This article reviews and analyzes recent law changes as well as rulings and decisions involving partnerships. The discussion covers developments in the determination of partners and partnerships, gain on disposal of partnership interests, partnership audits, and basis adjustments. During the period of this update (Nov....
Approximately 20 percent of small businesses will fail within their first year. When you consider that there were about 30.2 million small businesses in the country as of 2018, you can begin to get an idea of just how serious this situation is. It means...
What would happen if you were hit with an unexpected medical bill, a layoff or your adult son or daughter needed a quick loan to get out of a financial jam? Here is some practical advice to you—or to anyone you know who is facing...
Even the savviest of small- and medium-sized business (SMB) owners and operators have some common and seemingly insignificant business habits that creep into day-to-day work. All told, these bad habits can seriously impact a business’ longer-term profitability and viability. Maybe you’re dealing with tangible, finance-related issues....
Understanding the difference between assets and cash flow is critical to business survival. Cash Is Life The value of a company is not necessarily a measure of how financially strong it is. Strong cash flow allows a company to operate. It allows the organization to not only pay...
An act of kindness or a token of appreciation can really make someone’s day. Your employees work hard with you to attain your business goals and acknowledgment from management goes a long way. Recognition adds to everyone’s happy quotient. Here are some samples of popular employee...
A couple weeks ago was the beginning of every American’s favorite time of the year … to hate: tax season. Starting January 28th, the IRS started accepting tax returns for the 2018 tax year. Here are three of the most common tax season mistakes you...
Owning a small business is the dream for many Americans. When it comes to tax time, the nuances can cause somewhat of a headache if you're unsure of the unique challenges and liabilities. This is true for all industries but a multi-generational company has special...
Budgeting and forecasting allow a business to plan accurately for its fiscal year. Below are 10 ways to improve these processes to create a strategic plan that meets your business's financial goals. 1. Keep Budgeting and Forecasting Flexible Rigid forecasts and budgets aren't very useful. Things change...
There are lots of good reasons to choose a Roth 401(k) -- especially if you're worried about taxes in retirement. Though Social Security provides critical benefits to millions of seniors, those payments alone aren't enough to sustain older Americans in retirement. These days, the average earner...