Category: Emerging Businesses

If you’re entering into a commercial lease as a landlord or as a tenant, make sure the space is in compliance with public accommodation laws. Otherwise, you could find yourself paying a fortune in structural and design changes. Fortunately, there are tax breaks available to businesses that make building alterations to comply with the federal Americans with Disabilities Act (ADA). The law requires that disabled people have equal, or similar, access provided to the general public if any of the… Read more ›

Let’s say you’re an electrical contractor. One of your employees bumps into an unoccupied scaffold on a construction site and destabilizes it. Which actions should you take to ensure the safety of workers and avoid liability? A. Move everyone out of the way when painters get on the scaffold. B. Fix the scaffold. C. Warn everyone who is at risk. D. Report the incident to the general contractor. If you answered C and D, you’re correct. Responsibility and liability on… Read more ›

In today’s tight labor market, small businesses may need to think outside the box to find employees to fill open positions. In some cases, you may have to sweeten the deal with higher salaries or extra benefits. But you may be able to offset higher compensation costs with a lucrative federal tax credit for hiring members of certain “targeted” groups. Here’s what employers should know to take advantage of the Work Opportunity Tax Credit (WOTC). Targeted Groups The WOTC can… Read more ›

Buying another construction firm can be an attractive way to grow your company’s revenue base. A merger or an acquisition can allow you to: Add a new subcontracting specialty, Acquire an experienced labor force to reach new markets, and Deepen your penetration into the market your firm already serves. But there’s more to mergers and acquisitions than agreeing on a purchase price and signing the paperwork. For example, which employees should be made privy to the transaction? And how do… Read more ›

Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In fact, favorable tax laws are one big reason why so many fortunes have been made in real estate. Another big reason is that leveraging real estate investments with mortgages can multiply profits. But for purposes… Read more ›

Click here to learn more about our tax, accounting and advisory services for attorneys and law firms. Once you get some legal experience under your belt, you may think about opening your own firm. Setting up and running a law practice can be a daunting prospect, but taking certain steps will help to ensure that your firm grows and remains profitable. Here are some guidelines to help accomplish the task successfully: Develop a strategy You really can’t proceed before you target… Read more ›

As a business owner, your auto dealership’s team must be comprised of people you trust to make the right decisions for the company. The reports derived from your accounting team are at the forefront of most major business decisions, so having a suitable controller in place will help ensure your dealership’s financial health and future. The characteristics of a good controller fall into two distinct buckets: technical skills and leadership qualities. On the one hand, at their core, a controller… Read more ›

When was the last time you reviewed the insurance coverage on your business property? If you have an insurance agent who works closely with your company, you may be accustomed to periodic reviews to keep your insurance up to date. However, if you bought insurance based primarily on price, these reviews might be left up to you. Some business owners learn the hard way that they didn’t buy enough coverage after suffering losses from floods, fires, thefts, vandalism, lightning, hurricanes,… Read more ›

  If your business is essentially a one-person operation, there’s an option to help you save more money for retirement: The Solo 401(k) plan. Ordinarily, traditional defined contribution retirement plans allow annual contributions that are limited to either 25% of salary if you’re employed by your own S or C corporation or 20% of self-employment income if you operate as a sole proprietor or single-member LLC. Also, traditional profit-sharing plans, Keogh or SEP plans are subject to a $61,000 cap… Read more ›

Have you made any New Year’s resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year’s resolutions for your small business. 1. Be Realistic About Your Goals The start of a new year is often cause for optimism. This is especially true this year for many people who want to put 2020 behind them from both a business and emotional standpoint…. Read more ›