Most medical providers know they must buy malpractice insurance. It’s a no-brainer like Workers Compensation for their employees. There is more that should be considered essential however – here is a list that medical providers should strongly consider for their practice (and peace of mind): Commercial General Liability Policies will cover the following risks: Property
Entity Structuring for Expanding Family Businesses
Owner-operator businesses usually start out as sole proprietorships, which is fine until your business starts to grow, and your family status changes. Life can throw your business a curve ball when you least expect it. Retirement, divorce, illness, even irreconcilable differences with a new partner or staff. Whatever life pitches, you should have a plan
Small Business Structuring for Tax Efficiency
Remember way back when as you started your business? Like most entrepreneurs, you probably chose to form a sole proprietorship because it’s less paperwork and less costly. But as your business grows you might benefit from the protections provided by a Limited Liability Company (LLC) or C-Corporation. But if you are currently a C-Corp, does
New Clarification of Independent Contractor Status for Employers
Our clients are looking for flexibility and cost savings during these tough economic times as they work to recover from the pandemic and rebuild their businesses. It is more important than ever for employers to understand both the benefits and liabilities of utilizing a flexible workforce that includes independent contractors, 1099s and freelancers to drive
Can Your Employer Pick Up The Tab For Your Cell Phone Or Internet
YOU BET! Is your organization or some of its key employees working remotely? By now, the work should be flowing well and your employees should be transitioning nicely to performing their jobs at home. Everything probably seemed ok, up until your employees realized that according to the TCJA if they are employed they are not
What Employers Need To Know About The New Overtime Rule
Employees and employers both have been anxiously awaiting news of a promised overtime salary adjustment. On September 24th, the Department of Labor released a new rule that will increase the minimum salary requirement for the administrative, professional, and executive exemptions from $455 per week ($23,660 annualized) to $684 per week ($35,568 annualized). The Fair Labor
Payroll Processors And Employers Ponder Proposed Payroll Tax Deferral
IMPORTANT UPDATE: Late on Friday, August 28th, the IRS issued guidance on the payroll tax deferral that was ordered by the President (see original article below). The notice allows employers to defer withholding on employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of
Home Sweet Home Office Deduction
Tax reform eliminated the itemized deduction for employee business expenses. Thus, employees cannot deduct home office expenses for the tax years 2018 through 2025. However it’s worth noting that the rules did not change for self-employed persons. So if you are self-employed, a small business owner, or an entrepreneur, you can continue to deduct qualifying
Chapter 5 vs Chapter 11
COVID -19 has stressed many businesses to the breaking point. In spite of PPP loans and EIDL $$$ many small business owners are facing financial challenges, but want to stay in business. Up until now their options were limited. See our prior article HERE: Is Bankruptcy The Best Choice In Bad Economic Times? What are
Financial Restructuring Tax Efficiently
Got Debt? No one can predict how the U.S. economy will rebound from COVID-19. For many business owners and companies, the crisis has permanently challenged their financial stability. To stay viable in this “new normal,” restructuring of your balance sheet and debt obligations may be part of your post-pandemic strategy, but the tax implications of
