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09.22.20
Is Remote Selling the New Normal? Tips to Make the Most of Your Sales Program
The COVID-19 pandemic impacted the way people interact and do business. Many of the changes that have been made to adapt to a social-distancing environment within the digital landscape will likely become permanent and evolve over time. Though pre-COVID-19 digital trends were already surfacing as a basis for contemporary selling, many experts agree that the […]
07.07.20
Is it Time to Update Your Company’s Drug Use Policy?
Given the safety risks involved with many manufacturing jobs, it is a good idea for manufacturers to adopt and consistently enforce a drug and alcohol policy. However, the evolving legal environment — particularly with many states moving toward legalizing marijuana — greatly complicates the process. Alcohol vs. marijuana When marijuana was illegal everywhere, determining how […]
06.17.20
SECURE Act: New Tax Incentives for Employers to Offer Retirement Benefits
The Setting Every Community Up for Retirement Enhancement (SECURE) Act authorizes a new, cost-effective type of retirement plan: The pooled employer plan (PEP) beginning in 2021. This is a new type of multiple employer plan (MEP). MEPs have been available for many years, but they suffer from some serious drawbacks and inherent complexities that make […]
05.28.20
Keys to Effective Bring-Your-Own Device Policies
Manufacturers may implement bring-your-own-device (BYOD) policies for salespeople who travel, customer service representatives who work from home and managers who use mobile devices to perform business tasks. But allowing access to the company’s systems on an unsecured device presents risks. How can you protect your company’s data without violating employees’ privacy rights? Evaluating the pros […]
04.21.20
Why Manufacturers Cannot Afford to Ignore Cybersecurity
Many manufacturers have a false sense of calm when it comes to cybersecurity. They incorrectly assume their risk of a cyberattack is low because they do not sell products on the Internet or gather credit card information and other sensitive data from customers. It is true that most big data breaches that make headlines focus […]
03.18.20
Work Opportunity Tax Credit Extended Through 2020
2020 may be a good year for hiring, since the Further Consolidated Appropriations Act extended the Work Opportunity Tax Credit (WOTC) through 2020. This federal income tax credit is available to businesses that hire members of certain “targeted” groups. Let’s examine how the credit can benefit your business. Reviewing the basics The WOTC encourages businesses […]
02.27.20
Independent Contractor vs. Employee: Understanding Worker Designation
Beware: Worker classification is an IRS hot button Treating a worker as an independent contractor (IC) rather than an employee can provide a business with important advantages. Whether a worker is classified as an IC or an employee depends on several factors targeting the level of control you exert over the worker. Per the IRS, […]
07.22.19
Why Wait to Deduct Your Purchases? Turbocharge Tax Deductions With Bonus Depreciation and Sec. 179
“Don’t put off until tomorrow what you can do today,” Benjamin Franklin once advised. This timeless wisdom applies in many business scenarios, from taking advantage of growth opportunities to claiming tax deductions. In general, business owners should jump on tax-saving opportunities as soon as possible due to the time value of money. Two especially lucrative […]
04.05.19
Family and Medical Leave: Will Your Program Qualify for a Federal Tax Break?
The Tax Cuts and Jobs Act introduces a tax credit for certain employers that provide family and medical leave programs. There are rules and requirements that must be satisfied to take advantage.
02.07.19
FASB Expands VIE Exception for Private Companies
Private manufacturers often set up separate legal entities to hold real estate or operate new but separate business ventures. Under current accounting rules, these entities are typically considered variable interest entities that must be consolidated on to the controlling entity’s financial statements under current GAAP.