Fringe benefits benefit employers and employees

November 1, 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 …

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Tax law changes make adding equipment and vehicles more affordable

September 1, 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. …

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Outside expertise: how to find affordable, professional help when you need it

March 1, 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. …

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New IRS accounting method changes

October 1, 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 …

Tax law changes

February 1, 2017

How the Trump Administration may affect businesses. Any change in Washington, D.C., brings the possibility—and the likelihood—of tax law changes. The election of Donald Trump as the 45th president of the United States is no exception. In his campaign, President Trump highlighted several goals of tax reform that included reducing the official corporate tax rate …

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When to count income

January 1, 2017

Get ready for new guidelines on ‘revenue recognition.’ Sometimes accounting rules and the tax law are logical and equitable; sometimes they aren’t. One question always seems to surface: When is a business’s revenue considered “income”? The time to claim income and deductions is dictated by rules or laws, not by a business owner’s opinion. Accounting …

Recent tax changes

March 1, 2016

Tax savings from another late law. Once again, lawmakers waited until late in the year to pass another “extenders” bill. The new “Protecting Americans from Tax Hikes (PATH) Act of 2015” retroactively extends quite a few tax-saving provisions, many of them quite narrow in scope such as those for film and theater producers, NASCAR® racetrack …

Payroll perils

January 1, 2016

The Internal Revenue Service may be relentless about collecting income taxes, but mistakes in withholding and paying payroll taxes to the IRS can mean real trouble for a business. The Internal Revenue Service (IRS) can be tough on collecting income taxes, but mistakes in withholding and paying over-withheld payroll taxes can be even more painful, …

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Managing cyber security

October 1, 2015

Don’t fall asleep at the computer. The recent headlines about Internet hacking and high-profile security breaches have focused on large retailers such as Target, Neiman Marcus and Home Depot, and big banks like JPMorgan Chase & Co. Unfortunately, fraud and financial data losses are not limited to retailers or even to one industry. Small businesses …

Business and pleasure

July 1, 2015

Attending trade shows is a valuable part of business strategy—with tax benefits. Self-employed specialty fabrics professionals—the owners, managers and employees of an industrial textiles and products business, even shareholder-employees—have long been allowed to claim an income tax deduction for the expenses of attending trade shows, conventions and meetings. Thanks to federal tax laws, the government …