As a physician leading your own practice, it is important to be aware of the laws enforced by federal and state government agencies when preparing advertising materials for your practice or hiring an agency to design them. The following are the three basic laws that you must keep in mind: Claims in ads must be …
If you’ve been in business for a while, you know that payroll can be a challenge. Here are 10 of the most common small business payroll challenges — and how to overcome them: Accurate recordkeeping: It’s important to keep accurate records of your employees’ earnings and hours worked. This is important for tax purposes, and it …
It’s a good time to take stock of your retirement savings strategy. Are you saving enough to cover your retirement needs? The answer depends on many factors, including your expected living expenses, bucket list items (such as travel and hobbies) and potential medical and long-term care costs. Also be aware that many employers have embraced “auto-enrollment” …
Estate planning isn’t just for the rich and famous. For example, you may have family heirlooms (such as jewelry or artwork) or real property that has sentimental value to certain family members. Wills and trusts can help ensure that your estate is divvied up fairly after your passing. But you won’t be around to explain …
Under Section 6038 of the Internal Revenue Code, some U.S. taxpayers must comply with information reporting requirements regarding their interests in certain foreign corporations and partnerships. In the recent case of Alon Farhy v. Commissioner, the U.S. Tax Court was tasked with deciding whether the IRS can assess failure-to-file penalties in relation to Sec. 6038. Forms Not …
Business disputes arise every day. For example, a supplier violates a provision of an exclusivity contract, a publisher infringes on a writer’s copyright or a competitor steals a trade secret. These wrongdoings typically result in one party losing money. It’s up to the legal system to restore order and award economic damages. Here we discuss some …
Fraud committed by employees, management, vendors or customers can happen to any business. And if it does, it can take years to recover from the financial losses and reputational damage. In some cases — especially those involving small companies that lack the cash reserves to cushion the blow — a fraud incident can shut down a …
Many retirees have seen their Social Security benefits increase in 2023 due to a cost-of-living adjustment that was higher than in past years. Further increases are expected for 2024. While more benefits are welcome, they could mean more income taxes on those benefits for some recipients. The Social Security Administration (SSA) estimates that more than …
The IRS historically has considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income and worker misclassification. What’s more, as the tax agency rolls into the future under new leadership, with improved technology and a boosted workforce, many business pundits are keeping an eye out for a rise in audit …
If you aren’t married and have no children, you may think you don’t need an estate plan. But nothing could be further from the truth. Even single people should have an estate plan. Unlike with married couples, there could be no specific person who can legally make medical decisions for you should you become incapacitated. …
