When participants request hardship distributions from a 401(k) plan, employers must collect and store documents showing that the participant had an immediate and heavy financial need to permit such a distribution. In today’s digital age, you might wonder whether you could instead allow participants to...
Most businesses report financial performance using GAAP. But the income-tax-basis format can save time and money for some private companies. Here is information to help you choose the financial reporting framework that will work for your situation. The basics GAAP is the most common financial reporting standard...
By temporarily doubling the gift and estate tax exemption, the Tax Cuts and Jobs Act (TCJA) opened a window of opportunity for affluent families to transfer assets tax-free. To take advantage of the higher exemption amount, many families that own businesses or other assets worth...
Your non-profit may have paid little attention to the EU’s General Data Protection Regulation (GDPR), which took effect May 25, 2018. The GDPR revises standards for privacy rights, information security, and compliance in the EU. Yet it also might apply to U.S.-based organizations, such as...
Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. Under this approach, companies do not rely on a...
One of the most laborious tasks for small businesses is managing payroll. But it is critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail...
The U.S. economy depends on import and export markets to run as designed. After all, revenue from trade tariffs and duties contribute $30 billion annually to federal government coffers. Unfortunately, fraud regularly throws a wrench in the works of global trade and individual businesses suffer....
A job description may seem like just so many words on a page or website. But those words have power. They can either set an employer and employee on a path toward a positive, fruitful relationship or on a downward spiral into confusion and conflict....
Whether it is hard hats and drills on a jobsite, iPads in an office, or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged, and stolen items can quickly add up, consuming...
The Tax Cuts and Jobs Act (TCJA) reduced individual income tax rates but it left the 3.8 percent net investment income tax (NIIT) in place. It is important to address the NIIT in your estate plan because it can erode your earnings from interest, dividends,...