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Intangible assets: How must the costs incurred be capitalized?

2022 – 11/28 These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible asset, Create or enhance a separate, distinct intangible asset, Create or enhance a “future benefit” identified in…

Choosing a retirement plan for your small business

2022 – 11/23 Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the…

Like every business, a start-up needs a sensible budget

2022 – 11/16 An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible…

Reinforce your cybersecurity defenses regularly

2022 -11/02 If you’ve been in business for any amount of time, you probably don’t need anyone to tell you about the importance of cybersecurity. However, unlike the lock to a physical door, which generally lasts a good long time, measures you take to protect your company from hackers and malware need to be updated…

Employers: In 2023, the Social Security wage base is going up

2022 – 10/24 The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $160,200 for 2023 (up from $147,000 for 2022). Wages and self-employment income above this threshold aren’t subject to Social Security tax. Basics about Social Security The Federal Insurance Contributions Act (FICA) imposes two taxes…

M&A on the way? Consider a QOE report

2022 – 10/12 Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report to evaluate the accuracy and sustainability of the seller’s reported earnings. Sometimes sellers get their own QOE reports to spot potential problems…

Shine a light on sales prospects to brighten the days ahead

2022 – 10/05 When it comes to sales, most businesses labor under two major mandates: 1) Keep selling to existing customers, and 2) Find new ones. To accomplish the former, your sales staff probably gets some help from the marketing and customer service departments. Succeeding at the latter may be more difficult. Yet perhaps the most discernible…

Worried about an IRS audit? Prepare in advance

2022 – 10/03 IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of…

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