What does it take to create a successful retirement plan and put it into place? Planning is essential. Employees must understand health insurance benefits and limitations, how to transfer 401(k) funds to a personal Individual Retirement Account (IRA) and the procedures for collecting benefits from company sponsored retirement plans. Employers must comply with laws when […]
If you operate a registered business and don’t fall under any of the exceptions, you must provide some critical information to the federal government before Dec. 31 to avoid potentially large fines. This reporting requirement is part of the Corporate Transparency Act. If your business is registered as a corporation, partnership or limited liability company […]
The recent U.S. Department of Labor (DOL) rule under the Fair Labor Standards Act broadens the compensation range for employees eligible for overtime pay. For employers, the new rule could affect profitability. There are two approaches you might be considering to keep employees from falling under the latest rule. The first approach is to reclassify […]
Earlier this year, the U.S. Department of Labor (DOL) released its latest guidance and rule on overtime pay. The specifics of this rule are contained in the Fair Labor Standards Act (FLSA). The underlying premise of the FLSA is when most workers work more than 40 hours in a week, they get paid more. The […]
The past few years have constituted trying times for small businesses and their owners. COVID, escalating property prices, fluctuating markets, inflation, rising interest rates and more have taken a toll on businesses in general and small businesses in particular. There’s no better time to get back to the basics. Here are some revival tips and […]
According to a 2023 report from the Global Entrepreneurship Monitor, there are more than 31 million entrepreneurs in the United States. That accounts for about 16 percent of the workforce. According to a 2018 report by the U.S. Small Business Administration, about 20 percent of businesses don’t make it through their first year of operations. […]
Many people dream of leaving the rat race and starting their own businesses. Making that dream come true takes planning, money, other financial resources and hard work. One of the difficulties is deciding what type of business you want to start. Here are some ideas and resources to help get you started. First, make sure […]
The U.S. Small Business Administration offers many loan programs — including the sometimes overlooked microloans. While the SBA guarantees other loans issued by lenders into the millions of dollars, the microloan program is different. The program provides loans of up to $50,000 — although some intermediary lenders offer higher amounts — to help small businesses […]
The U.S. Small Business Administration guarantees several types of business loans, including 504 loans providing long-term fixed rate financing of up to $5.5 million for major fixed assets. Before going into the basics of SBA 504 loans, it’s important to understand the SBA rarely issues loans. Instead, the federal agency provides guarantees based on the […]
The U.S. Small Business Administration (SBA) guarantees several types of business loans. The 7(a) loan program constitutes the primary SBA program for providing financial assistance to small businesses.The 504 loan program provides long-term, fixed-rate financing for major fixed assets. This column addresses the highlights of the 7(a) program. Before going into the basics of 7(a) […]