A Common Sense Approach to Cyber Security

Cyber attacks on big companies dominate the news, but small businesses are big targets, too. One in five small businesses fall victim to a cyber attack and of those, 60 percent go out of business in six months. In nearly every cyber attack, the goal is to steal and exploit sensitive data, which includes credit card information, bank account data, or personal identity information.

For a small business owner, this data can be found in checkout forms, employment applications, or customer databases. Any vulnerability in the security of this data can result in devastating consequences for both your customers and your business. Additionally, companies that are breached must alert potential fraud victims. The process to notify an entire customer base can be expensive, and even more importantly, will likely cause irreparable reputational harm to your business.
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Fulfillment by Amazon Could Be a Game Changer for Your Business

“It’s a game changer” is an expression thrown around the consumer products and retail industries when discussing an unexpected yet crucial strategy that can mark a turning point for growing businesses.

The Fulfillment by Amazon (FBA) solution is one of these game changers. Amazon FBA is fast becoming a growing customer for both branded and private label businesses. Amazon FBA could be a great opportunity to market and sell your products to millions of consumers, without the uncertainty of chargebacks and discounts encountered when selling to traditional bricks-and-mortar and online retailers.

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Options in a Tightening Labor Market

Several economic factors are significantly impacting the hiring and retention practices for key finance and accounting personnel in every industry. However, many successful companies are counteracting these challenges by leveraging outsourcing strategies to gain efficiency, overcome staffing difficulties and better manage costs.

A significant shift is currently occurring with some economic indicators, Salaries are rising due to an increase in hiring with unemployment subsequently falling. With these challenges in mind, competition for talent is rising, so organizations will face numerous risks when looking to attract and retain skilled finance and accounting personnel.

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Year-End Tax-Planning Moves for Businesses

The Holidays are here, it’s the time to plan time with family and loved ones… it is also the time to consider tax-saving opportunities for your business before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation 

Section 179 Deductions

Essentially, Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the tax year (new or used equipment). That means that if you buy (or lease) a piece of qualifying equipment and place that equipment in service, you can deduct up to $510,000.00 in 2017, provided your company did not purchase more than $2,030,000.00 in qualifying equipment.  If your company did exceed that threshold, then the 179 deduction for your company begins to be reduced on a dollar for dollar basis until it there is no Section 179 deduction.Continue reading

The New Rules for business meals, entertainment and transportation expenses in 2018

The new tax law signed by the President has changed the way business must consider meals, entertainment and transportation expenses. Generally meal and entertainment expenses were 50% deductible. The changes made with the recent legislation (H.R. 1) entertainment expenses are now 100% NOT deductible for amounts paid or incurred after December 31, 2017.

If you currently track your expenditures for both meals and entertainment in a combined general ledger account you will want to consider setting up a new account in your system to track meals separately from entertainment expenses, as meals are generally still 50% deductible and entertainment expenses are not deductible at all. This could save you time and effort compiling the amount of business expenses incurred in 2018 for 50% deductible meal expenses and 100% nondeductible entertainment expenses.Continue reading

New Law offers benefit to U.S. brewers, wine makers and distillers

You’ve probably heard by now that the craft beverage industry — the business of making alcoholic beverages — is booming across New York State. It seems every day or so brings news of a new brewery, winery, distillery or even hard cider maker. In 2011, there were a little more than 300 makers of wine, beer, distilled spirits and hard cider operating in New York. As of this past December there were more than 186 regional craft breweries, 3,132 micro-breweries, 1,916 brew pub, wineries top 400, even distilleries stand at over 100.Continue reading

Real Estate Investors build on New Tax Law

The final tax bill agreed to by the House and Senate conferees and signed into law by President Trump on Friday December 22, 2017, makes several significant changes for real estate investors.

A summary of the key provisions are below, if we assume an individual tax payer in the highest marginal rate.

Today, net income from rents is taxed at 39.6 percent, plus a 3.8 percent Affordable Care Act (ACA) tax for passive investors. All in that is 43.4 percent for passive investors (folks that have jobs other than real-estate) and 39.6 percent for active investors (folks that work full time in their-real estate businesses).Continue reading

Business Interest may not be deductible in 2018 and beyond…

The new tax law has many changes for Individuals and Business.  One important change that may require some time to plan for is the deductibility of Interest expense for a business.

Interest deduction limitation: Under the act, the deduction for business interest is limited to the sum of (1) business interest income; (2) 30% of the taxpayer’s adjusted taxable income for the tax year; and (3) the taxpayer’s floor plan financing interest for the tax year. Any disallowed business interest deduction can be carried forward indefinitely (with certain restrictions for partnerships).Continue reading

Trump’s New Tax Reform Proposal

On Wednesday, September 27, 2017, President Donald Trump proposed tax cuts that will affect both individuals and businesses. If passed, these tax cuts will make up the most drastic changes the United States tax code has seen in a long time.

Here’s what taxpayers need to know.

This tax plan is designed to fulfill President Trump’s promise to lower taxes, provide better jobs and implement higher wages.

President Trump stated, “This is a revolutionary change, and the biggest winners will be the everyday American workers as jobs start pouring into our country, companies start competing for American labor, and wages start going up at levels that you haven’t seen in many years.”Continue reading

Significant Progress for New York State’s Tax Reform — but Still a Long Way to Go

High taxes in New York State have long been vexing residents, particularly those at retirement age. In nearly every category – real estate taxes, income tax, and even health insurance – New York residents regularly shell out more cash than those who live in other states. Desperate for some relief from the financial squeeze, many residents are choosing to spend their retirement years in more tax-friendly locales. In fact, between 2000 and 2010, 3.4 million residents left the Empire State making it the largest migration exodus of any state, according to the Tax Foundation.

To stem the damage, New York lawmakers have been making slow but steady progress on the issue of tax reform – but the state still has a long way to go if it wants to remain competitive with other states. Here are some of the most significant recent changes to date.Continue reading