Top stories for you from Barbara this past month:

Spring Cleaning for Your Tax Records

You've finished your tax return for the year, but your work isn't done. It's time to put those records away and begin to focus on keeping track of tax-related activities for this year. While recordkeeping may not be the most exciting part of being a business owner, it's a vital one to ensure that you don't overpay your taxes and are prepared for any IRS questions that may come your way.

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Reviewing the Rules for Summer Interns

As you get ready to engage eager college students to work for you this summer, don't run afoul of the Fair Labor Standards Act (FLSA). Many companies view summer interns as free labor to fill in when regular employees are on vacation. Be sure to understand whether you can treat these interns as unpaid or must pay them at least the minimum wage in your location.

Impact of New Fiduciary Rule on Your Retirement Plan

On April 8, 2016, the Department of Labor (DOL) issued the long-awaited final rule for stockbrokers. The rule -- referred to as the fiduciary rule -- has strict guidelines about investment advice with respect to retirement accounts, including 401(k)s and IRAs. The rule was created to increase consumer protection for account owners but as with most government regulation, there are unintended consequences. Will the fiduciary rule help or hurt your retirement account or influence your decisions about offering retirement plans to your staff?

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Background Checks: A Rock and a Hard Place

Uber recently settled in the California lawsuit (without admitting wrongdoing) for $10 million for misleading the public about the background checks of its drivers. Uber's background checks didn't include fingerprints to find past convictions, and weren't equivalent to checks to which taxi drivers are subjected. After learning of this case you'd think that all companies should be doing background checks, but you'd be wrong.

4 Asset Protection Strategies for Small Business Owners


It's no secret that small businesses are targets for lawsuits. According to NFIB, tort liability (e.g., accidents on premises, discrimination claims by employees) cost small businesses more than $105 billion in 2008 (the latest year for statistics). Risk management is a vital part of running your business so you can protect what's yours. Here are 4 strategies you can easily use for this purpose.

Beware: Regulations Are Coming

It's not uncommon for an outgoing President to take last licks on regulations he favors. This has been the normal practice for both Democratic and Republican Presidents for the last 25+ years. According to a report from the Mercatus Center at George Manson University, there are more than 4 dozen regulations poised to be finalized by the end of this year.

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A Look at 2015 Tax Filings and Audits 

April may be the month for cherry blossoms in the U.S. capital, Earth Day celebrations, and, according to T.S. Eliot, "the cruelest month," but it's also the perennial time for individual income tax returns. As most small businesses are sole proprietorships and pass-through entities, owners report their share of business profits on their personal returns at this time. The 2015 IRS Data Book reveals some interesting facts about tax filings as well as audits during the government's 2015 fiscal year ending September 30, 2015.

Shakespeare on Business 

April 23 is the 400th anniversary of William Shakespeare's death. In his plays and sonnets, surprisingly he had a lot to say about business. In remembrance of his words of wisdom, here are some of his famous quotations about business or relevant to it:

  
Insurance Coverage if You're Self-Employed

Federal and/or state law mandates a variety of insurance products that employers must carry for employees. If you're self-employed, are you required to have the same coverage? Can you have the coverage if you want? Here are three types of coverage to think about if you're a sole proprietor, independent contractor, or freelancer:  health coverage, unemployment insurance, and workers' compensation.
Your Online Financing Choices

Access to capital was, is, and likely will continue to be challenging for small businesses. Since the Great Recession, banks have not found it profitable to offer traditional financing to small businesses. Even SBA loans -- commercial loans guaranteed by the SBA -- are difficult to obtain. Fortunately, technology has made it easier for small businesses to learn about their financing options online and obtain the capital they need.
5 Tax Breaks for Hiring New Employees

Payrolls are expected to expand this year, making it more challenging for employers to find good workers. The strong job market likely will pressure employers to offer higher wages and more benefits than in the recent past in order to attract and retain talented employees. This all adds to the cost of hiring. Fortunately, there is some tax help to ameliorate the cost.
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May, 2016 | Copyright ©Big Ideas for Small Business, Inc.