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Explore the FICA Tip Credit There are so many tax credits that are available to food and beverage businesses of all sizes, so it’s a good idea to start there. After all, tax credits don’t just reduce tax liability, they can actually result in money back after returns are filed. One popular credit to explore […]

The Importance of Planning for Estate and Gift Taxes First, consider the importance of preparing for estate and gift taxes when drafting an estate plan in the first place. If not planned for correctly, estate and gift taxes can add up quickly. This, in turn, could result in the erosion of generations of wealth or

What is the Research and Development Credit Specifically, the Research and Development tax credit is a federal credit that is available to businesses that have invested funds into innovation, research, development and experimentation. This credit is beneficial to businesses that qualify because not only does it offer a dollar-for-dollar reduction in tax liability, but it

What is Functional Expense Reporting Businesses typically categorize expenses based on the nature of those expenses. A “natural” expense reporting system might group expenses into categories like rent, utilities, payroll, marketing and depreciation. A functional expense reporting system categorizes expenses by their purpose or function rather than their nature. This system of categorization enables nonprofit

Best practices for effective incident response planning To be well-prepared for any incident, it’s important to follow the steps below: Identify and prioritize critical data and assets: Knowing precisely what resources you have helps you allocate them efficiently during an incident, saving time and minimizing overall damage. Establish a dedicated team: A cohesive and well-trained

Due Dates for Tax Returns The deadline to file individual income tax returns or request an extension will be Monday, April 15, 2024 for most taxpayers. An extension will move the deadline six months to Tuesday, October 15. Some exceptions apply to the April 15 deadline, including the following: The deadline for all taxpayers in

What Is an Employee Stock Ownership Plan? Specifically, an ESOP is an employee benefit plan that allows businesses to sell off ownership shares of the company directly to employees. Typically, these company shares are acquired through an employee retirement account; when the worker decides to retire or otherwise leave the company, the business buys the

Potential consequences of improper data management Failure to manage your data effectively can lead to the following consequences, including missed opportunities, inefficiencies, and even business-ending events. Poor decision-making: Imagine navigating the roads using a faulty map. You’re bound to end up in the wrong place. Without accurate data, you will be charting a flawed business

Does your business suffer from… Sluggish network speeds causing frequent downtime, hindering employee productivity? Slow response times and unreliable online services that are frustrating customers and leading to dissatisfaction? Operational disruptions affecting critical business processes and creating inefficiencies? Technological deficiencies reducing competitiveness in the market? An underperforming network requiring additional IT support, increasing operational costs

What Is a Balance Sheet Specifically, a balance sheet is a document that is meant to give business owners, accountants and even investors/creditors a better idea about a company’s financial health at any given time. Most businesses produce a balance sheet on a quarterly basis as a means of keeping tabs on their progress and