How to Apply for Tax-Exempt Status

Some believe that creating a nonprofit automatically means their organization is tax exempt. This is not true. There is more to being a tax-exempt organization.

How to Apply for Tax-Exempt Status

Some believe that creating a nonprofit automatically means their organization is tax exempt. This is not true. There is more to being a tax-exempt organization.

How to Apply to be a Prequalified Architectural & Engineering Firm for MassDOT

MassDOT routinely prequalifies Architectural and Engineering Firms (A&E) to provide services in various A&E discipline categories.

MassDOT uses this prequalification information when selecting firms for new A&E contract services. Municipalities and other parties may also use this information. An Audited Overhead Rate must be submitted to the Audit Operations Section as part of the prequalification process.

MassDOT uses a qualifications-based selection process for the procurement of firms for all A&E contracts and surveying services.

Helpful Tips When Searching for a Tax Preparer

The tax filing season is upon us, and many will be looking for someone to help them file a tax return. The IRS announced that the 2019 tax filing season will begin on Jan. 27. The agency expects to receive more than 150 million individual income tax returns. 

If you are searching, choose their tax return preparer wisely. This is because it is ultimately you, the taxpayer, who is responsible for all the information on your income tax return. It is important to remember this is true no matter who prepares the return.

Tips for Subcontracting with DOT

Subcontracting allows small and disadvantaged businesses to substantially impact the federal procurement preference programs. Large prime contractors receiving Federal contract awards valued over $700,000 ($1.5 million for construction) are required to establish plans and goals for subcontracting with small businesses, veteran-owned small businesses, service-disabled veteran-owned small businesses, HUBZone small businesses, small disadvantaged businesses and women-owned small business concerns. More information on the government's subcontracting program can be found under the Federal Acquisition Regulations Subpart 19.7

Why Employees Misuse Company Funds

 

Theft takes many forms. Individuals can steal one another’s heart. They can steal possessions, such as cars. Identity theft is a growing problem. Trivial matters can steal time. Although many individuals don’t regard misusing company assets as theft, it is a form of stealing, that along with employee theft, costs American businesses millions, if not billions, of dollars every year.

There are dozens of ways of misappropriating business funds, from taking company supplies for personal use to falsifying expense reports or hours worked to skimming cash. While these may seem like minor infractions for relatively small amounts, they can add up over time.

Should I Sell My Business Now, Before It’s Too Late? Aka “Get out now! It may already be too late”

Businesses are being bought and sold every day. Data from the past three years show a record number of businesses sold. For the most part, owners received fair prices, and sellers were happy with the deals they made. Will that trend continue?  Is now a good time for you to join the sellers and put your business on the market? Is there a definitive yes or no answer?

     Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So, throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” 

– Mark Twain

An almost infinite number of factors play into whether a business should be sold, as well as when to sell. Some are totally beyond your control. Careful analysis can eliminate others from consideration. Trusted advice will help swing some factors into the yes or no column. The biggest determinant, and one that requires more thought than you might realize, is you.

How to Increase the Value of Your Business Before You Sell

When you first dove into entrepreneurship, your initial thought may not have been to build a sellable business. Most people are driven by the "freedom" associated with self-employment, and it takes a staggering commitment to build something that is sustainable.

But, whether you're starting a new business today or have an existing one, Michael Gerber, author of The E Myth, suggests that the only reason to build a business is to sell it. This makes sense if you take emotion out of the equation, but we're human beings.

Selling something you've become attached to can be challenging and looking at it objectively might be a tall order. But every business owner would love to get top dollar when they walk away. This generally doesn't happen by chance.

Everything You Need to Know to Understand Business Exit Planning

An exit plan for business addresses all of the legal, tax, financial, personal, business, and value problems during the transition of ownership of a private business.  While you're exit planning, your main focuses should be to maximize the value of your business before you leave your company and make sure that you're financially stable enough to be able to leave your business. Are you looking to learn more about exit planning for your business and how you should go about preparing for the process? Keep reading to learn everything you need to know! 

Employers Who Provide Paid Family and Medical Leave Might Qualify for a Credit to Reduce Taxes

If your company provides paid family and medical leave to your employees, you might qualify for a credit that can reduce the taxes you owe. It’s called “The Employer Credit for Family and Medical Leave.”

Here are some facts about the credit to help you learn whether you can claim it.

The CPA Meeting – How to Be in The Know

Any number of reasons can lead to a meeting with a Certified Public Accountant (CPA). It might be your first meeting if you have a new business or if you need assistance with your personal finances and don’t want to use your company’s CPA.

Maybe you’re one of those individuals who meet regularly with a CPA, but you don’t feel satisfied with how things are going, so you’re interviewing replacements.

Read on for tips on how to achieve a win/win meeting.

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Increasing Reimbursements and Profits at Your Architect & Engineering Firm



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Recent Posts

How to Apply for Tax-Exempt Status

Some believe that creating a nonprofit automatically means their organization is tax exempt. This is not true. There is more to being a tax-exempt org...

Read more

How to Apply to be a Prequalified Architectural & Engineering Firm for MassDOT

MassDOT routinely prequalifies Architectural and Engineering Firms (A&E) to provide services in various A&E discipline categories. MassDOT uses this p...

Read more

Helpful Tips When Searching for a Tax Preparer

The tax filing season is upon us, and many will be looking for someone to help them file a tax return. The IRS announced that the 2019 tax filing seas...

Read more

Tips for Subcontracting with DOT

Subcontracting allows small and disadvantaged businesses to substantially impact the federal procurement preference programs. Large prime contractors ...

Read more