Small Business

Are your Workers Employees or Independent Contractors? Making the Wrong Decision can be Damaging by Cherry Laufenberg, CPA

Posted on July 13, 2017 by Cherry Laufenberg

Despite the Department of Labor’s recent retraction of the prior administration’s narrow interpretation of the Fair Labor Standards Act (FLSA), businesses must remain vigilant in upholding the underlying law that requires proper classification of workers as either employees or independent contractors. Failure to do so can put businesses at risk of legal exposure, severe penalties […]

Partnerships Must Adapt to New IRS Audit Rules, Liabilities at the Entity Level

Posted on June 23, 2017 by Richard Berkowitz

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level. Since TEFRA’s enactment, partnerships have proliferated […]

Reasonable Compensation and Its Effect on the Value of a Business by Scott Bouchner, CMA, CVA, CFE, CIRA, and Sharon F. Foote, ASA, CFE

Posted on June 20, 2017 by Scott Bouchner

Over the next two decades, millions of business owners will sell or transfer several trillion dollars’ worth of privately held business assets. Proper valuations of these entities using an asset approach, an income approach and/or a market approach will provide worthwhile information to both buyers and sellers. However, when using the income or market approaches […]

Governor Signs Important Tax Bill for Florida Businesses by Karen A. Lake, CPA

Posted on June 19, 2017 by Karen Lake

On May 25, 2017, Florida Governor Rick Scott signed legislation that affects a wide range of sales and use tax, corporate income tax and property tax issues impacting businesses located in the state. For businesses, H.B 7109 reduces the sales tax rate on the rental of commercial real estate from current 6 percent to […]

Category: Small Business