Throw a company picnic for employees this summer and enjoy larger deductions

| Tax Briefs

Many businesses host a picnic for employees in the summer. It’s a fun activity for your staff and you may be able to take a larger deduction for the cost than you would on other meal and entertainment expenses. Deduction limits Generally, businesses are limited to deducting 50% of allowable meal and entertainment expenses. But certain expenses are 100% deductible, including expenses: For recreational or social activities for employees, such as summer picnics and holiday parties, For Read more [...]

Don’t forget to file your Business Entity Report

| Alerding Alerts, Business Miscellaneous

Recently, several of our clients businesses’ were administratively dissolved because they failed to file their annual or biennual (every two years) Business Entity Reports with the Indiana Secretary of State.  It’s a simple inexpensive form to file, but a critical one to keep your company or nonprofit organization running smoothly. The deadline is tricky, which is why these clients overlooked the filing of this form. The filings are due during the anniversary month of your business’ formation Read more [...]

QSB stock offers 2 valuable tax benefits

| Tax Briefs

By Lou Ann Taylor     By investing in qualified small business (QSB) stock, you can diversify your portfolio and enjoy two valuable tax benefits: 1. Tax-free gain rollovers. If within 60 days of selling QSB stock you buy other QSB stock with the proceeds, you can defer the tax on your gain until you dispose of the new stock. The rolled-over gain reduces your basis in the new stock. For determining long-term capital gains treatment, the new stock’s holding period includes the holding period Read more [...]

Business owners: Put your successor to work before you set sail

| Business Briefs

By Bennie the Bean Counter     A hastily chosen or ill-prepared successor can lead a company astray or, in worst cases, mismanage it into bankruptcy. Before you set sail into retirement or perhaps on to your next great professional adventure, make absolutely sure that your chosen replacement is ready to, well, succeed. Build stakeholder confidence Perhaps the simplest, most important thing you can do is to put your successor to work. Co-owners, board members and employees are more apt to Read more [...]

Offer deferred compensation? Be careful about compliance

| Business Briefs

By Bennie the Bean Counter     Congress enacted Section 409A of the Internal Revenue Code more than 10 years ago in response to scandals involving Enron and other corporations. If you offer employees deferred compensation as a benefit, it’s critical to stay familiar with Sec. 409A and its many requirements. Applicable plans Sec. 409A applies to most nonqualified deferred compensation arrangements, including bonus plans, supplemental executive retirement plans, certain severance pay plans, Read more [...]

Cultivating your company’s strategic plan

| Business Briefs

By Bennie the Bean Counter     Most companies start life as a business plan. Eventually, that plan should evolve into a formal strategic plan document that lays out key initiatives for the business over the next three to five years. Unfortunately, even when said document is created, that seed planted in the ground often ends up largely ignored, untended and malnourished. So how can you make sure to cultivate your strategic plan so it grows with the company? Here are some ideas. Champion Read more [...]