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The ethical dilemma of ransomware attacks
December 1st, 2021
The recent proliferation of well-publicized cyberattacks has revealed ransomware to be a serious national security threat. Still largely hidden from public view, however, are the attacks on small businesses, including many within the industrial, specialty and advanced textile industry, that don’t make the headlines. Surprisingly, while ransomware attacks have become a multibillion-dollar threat, the average […]
Tax laws can help with startups and expansions
September 1st, 2019
Tax laws can help or hurt new and expanding businesses. By Mark E. Battersby In today’s economy, it’s not unusual for an existing fabrication business to branch out, or for the owner or self-employed canvas professional to start another business in the same or a different field. Few realize, however, that Uncle Sam stands ready […]
Fringe benefits benefit employers and employees
November 1st, 2018
Whether it’s a result of a booming economy, tighter immigration laws or an educational system gone astray, finding qualified job applicants has become increasingly more difficult for those in the specialty fabrics industry. How can small businesses compete for badly needed, qualified workers? Thanks to our unique tax laws, every business can afford to offer […]
Tax law changes make adding equipment and vehicles more affordable
September 1st, 2018
Last December’s Tax Cuts and Jobs Act (TCJA) not only slashed tax rates, it also enacted rules that allow businesses to treat as an expense and immediately write off more—including 100 percent temporary expensing for certain assets. This means adding needed equipment, vehicles or even a new shop building is now a lot more affordable. […]
Outside expertise: how to find affordable, professional help when you need it
March 1st, 2018
While most owners of small- and medium-size businesses know the details of their companies intimately, there are often highly technical matters of law, accounting, management and marketing that are best handled by outside experts. Attorneys, accountants, and management and marketing advisers have specialized knowledge about niche areas that few business owners can hope to duplicate. […]
New IRS accounting method changes
October 1st, 2017
The tax returns of many businesses in the specialty fabrics industry have been—and will most likely continue to be—extra thick. Thanks to newly issued “repair regulations,” tax return filings for last year included more work on “Form 3115, Application for Change in Accounting Method” than usual. Fortunately, the IRS recently made it easier for small […]