30January
2020
Help Stop Bribery in its Tracks

Today’s companies face a tremendous amount of pressure to win the best deals and contracts. In some cases, employees feel compelled to offer or accept bribes to clinch a business agreement. And in some countries, bribery is widely considered part of the cost of doing business. Watch for Other Forms of Corruption   Bribery may be the most common type of corporate corruption, but there are other forms to watch for, such as: Conflicts of Interest – This results when an employee has an undisclosed interest in a transaction. The conflict prevents the individual from making decisions based solely on the business…

30January
2020
‘Can You Give Me Some Seed Money for My Business?’

Let’s say your brother-in-law is starting a new business. You listen to his idea, read his business plan and think the endeavor sounds promising. Your brother-in-law asks if he can have $20,000 to help get the business off the ground. Should you just pull out your checkbook and shake hands? You may think that a casual agreement to help out a family member or friend is enough. After all, you trust the person and want to help the start-up company succeed. Do yourself a favor and take these steps: 1. Don’t agree immediately. Tell the family member or friend you’ll think about it. Take…

30January
2020
A Tax-Smart Strategy: Hire Your Spouse

If you are married and run your business as a sole proprietorship (or as a single-member LLC treated as a sole proprietorship for federal tax purposes), it can be a tax-smart move to hire your spouse as an employee. Then, provide most or all of his or her compensation in the form of payments from a medical expense reimbursement plan set up for your business. These plans are often referred to as “Section 105 Plans.” By using a Section 105 plan compensation strategy, you can claim business write-offs — on Schedule C of your Form 1040 — for the reimbursements paid…