Cyber liability insurance protects your business from any financial losses if it suffers a data breach, ransomware attack or any other type of cyberattack. This type of insurance has only become more important as a greater number of small businesses
Businesses can reimburse employees for eligible out-of-pocket, work-related expenses through either an accountable or a nonaccountable employee reimbursement plan. The key difference lies in how the payments are treated for tax purposes. In an accountable plan, employers can reimburse employees
Depreciation is the tax process of spreading the cost of an asset over the years it is expected to be useful. Bonus depreciation is different: It is a tax incentive that allows businesses to deduct the full cost of certain
Whether your business is in the start-up or growth phase, sooner or later you may need to borrow money. Although every loan process may be different, you can do several things to make the loan process easier. Most important, remember
If your business is being audited, take a deep breath and understand the reasons behind it. Audits may be random or triggered by issues specific to small businesses, such as excessive expenses, misclassified employees, or questionable deductions. While an audit
The OBBBA law is long, but the IRS has summarized some of the most significant provisions: No tax on tips Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations that are listed by
The Catholic Church is an excellent example of a traditional management structure. The chain of command flows through five layers, from the Pope to cardinals and archbishops to bishops and ultimately to priests and deacons. That pattern has endured for
Every employer covered by the Fair Labor Standards Act must keep records for each covered nonexempt worker. There’s no required form, but the records must include accurate data about the employee and hours worked plus wages earned. Once you’ve complied
At a basic level, business and personal credit cards are very similar: both are forms of short-term loans that must be paid off monthly. If you miss a payment, the credit card issuer may charge interest on the unpaid amount.
A tariff is a tax imposed on imported goods with the aim of protecting domestic industries and generating revenue. The importer pays the tariff to U.S. Customs and Border Protection, and often the cost is passed on — fully or