ChamberChoice: How Medicare benefits work and what you need to know
The U.S. government enacted Medicare 48 years ago to help senior citizens who were finding it difficult to obtain private health insurance coverage. It originally consisted of Medicare Part A for hospital insurance and Part B for supplemental medical insurance. A payroll tax paid by employees, employers and the self-employed funded Part A, available to […]
How John P. McConnell views the keys to running a successful operation
John P. McConnell has three straightforward pieces of advice for those thinking about going into business for themselves: Never give up on your dream. Have confidence in yourself. Seek the help and advice of others. “Remember, you can’t do all of it yourself,” he says. “You need support of friends and others. Look to people […]
Ropers Majeski Kohn & Bentley PC: How to think like a leader and run a more successful business
Leaders are often viewed as great orators who inspire people with their words, but listening is actually the most important leadership trait, according to Matt Zumstein, a partner at Ropers Majeski Kohn & Bentley PC. “Many leaders are great speakers. However, when you’re able to listen and respond to what clients and employees are saying, […]
First Commonwealth Bank: How to have a clear vision with your business succession planning
Business succession often fails because business owners failed to plan, not because of a failure of the plan itself. But once a succession plan is established, it requires periodic review because tax laws change, goals change, dreams change and outcomes change. “Often I find a business, particularly when it’s closely held, is one of the […]
How misinterpretations can mean higher taxes for closely held companies
Companies that have looked into using the IC-DISC (Interest-Charge Domestic International Sales Corporation) provisions of the tax code, intended to help U.S. companies compete internationally, might remember that the incentive essentially reduces the top federal tax rate on income from certain qualified goods and services from 39.6 to 20 percent. “Partly because it is thought […]
Skoda Minotti: How an alternative framework can streamline financial statements
Help has arrived for small and midsize businesses burdened by preparing financial reports according to generally accepted accounting principles (GAAP). The American Institute of Certified Public Accountants (AICPA) released the Financial Reporting Framework for Small- and Medium-Sized Entities (FRF for SMEs) to provide some relief. “This has been an ongoing concern of privately-held companies for […]
Brown Smith Wallace: How Social Security fits into overall retirement planning
With more than 3 million people set to retire this year, one significant component of retirees’ cash flow is top of mind: Social Security. Yet the staggering options of how and when to claim benefits can be overwhelming. “That creates a need in the private sector for someone to look at those options and determine […]
ECBM: How trucking companies should handle buying excess insurance
For-hire trucking companies have unique risk exposures, so the right insurance is crucial in today’s environment. In the trucking industry, it’s important to fully understand the nomenclature, nuances between each industry sector and the differing coverages provided by each policy and each insurance company. “It isn’t an all-encompassing package that is given to every company. […]
HealthLink: How innovations are improving self-funded health insurance
Approximately 60 percent of the U.S. commercial population is self-funded today, and as health care premiums continue to rise under fully insured plans, self-funding looks to become even more attractive. However, many employers don’t realize how much self-funded health insurance has evolved with strategies and plans designed to help control costs. “Self-funding does not look […]
Cendrowski Corporate Advisors: How the PCAOB’s proposed changes to auditors’ reports will affect audits
On Aug. 13 the Public Company Accounting Oversight Board (PCAOB) exposed proposed changes to the standard auditor’s report that have the potential to impact the relationship between auditors and their clients. “Practitioners, issuer entities and attorneys dealing with accountants’ liability matters should all understand the implications of the proposed changes,” says Barry Jay Epstein, Ph.D., […]