A professional service firm such as an engineering design firm or construction engineering and inspection firm can be thought of as a rocket ship. Looking at the business as a rocket ship, it gets easier to remember and share the elements of developing a successful business.

Like a rocket ship a business has two basic parts, the engines that power the ship, and the guidance systems to set course. Our rock ship has five engines and four guidance systems.

Thinking back to when you first started your firm, if you did not go through the checklist you see below formally, you did so informally.

There is nothing easy about deciding to sell the company you have poured much of your time and money into over the years. Your business was the center of your life, often coming first over everything else because you are the owner and had to get things done. Now you are ready to sell, enjoy retirement, focus on other businesses you own, or even work for someone else. Whether the decision was difficult or easy to make, you have a lot of work ahead of you.

Next on the list is finding a buyer. He or she could be closer than you think.

If products and services represent the nuts and bolts of the business, marketing and sales is the engine room that provides the drive for the business. In a classic episode of the TV show ‘yes Minister’, civil servants argued that the best run hospital in the health system was the one which had no patients. They had lost sight of what it was all about. In tough times it is quite vital that you do not lose sight of the importance of customers and sales.

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

There are three principle areas that your management must focus on to survive and prosper in this period of change:

Business owners and managers have probably never faced such a period of change as we are currently seeing. Change carries great risk, but where there is risk there is opportunity.

How to position your business for recovery the right way.

How do we navigate our way through the economic turmoil? How do we ensure that our businesses continue to perform well and provide us with the ability to enjoy a full and rich life outside the workplace? How do we ensure that our businesses will in fact prosper, or at least be positioned to prosper, in the future?

The Employee Retention Credit is a fully refundable tax credit for employers equal to 50% of qualified wages (including allocable qualified health plan expenses) that Eligible Employers pay their employees.

The employee retention credit is designed to encourage businesses to keep employees on their payroll. The amount of the credit is 50% of qualified wages paid up to an annual limit of $10,000, which equals a maximum credit amount of $5,000 for each employee for the year.

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.

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.

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.