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Does Your Company or Not-for-Profit Organization Qualify for Illinois Small Business Job Creation Program Tax Credits?

If you’re a small, growing business or not-for profit organization in Illinois, you could be benefitting from the Illinois Small Business Job Creation Tax Credit, which gives job tax credits to small businesses and not-for-profits that create new jobs in Illinois. The program, which began July 1, 2012, was created to help combat high rates of unemployment in Illinois by giving an incentive to fill new positions now rather than later. […]

By | 2017-05-18T13:34:40-05:00 February 5th, 2014|Taxes|0 Comments

If You Follow the IRS Rules, Your Business Party or Event Can Be Tax Deductible

Business events and parties are a great way to celebrate and have fun, but they’re also great opportunities to market and promote your company or products, as well as build relationships and network with clients and associates to build your business. But business parties are not your ordinary business expense where the IRS is concerned. Uncle Sam is very strict with tax write-offs and has special rules when it comes to writing off entertainment expenses. Reporting them incorrectly can get your company into trouble with the IRS. […]

By | 2017-05-18T13:34:40-05:00 January 15th, 2014|Taxes|0 Comments

Evolution and Change Are Critical to the Longevity and Success of Your Business

The start of a new year is typically a time when people examine their lives and make resolutions for things they want to change or improve. This exercise is just as important, if not more so, for your business as it is for your personal life. Change is important for any organization to maintain its competitive edge. The business environment is constantly changing, so you need to be proactive in evolving your business to keep up with the trends. Many fear change, but embracing change can lead to new and exciting opportunities to improve your products, your processes, and your customer service. Taking a fresh look at your business and questioning why you do things the way you do can help you identify opportunities for growth and improvement. […]

By | 2017-05-18T13:34:40-05:00 January 7th, 2014|Business Growth|0 Comments

Supreme Court Declines to Hear New York Online Sales Tax Case

Online retailers suffered a setback in their battle over the collection of sales taxes recently when the Supreme Court declined to hear an appeal of a New York law from Amazon.com and Overstock.com.  The Court announced its decision to reject the appeal on Dec. 2, 2013, which ironically fell on Cyber Monday. The court’s refusal to hear the case gives states the authority to require online retailers to collect sales taxes. […]

By | 2013-12-27T15:11:04-05:00 December 26th, 2013|Sales Tax|0 Comments

Find the Right Accounting Firm for Your Mid-Size Business

Proper handling of finances is important in any company, but for mid-size businesses it is especially critical to the longevity of the business. Bookkeeping and staying on top of financial issues can be time-consuming and overwhelming. Audit requirements and tax laws are intricate, confusing, and tend to change frequently. Making even a small mistake in submitting your audited financial statements or filing your taxes can result in big penalties that could devastate a mid-size business. Hiring an accounting firm can help you avoid costly mistakes and improve the financial function of your business. […]

By | 2017-05-18T13:34:40-05:00 December 11th, 2013|Mid-Size Business Accounting|0 Comments

Protect Your Small Business from Employee Fraud

During poor economic times, many businesses see an increase in fraud. Businesses tend to see a rise in employee fraud, also known as embezzlement, in particular as employees struggle with personal finances. Small companies are especially vulnerable to employee fraud due to the fact that they tend to have fewer formal financial controls in place to prevent it. A 2010 survey by the Association of Certified Fraud Examiners found that 31 percent of employee fraud occurs in companies with less than 100 employees, compared to 21 percent in companies with more than 10,000 employees. The losses due to employee fraud were also greater in smaller companies, reporting losses of nearly $150,000 versus losses of about $84,000 in larger companies. […]

By | 2017-05-18T13:34:40-05:00 November 18th, 2013|Small Business Fraud|0 Comments

Cloud-Based Financial Software Provides Real-Time Data Access and Improved Efficiency

As more companies are looking for ways to cut costs and improve efficiency, many are moving to cloud-based software for a variety of purposes. However, companies have been slower to adopt cloud-based financial, primarily due to concerns about security and compliance. Companies that have made the move to the cloud are finding those fears to be unfounded. […]

By | 2013-11-18T17:00:31-05:00 November 10th, 2013|Cloud Based Software|0 Comments