C Corp Cash: Dealing With the Tax Implications

C corporation owners often need to take cash out of the business to pay personal expenses or to shield excess cash from creditors. Paying dividends is one way to withdraw cash from the business, but it generally has some significant downsides. Fortunately, additional options may be available. Here’s what you need to know: Problems with Dividends …
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Employees or Independent Contractors: Factors to Consider

In January 2024, the U.S. Department of Labor (DOL) issued its long-awaited final rule related to employment status under the Fair Labor Standards Act (FLSA). The new rule carves out six key factors to be analyzed in determining whether a particular worker should be treated as an independent contractor or an employee. Background The FLSA is …
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Anti-Fraud Essentials to Fortify Multi-Location Businesses

Running a business across multiple locations, such as retail or restaurant chains, presents unique challenges in fraud prevention. With the impossibility of being everywhere at once, monitoring becomes increasingly complex as your business expands. Print this page Without effective safeguards, fraud incidents in one location can jeopardize the overall health of your company. To safeguard …
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Ransomeware attack affecting medical practices

Some medical groups struggling to receive payments Change Healthcare recently experienced a ransomware attach that involved unauthorized access to certain administrative systems. Wired called the incident “one of the most disruptive in years, crippling pharmacies across the US – including those in hospitals – and leading to serious snags in the delivery of prescription drugs …
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Estate Planning for People With Noncitizen Spouses

No matter what your net worth or the size and shape of your family, estate planning is critical. For some, it can be relatively simple. But various factors — such as the complexity of one’s finances and certain family dynamics — can make estate planning much more complicated. Another factor that affects a certain percentage …
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Marriage Penalty or Marriage Bonus? It Depends

Print this page   A couple’s tax situation changes when they get married — for better or worse. Here are the most important things to know if you recently tied the knot or you’re planning to get married later this year. Timing Counts Your marital status as of December 31 determines your tax filing options for …
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Preparing for disaster: Action plans for small businesses

Along with warm temperatures, summer can bring natural disasters. Across the country, residents will face hurricane season in few months along the Atlantic and Gulf coasts, severe storm season in the Midwest, flood season along the Mississippi River, and wildfire season in the Southwest and West as the year rolls on. Spring thunderstorms are thrashing …
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Don’t mess with payroll taxes

You could even be held personally liable What would happen if your company failed to pay the IRS payroll taxes when they’re due? You could be on the hook for penalties and, if you’re treated as a “responsible party,” held personally liable for unpaid taxes. Fortunately, your business can avoid dire tax complications by following the rules and, …
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Construction change orders: Thoughtful management is crucial

It’s an accepted fact that change orders are an inherent part of the construction industry. Alterations to the original design, specifications, execution methods or scope of a job can impact the budget and timeline. And when not discussed and documented properly, they can lead to nonpayment for additional work and legal disputes. That’s why establishing a …
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Understanding the percentage of completion accounting method

A viable option when when construction projects are delayed or stopped In the complex and sometimes chaotic world of long-term construction projects, many contractors find themselves struggling to accurately align the revenue coming in with the expenses being paid out. This is where the percentage of completion method of accounting often comes in handy. When executed …
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