Protecting your company through the purchase of various forms of insurance is a risk-management necessity, but just because you must buy coverage does not mean you cannot manage the cost of doing so. Obviously, the safer your workplace, the less likely you will incur costly claims...
In the not-so-distant past, charity watchdog groups such as GuideStar, Charity Navigator, and the Better Business Bureau’s Wise Giving Alliance were notorious for giving overhead ratios significant weightings in their rankings of non-profits. While such a practice can help potential donors weed out spendthrift organizations,...
Some of your medical expenses may be tax deductible but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts...
The expense of preventing fraud is minimal compared to the cost of cleaning up after fraud has been committed. One common fraud deterrent is to monitor employees on the job. But are you legally entitled to monitor employees? The answer is ‘sometimes.’ One thing is...
Strong internal controls can help prevent and detect fraud. That is why Section 404(a) of the Sarbanes-Oxley Act (SOX) requires a public company’s management to annually assess the effectiveness of internal controls over financial reporting. And Sec. 404(b) requires the company’s independent auditors to provide...
Every year, when baseball season finally ends, a most valuable player (MVP) is named in each league. Not everyone agrees on the choice; in fact, it is something fans love to argue about. However, the two players eventually receive their awards and their names are...
Just as volatility and high prices might make some investors leery of stocks now, the threat of rising interest rates may worry fixed income investors. Rising rates tend to depress bond prices. Again, a time-tested strategy might be useful in the current environment. You could put...
When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more critically. If your business has reached this...
Do you prepare internal financial statements for your board of directors on a monthly, quarterly, or other periodic basis? Later, at year end, do your auditors always propose adjustments? What is going on? Most likely, the differences are due to cash basis vs. accrual basis...
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, help family members, or see their loved ones enjoy the gifts. If you are considering lifetime gifts, be aware that which assets you give...