Name: Tom Jeffries, CPA, Principal
Posts by Tom Jeffries, CPA, Principal:
Do you or someone you know enjoy knitting or jewelry-making? Or perhaps you do résumé writing or other professional consulting work? If you do any of these as a side business and make a profit, did you know that you can deduct expenses that are ordinary and necessary to your business? If your side business expenses exceed the income for your business, then the loss can be deducted against other income. However, if your loss is from a business that’s not making a profit, then you’re not allowed to deduct your loss against other income. Read the rest of this entry “
You have a bank. But do you have a relationship with your bank? A relationship with your bank is important to the success of your business. A banker can be a great source of information and a valuable part of your team. Too often it seems that the banker is only contacted when money is tight or there is an immediate need for cash flow. A business then spends several weeks obtaining information for the banker and attempting to communicate the importance of the current need. If the business had an on-going relationship with the bank, then this process is much easier to handle for the banker and the business. Read the rest of this entry “
Do you know the current balance of your business checking account? If you don’t, keep reading. Cash flow is the key to business survival. A healthy business generates money for the operations of the business. Read the rest of this entry “
Many analysts say that 2013 is the year for jobs – meaning that hiring businesses are going to be going after your employees. Are you sure that you’re doing everything you can to hang onto your talent? How do you plan to motivate your team?
Money is a motivator and you should offer competitive compensation, yes, but compensation is consistently not in the top three when employees list what’s most important to them in their job. Instead, focus on these items to help take care of and hold on to your employees this year. Read the rest of this entry “
Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. Read the rest of this entry “
In July 2011, federal solutions group RSA’s Anti-Fraud Command Center detected more than 25,000 phishing attacks, the most recorded in a one-month period. A part of the reason: Employees are increasingly being deceived into providing personal information through their employee benefit accounts. Read the rest of this entry “
Employee benefit plan audits are deadline-driven, and can require plenty of documentation and interaction with your auditor. Delays could mean fees and/or penalties –as well as higher audit fees than originally estimated. Read the rest of this entry “
A recent study by Bankrate found that nearly one-fifth of full-time employed Americans have raided their retirement accounts in the past year to cover emergency expenses. These results match a Fidelity Investments study last year that reported the number of workers borrowing against their retirement accounts had reached a 10-year high. Given the financial stress that many workers face today, the numbers are not that surprising, but the long-term consequences can be. Read the rest of this entry “
An Illinois healthcare company was fined $5,880 by a judge in U.S. District Court for not complying with the Employee Retirement Income Security Act’s provision by delaying to provide a summary plan description (SPD) to a plan participant beneficiary. Read the rest of this entry “
Although they’re not required for a closely-held business, financial statements can provide a crucial roadmap that helps management determine the financial health of the business and the steps to improve the return on investment for the owners – not to mention the fact that several entities outside your business may also request them.
There are four basic financial statements: balance sheet, income statement, cash flow statement and statement of shareholders equity. Do you know the difference? Read the rest of this entry “