CFO, yes or no? Here’s how to decide

Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your organization, the complexity and types of revenue sources, and the number of programs you have. Static organizations are less likely to need a CFO than those with evolving programs and long-term plans that rely on […]

Offering Summer Job Opportunities? Double-Check Child Labor Laws

Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage and Hour Division (WHD) recently announced that it’s stepping up efforts to identify child labor […]

Strategize To Manage Materials And Labor Costs

The COVID-19 pandemic’s ongoing impact on supply chains and labor have made managing project costs increasingly difficult for construction companies. Over the past two years, we’ve seen materials costs skyrocket and the availability of supplies and skilled labor plummet. In today’s climate, getting supplies and people to jobsites when they’re needed calls for more planning. […]

On-Site Fall Construction Newsletter

Here’s a brief glance at what you’ll find in the Fall issue below… Year-end tax planning Work Opportunity Tax Credit could solve two problems For contractors, the struggle to find skilled workers is real. One way construction companies can widen their hiring pools while potentially qualifying for a valuable tax break is to complete the […]

Auditing WIP

Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S. Generally Accepted Accounting Principles (GAAP). […]

Are Your Company’s Job Descriptions Pulling Their Weight?

At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just […]

Hiring Your Minor Children This Summer? Reap Tax And Nontax Benefits

If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money. And you may be able to: Shift your high-taxed income into tax-free or low-taxed income, […]

Help Ensure The IRS Doesn’t Reclassify Independent Contractors As Employees

Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be a costly error. It can be complex to determine whether a worker is an independent contractor or an […]

Reporting Profits Interest Awards

During the pandemic, cash has been tight for many small businesses, which may make it hard to attract and retain skilled workers. In lieu of providing cash bonuses or annual raises, some companies may decide to give valued employees a share of their future profits. While corporations generally issue stock options, limited liability companies (LLCs) […]

Tax Advantages Of Hiring Your Child At Your Small Business

As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations.  Shifting business earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to a child as wages for […]