In December 2017, President Trump signed the most comprehensive tax reform bill since 1986. The Tax Cuts and Jobs Act of 2017 makes significant changes to the tax filings for individuals and businesses. For personal filings, the individual maximum tax rate has been reduced to 37 percent from 39.6 percent. At the same time, personal exemptions have been eliminated and the … [Read more...]
A Tip on Tipping: Changes to shared tips for Employees Affect business
Earlier this year, the U.S. Court of Appeals for the Ninth Circuit in a 2-1 panel decision upheld the United States Department of Labor’s (DOL) 2011 revisions to its regulations applying tip-pooling restrictions to employers that do not use a tip-credit to satisfy minimum wage obligations. This is particularly significant in Nevada which does not allow tip-credits toward the … [Read more...]
Time to Pay the Piper: First Nevada Commerce Tax Payment Due, Despite Challenges
Nevada’s recently enacted commerce tax has been back in the headlines, the latest dustup being a recent judicial decision that has spelled the end to a repeal effort. A coalition (led by State Controller Ron Knecht) sought to have a referendum petition placed on the November ballot − motivated by what they see as a legislative sellout of the voters who rejected a similar … [Read more...]
Reviving The Lost Benefits of Our Grandfather’s Pension
At the turn of the 20th century, workers fought for equal rights during the industrial revolution. One of the benefits of that fight was the defined benefit (DB) pension plan. This is the plan you might remember your grandparents had. It was the wonderful benefit where every month the mailman would deliver, without miss, the pension check. Along with Social Security, our … [Read more...]
Nevada Asset Protection Trusts for Nevada Business Owners
To people from other states and foreign countries, the benefits of Nevada Asset Protection Trusts (NAPTs) are well known. However, the benefits these trusts offer are not appreciated nearly as much by residents of Nevada. In particular, a NAPT can be highly beneficial to resident business owners. including professionals. Unfortunately, we live in a highly litigious society. The … [Read more...]
Margins Tax Initiative: A Look at the Details
Running a business is no small feat in today’s economic environment. The negative impact of declining tax revenues from America’s businesses and citizens has been felt in local communities. These falling revenues are resulting in unprecedented steps being taken by municipality after municipality across the country. Closer to home, the example of North Las Vegas’ efforts to deal … [Read more...]
Profit and Loss Statements: Sounds Simple. Is It?
Profit and loss statements are a great tool to monitor the profitability and health of a company. At first glance they seem fairly simple; however, there are some important things to remember when working with these statements. There is real life, and there are taxes. They look alike but one is an orange and the other is a tangerine. The profit and loss statement typically … [Read more...]
Five Questions to Ask Before Becoming a Business Owner
Owning a small business in Nevada can be extremely rewarding, but the stakes are high. Only half of all new businesses survive five years or more, and about one-third survive 10 years or more, according to the U.S. Small Business Administration. Often entrepreneurs go into business with a good idea and a sharp focus on pursuing a passion but can overlook some key business needs … [Read more...]
New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls
The new tangible property regulations from the IRS are some of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. These rules are complicated and require immediate action from all businesses that own tangible property, as they are effective now. Lack of action could mean lost opportunity to take advantage of these rules to … [Read more...]
Protect Your Assets: Nevada Offshore Trust
Imagine that, through no fault of your own, you find yourself in a difficult lawsuit. It’s clear they are coming after your assets, your business, everything you have worked a lifetime to build. But you are not worried. You sleep well because years ago you set up a Nevada Offshore Trust, and your assets are protected. A Nevada Offshore Trust, also known as an Asset Protection … [Read more...]
Five Things to Think About When Considering a Payroll Service
Is it easy keeping up with approximately 400 legal and regulatory changes every year or making up to 268 tax calculations annually? Are routine administrative tasks preferable to servicing customers? It’s unlikely any business owner would answer “yes” to those questions. For most business owners, these issues are among the very last things they want to deal with. And yet, … [Read more...]
Delayed Debt Restructuring Exerts Downward Pressure on Nevada Commercial Real Estate: Tenant-in-Common Properties Generate Drag
Despite slightly improving economic conditions, Nevada’s commercial real estate market continues to face downward pressure as a result of poorly underwritten and grossly overleveraged legacy deals from 2005 to 2007, which are now coming to maturity. This same scenario is playing out in virtually every region across the country. According to data service provider Trepp LLC, U.S. … [Read more...]
The Secret Business Killer: Hidden Fees in Retirement Plans
New regulations from the Department of Labor (DOL) and the Employee Retirement Income Security Act (ERISA) may expose business owners to personal liability for excessive retirement plan costs. This means that a business owner’s personal assets may be exposed, should an employee decide to bring a lawsuit against the employer for breach of fiduciary duty. Most business owners do … [Read more...]
Summer Review: Taking a look at the complete financial picture
The summer months are an excellent time to perform a review of current strategies for investments and financial plans. It’s comparable to halftime during a football game. Look at results from the first half and make the necessary adjustments to win the game. Here are some specific areas to include during a halftime analysis. Asset Allocation Many investors forget to … [Read more...]
New Data Shows Signs of Recovery: Tracking Business Filings
To plan and be able to seize opportunities in the future requires an ability to predict what that future will be. The newest tool for considering the future of the state’s economy is the result of a collaborative public-private effort by the Office of the Secretary of State and Applied Analysis. Statistics that show the number of filings of new entities, and total filings of … [Read more...]
Limiting Loss and Liability Through Effective Social Media Policies
Drafting and implementing a social media policy should be a “to do” priority for any modern business seeking to protect its sensitive information and minimize risk and liability. Today’s reality is anyone in your company can be an instant global publisher. Consider the numbers; Facebook is the world’s third largest “community” by population with over 400 million users. … [Read more...]
