An Employee Stock Ownership Plan (ESOP) is a retirement plan in which the company contributes its stock to a plan to benefit the company’s employees. The company maintains an account for each employee participating in the plan. Under ESOP, shares of the company’s stock are vested over a period on behalf of the employee. Employees are [...]
With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a time-tested approach to refining the strategic plan that you should consider: a SWOT analysis. Let’s take a [...]
Many tax-related limits that impact businesses are annually indexed for inflation, and many have increased for 2021, although a few remained the same due to low inflation. We provide an overview of those that may be important to you and your business.DeductionsSection 179 expensing:Limit: $1.05 million (up from $1.04 million)Phaseout: $2.62 million (up from $2.59 million)Income-based [...]
Identity theft is defined as an organized crime of consciously using someone else’s personal information to commit fraud or gain a financial advantage, and the victim may have to face the consequences. This type of crime is a major national security threat. The information targeted and stolen could be full names, identification numbers, driver’s license numbers, [...]
A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while building these thoroughfares, leaving its marketing message ineffective and muddled. Here are a few indications that you might [...]
Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility or moving to or constructing a new one, it’s important to be aware of smart buildings.A smart building is equipped with various sensors that gather and track information about the structure’s energy usage and [...]
As a business owner, how much confidence do you have in your financial reports’ numbers and internal control? Does the net income represent a successful business operation? Alternatively, does the net loss expose all your business's weaknesses? Are you sure the amount of inventory sitting in your warehouse is the number shown in the balance sheet? [...]
The promise of the new year lies ahead. One way to help ensure it’s profitable is to re-evaluate your company’s pricing strategy via market research. You need to devise an approach that considers more than just what it costs you to produce a product or deliver a service; it also must factor in what customers [...]
Remember those old miner towns? They were company towns where all residents worked for the mine owner. Most towns didn’t even have money. They had tokens. The workers received tokens that they spent at the company general store or the company diner. The workers even lived in company housing. Even if they weren't paid in [...]
A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement, and commercial negligence. If your company finds itself headed to court looking to recover lost profits, diminished business value, or both, it’s important to know how the damages might be determined. What methods are [...]
