Noncompete agreements are commonly included in business purchase transactions to prevent the seller from competing against the buyer for the term of the noncompete agreement. These arrangements are also sometimes called covenants-not-to-compete or noncompete covenants. Important: Laws regarding noncompete agreements vary from state to state. For example, courts in California generally reject noncompete agreements because…
With business travel picking up again and summer fast approaching, many business owners may be mulling trips that combine work with vacation or other personal activities. A quick refresher on the IRS rules related to deducting business vs. personal travel costs can help you reduce your tax bill next year.
Profit growth and business expansion are two key goals for many family businesses. In order to successfully reach your targets, however, you must control the growth. If you undergo an undisciplined expansion, you’ll run the risk of burning through too much cash too quickly, diluting resources, leaving projects unfinished and destroying morale. Whether you’re planning…
Real estate markets are still surging in many parts of the country, especially in some popular travel destinations. If you’re thinking about selling a vacation home that’s increased dramatically in value, you might be rightly concerned about the tax hit. While the limited federal income tax gain exclusion break is still on the books, it’s…
In nearly every U.S. state, property rights — including estate rights — apply to spouses, whether the marriage is a first or subsequent marriage. Although the laws are complex and can vary dramatically from state to state, you should at least review your estate plan if you’ve remarried to help ensure your assets will go…
As the midpoint of the year fast approaches, it’s a good time for manufacturers to assess their tax status and plan appropriate strategies for reducing their 2022 tax liability. Although each situation is unique, here are seven general tax moves that could potentially lighten your manufacturing company’s tax load this year.
In today’s tight labor market, small businesses — including restaurants, delivery services, retail stores and manufacturers — are struggling to attract and retain top-quality staff. The conditions are likely to worsen in many sectors as demand ramps up during the summer months. To be competitive with other employers, you’ll need to be proactive in identifying…
Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting. After all, each of your jobs serves as an individual profit center — with its own scope, timeline, payroll, revenue and expenses. That’s why your accounting software…
From the drive through speaker to the QR code menu, restaurant patrons are familiar with the evolution of technology that streamlines front of house operations. Recent years have seen increased focus on innovation at the back of house. Though they might not be visible to the average customer, changes underway will have a profound impact…
In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022…
