News

The Health Care and Mental Hygiene Worker Bonus (HWB) Program

The Health Care and Mental Hygiene Worker Bonus (HWB) Program is aimed at rewarding and retaining front-line health care and mental hygiene workers. The program requires health care providers that are Qualified Employers to pay up to $3,000 in bonuses to health care and mental…

New York State Employers Must Provide Notice of Electronic Monitoring

Effective May 7, 2022, New York’s Civil Rights Law will require private employers to notify employees of electronic monitoring of their workplace electronic communications.

Personal Finance Quiz: Test Whether Your College Grad Is Ready for the Real World

With a diploma in hand, your new graduate might seem ready to conquer the world. But college rarely prepares students for the financial responsibilities that come with living in the real world. Graduates often have questions about money matters, such as applying for a loan, buying a house, saving for retirement and insuring newly acquired assets. Here are some questions and answers to share with your child, along with some information about job prospects for the Class of 2022.

Creative Refinancing Can Trim Interest Costs

With the specter of inflation haunting the nation of late, interest rates are on everyone’s mind. Business owners with commercial mortgages might want to investigate whether they should refinance now, before rates go up again. This article explores the concept of creative refinancing of commercial mortgages, as well as the importance of looking into all of a company’s credit costs.

Manage Your Time or It Will Manage You

Time is money. You know the old saying. But if family business owners spend all their time running the company, stress and regret can soon become overwhelming and harmful to both the person and the business. This article provides a helpful, three-step process to mastering time management.

Using a Noncompete Agreement When Buying a Business

A noncompete agreement prevents a seller from participating in a competing business after a business is sold. These contracts are legally enforceable in most states. Amounts allocated to noncompete agreements must be amortized over 15 years for federal income tax purposes. This treatment has tax planning implications that the parties should consider when negotiating the purchase of a business.

Is It Time for Your Start-Up to Consider a Pivot Strategy?

Even the best laid plans don’t always work out. Whether due to lower-than-expected demand, higher-than-expected competition or an international event, businesses sometimes need to pivot to stay alive. Many start-ups that launched during the pandemic are currently reviewing their business models to ensure they’re poised for long-term success in today’s volatile marketplace.

Sell Corporate Stock Tax-Free to an ESOP

“Work like you own the place!” Family business owners love to say this, but have you ever considered making it a reality for all or most of your employees? Doing so is feasible by establishing an employee stock ownership plan (ESOP). And from there, you may be able to enjoy some remarkable tax benefits when you’re ready to sell the stock. This article explores the details.

Due Diligence Considerations when Buying a Business

If you’re in the market to buy a business, how the deal is structured can have a major impact on the due diligence that’s needed to protect against known and unknown liabilities. Purchasing the assets in bulk may help reduce your exposure to liabilities, but there may be tax and financial reasons to purchase an ownership interest in the target business instead. Here’s an overview of possible due diligence procedures to consider.

Tax Implications of Student Loan Debt Relief

Many people have incurred student loan debts. But some are fortunate enough to have their loans discharged or paid off by employers. If you’re one of the lucky ones, be aware that cancellation of student loan debt will result in taxable income, unless an exception applies. Here’s an overview of the federal income tax rules that apply in these situations.