Sometimes it happens: general partners (GPs) of a limited partnership intentionally mismanage the business or commit fraud. If you are a limited partner (LP) in such a partnership, it is important that you recognize the signs that something is amiss. No control LPs do not participate in...
How long will you take to collect the outstanding receivables that are reported on your balance sheet? Many companies take weeks or even months to collect invoices from customers. Fortunately, there are ways to convert them into cash now. Line of credit A line of credit can...
One could say that compensation is the original motivator, and how employers go about compensating employees remains a major factor in encouraging staff to do their best work. One compensation model that has beckoned many organizations is pay-for-performance. The concept Under the pay-for-performance model, an employee’s total...
President Trump’s campaign promise to abolish the federal estate tax may or may not be realized. Meanwhile, the ‘death tax’ still exists, and it continues to be a major concern for high net-worth taxpayers, including the owners of successful small companies. If a deceased taxpayer has...
There are more than 87,000 foundations in the United States, including family, corporate, and community foundations, according to the Foundation Center. If your non-profit is not actively seeking grants from these groups, you are neglecting a potentially significant income source. Know your target Probably the most important...
Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you are likely to focus on its end result: a reasonable, defensible, value estimate of your business as of a certain date. Lurking...
If you are an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options, or non-qualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more...
Lapping, or using receipts from one account to cover theft from another, is one of the most common methods of skimming from company accounts. With vigilance and a little knowledge you can prevent this type of fraud from damaging your business. Spot the scheme Lapping scams usually...
Employers: For Social Security, Medicare, and withheld income tax, file IRS Form 941 for the third quarter of 2017. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return). If you deposited...
Today’s businesses face unprecedented uncertainty — from geopolitical risks and cyberthreats to tax and regulatory reforms. So, management’s historical means of addressing uncertainty in accounting estimates may not pass muster in the coming audit season. Accounting for uncertainty Some financial statement items are relatively standard, but others...