coronavirus (COVID-19) pandemic has done severe economic damage to many U.S. businesses, and it will likely take considerable time to recover. Here are some tried-and-true suggestions to help keep your business on the right track. Cutting back strategically While it may seem obvious that in a faltering…
Read MoreNavigating your Business through Coronavirus (COVID-19)
As owners and business leaders, we are experiencing unprecedented disruption due to the Coronavirus (COVID-19) pandemic. While the Federal and State governments are continuing to work to help ease the financial loss, following are programs and resources that can help you in the near future. Economic Injury Disaster Loan Program The SBA’s Economic Injury Disaster…
Read MoreEmployers and Other Businesses Can Get a Jump on Upcoming Tasks
Attention Employers: You May Be Able to Reduce Your Tax Bill With a Valuable Credit
It’s called the employer credit for family and medical leave. Among other things, to be eligible, you must have a written policy that meets certain requirements and provide at least two weeks of paid family and medical leave to full-time employees and prorated leave to part-time employees. Pay must equal at least 50% of the…
Read MoreCourt: Taxpayer Didn’t Offer “Credible Testimony” to Support the Mileage He Claimed
The U.S. Tax Court ruled that a taxpayer who worked as a taxi driver and a real estate appraiser wasn’t eligible to deduct vehicle-related expenses relating to an appraisal business he operated from a friend’s house. The court state that the taxpayer didn’t meet strict substantiation requirements. Rather, he offered only inconsistent testimony and non-contemporaneous…
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