It seems like more and more forensic accounting cases are focusing on the abuse of business credit cards by all levels of employees. So, what enables these individuals to enrich themselves at will? Oftentimes, it comes down to two preventable factors: deficient internal controls and lax supervision.
The Employee Retention Tax Credit (ERTC), originally passed in the CARES Act of March 2020, encourages businesses and tax-exempt organizations to keep employees on payroll during the pandemic.
As part of the $3.5 trillion reconciliation bill being considered by Congress, multiple far-reaching tax proposals were recently addressed by the House Ways and Means Committee. It is important to note that this proposed legislation could have many substantive changes during the reconciliation process.
Internal controls are vital to every organization. These processes can be challenging for smaller organizations because of limited employee numbers and operating budget constraints. Management in small organizations takes on many duties that would ordinarily be separated in larger organizations.
When COVID locked down the country, many companies had to scramble and implement a disaster recovery plan on the fly. What would the impact be on the business with the unexpected loss of a business owner due to disability or death? Having a proper plan in place when a business owner unexpectedly dies or becomes disabled can have a significant impact on both the survival and value of a company. Having a properly written Business Continuation Plan funded may help minimize the issues caused by the sudden loss of a business’s owner.
MichaelSilver works with many international companies looking to start or expand their business in the United States. Typically, these companies are successful in their home country. The owners know the United States is the land of opportunity as well as the land of tax traps and legal problems. We share the common goal of wanting these businesses to succeed in their endeavors in the United States and we help them navigate the complexities of the United States’ business world.
As we continue to strive toward a post COVID-19 world, we hope that you and your loved ones find yourselves safe and well. We once again navigated a postponed tax filing season, albeit a shorter one, which brought with it its unique challenges as well as some tax saving opportunities provided by continued relief legislation.
Owners of manufacturing businesses often wonder, “What’s my business worth?” This question is especially pressing if the business is the target of an acquisition, or if the owner is considering selling or transferring the business to heirs. Valuing your manufacturing business is a critical measure for you and your stakeholders who may include family members, shareholders, your management team, employees, and lenders.
Developing an exit plan is the most important thing a business owner can do to protect the value of their business and avoid a “worst case” scenario. An exit plan is a comprehensive roadmap that addresses all the business, personal, financial, legal, and tax issues involved in selling a privately owned business.
The Employee Retention Tax Credit (ERTC) encourages companies to maintain their workforce by providing eligible businesses with a fully refundable tax credit on qualified employee wages.