Category: Business Owners

Business Owners

Is Cash or Accrual Accounting Best for My Business Structure? by Shanna Shim, CPA

Posted on July 10, 2024 by Shanna Shim

Small and midsize businesses generally have two options for maintaining their financial books and records: the cash and accrual methods of accounting. While each approach offers businesses unique benefits at different stages of their life cycles, business owners must recognize when they should transition from one method of financial accounting to the other. The cash […]

M&A Deals Escape FTC Ban on Noncompete Agreements by Fabio De Filippo, CPA

Posted on June 24, 2024 by Fabio De Filippo

On April 23, 2024, the Federal Trade Commission (FTC) issued a final rule banning businesses nationwide from entering into noncompete agreements with most new employees beginning on Sept. 24, 2024, and nullifying the enforcement of existing noncompetition clauses in most employer/employee contracts. This rule, which is facing a mountain of lawsuits, will require buyers and […]

Understanding the Basic Building Blocks of Cybersecurity by Brandon Bowers

Posted on June 17, 2024 by Brandon Bowers

The frequency and sophistication of cybersecurity attacks continue to intensify, leaving businesses, governments and not-for-profits with an ever-present risk of falling victim to data breaches. These data breaches can impact normal business operations and erode public trust, leading to irreparable reputational damage, loss of customers and even litigation, fines and penalties. While no one tool […]

IRS Sets 2025 HSA Contribution Limits by Brendan Kurpis, CPA

Posted on June 11, 2024 by Brendan Kurpis

The IRS has released the inflation-adjusted limits that qualifying taxpayers may contribute to health savings accounts (HSAs) in 2025. These triple-tax-advantaged accounts can help participants afford the rising costs of healthcare today and save for even higher expenses during retirement. Background HSAs are powerful healthcare savings tools that provide participants with the following tax benefits: […]

Ransomware Attacks Continue to Rise Among Small and Mid-Size Businesses by Brandon Bowers

Posted on June 04, 2024 by Brandon Bowers

According to the latest industry reports, ransomware attacks surged in 2023, accounting for nearly one-quarter of all data breaches and costing businesses worldwide an average of $5.13 million.[1] More alarming still, businesses’ security teams detected only 33 percent of all ransomware breaches, whereas 27 percent were disclosed by the attackers, and 40 percent were uncovered […]