Nonprofit Update: Accountable Plans Save Taxes for Staff

Have staffers complained because their expense reimbursements are taxed? An accountable plan can address the issue. Here’s how accountable plans work and how they benefit employers and employees. Be Reasonable Under an accountable plan, reimbursement payments to employees will be free from federal income and employment taxes and aren’t subject to withholding from workers’ paychecks. […]

Reporting Discontinued Operations

Financial reporting generally focuses on the results of continuing operations. But sometimes businesses sell (or retire) a product line, asset group or another component. In certain situations, such a disposal should be reported as a discontinued operation under U.S. Generally Accepted Accounting Principles (GAAP). Starting in 2015, the rules changed, limiting the scope of transactions […]

DOL Expands Retirement Plan Options for Smaller Businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution […]

What to Expect during a Franchise Audit

It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems before they spiral out of control. Focus on Royalty Payments Royalties are a franchisor’s […]

The Ten Commandments of Selling Your Business

Tad Render and Domenic Rinaldi The sale of your business is often a significant life event. The tips below will help you through the process and maximize the value of your business. 1. Thou Shall Understand Goals and Objectives  Ask yourself what you are trying to achieve by selling your business. Is it financial security? […]