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Behind the New IRS Taxpayer Bill of Rights

  • 8 July 2014
  • Author: Cari Holbrook
  • Number of views: 2664
  • 0 Comments
Behind the New IRS Taxpayer Bill of Rights

The tax man cometh...to take a stand for taxpayer rights? Last month, the IRS announced a revised Taxpayer Bill of Rights in an attempt to correct a huge misperception: Forbes reports less than half of all taxpayers believe that they have any rights before the IRS; only 11 percent who know we have rights, know exactly what those rights are.

Don't Be Fooled: How You Can Detect Business Fraud

  • 25 June 2014
  • Author: Cari Holbrook
  • Number of views: 2915
  • 0 Comments
Don't Be Fooled:  How You Can Detect Business Fraud

I’ve spent decades investigating business fraud as a forensic accountant and expert witness, often at the state and federal levels. The lessons I’ve learned about human behavior and motivation during this time have benefitted my clients in surprising ways. According to the Association of Certified Fraud Examiners, the typical organization loses 5 percent of revenue each year to fraud. The median loss caused by fraud is $145,000, with the fraud lasting a span of 18 months before detection. Every business owner is vulnerable.

Tax-Saving Ways to Splurge On Employees

  • 24 June 2014
  • Author: Cari Holbrook
  • Number of views: 2835
  • 0 Comments
Tax-Saving Ways to Splurge On Employees

It’s often hard to compete with big business on salary and employee benefits when it comes to attracting great employees. But make no mistake: The quality of life one can receive working at a family-owned business is a bankable benefit. In fact, think creatively and you may come up with some unique “perks” that also happen to come with great tax savings to you or your employees. Here are some examples:

Golden Handcuffs, Part 2: Do Passive Heirs Deserve a Cut of a New-But-Related Business?

  • 10 June 2014
  • Author: Cari Holbrook
  • Number of views: 2219
  • 0 Comments
Golden Handcuffs, Part 2:  Do Passive Heirs Deserve a Cut of a New-But-Related Business?

Welcome to Part 2 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the next few months, we’ll discuss ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges. In this post, we look at ways you can answer the question:  Do Passive Heirs Deserve a Cut of a New-But-Related Business?

Golden Handcuffs, Part 1: Should an Active Heir Receive a Bigger Piece of the Pie?

  • 27 May 2014
  • Author: Cari Holbrook
  • Number of views: 2847
  • 0 Comments
Golden Handcuffs, Part 1:  Should an Active Heir Receive a Bigger Piece of the Pie?
Welcome to Part 1 of our blog series on “Golden Handcuffs: Passing Down the Business to Heirs.” Over the next few months, we’ll discuss ways to pass down your family business to your heirs. Some heirs may be active in the business, others may be passive; this scenario holds many challenges.

Exit Strategies: A Lesson From the Trenches

  • 27 May 2014
  • Author: Cari Holbrook
  • Number of views: 3750
  • 0 Comments
Exit Strategies:  A Lesson From the Trenches

When Randy Smith started his own business at 28 years old, he truly set out on his own: with no partners and no investors. What he envisioned with his point-of-sale technology company, he achieved. Now, at 53, Smith has sold his company and successfully retired. We asked him to share some of the smart moves and tough lessons that led to a successful exit strategy.

American Dream Vacations

American Dream Vacations

American Dream Vacations
Steve Franklin learned how to spot a great business opportunity at an early age. As a child growing up in Oklahoma City, his father would take him and his brother to the local farmers market to purchase the freshest produce, repackage it, and sell it door-to-door throughout the neighborhood.

Ripe for Retirement: How Will You Know?

  • 13 May 2014
  • Author: Cari Holbrook
  • Number of views: 2938
  • 0 Comments
Ripe for Retirement:  How Will You Know?

Most small business owners retire at around 73 years of age, according to the U.S. Small Business Administration. From a financial perspective, what is your best retirement age? And can you beat these odds and retire younger? The answer differs for every business owner. Here, we take a look at three factors that can help you determine when your nest egg is ready to be tapped.

Depreciation Nit-picks That Could Cost You

  • 23 April 2014
  • Author: Cari Holbrook
  • Number of views: 4002
  • 0 Comments
Depreciation Nit-picks That Could Cost You

When it comes to your interpretation of tax laws and that of the IRS: a court may decide.  This was a tough lesson learned by Michael Brown, a wealthy life insurance salesman who recently lost a $11.2 million bonus depreciation claim over a seemingly simple oversight.  His story brings to light several lessons for business owners: be aware of the current depreciation laws for business vehicles, interpret them correctly, and choose your words wisely in court.

How Safe Is Your Business Credit Card Information?

  • 22 April 2014
  • Author: Cari Holbrook
  • Number of views: 3700
  • 0 Comments
How Safe Is Your Business Credit Card Information?

It seems every day there’s news of a data breach or fraud case affecting the sensitive credit card information of consumers and small businesses. There’s no doubt protecting your customers’ data is a big concern, but so is protecting your own. Even these seemingly small details can make a big difference when it comes to asset protection. Below are two considerations that may prevent your company credit card information from landing in the wrong hands, threatening your credit and financial security for years to come.

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