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Reduce Fraud in Your Business with Prevention Strategies

Mon, Oct 16th 2017
When it comes to fraud, the old adage about a small amount of prevention being worth a large amount of cure is spot on. Investing in fraud prevention methods can be more cost-effective than spending time and money on clean-up after a fraud has been detected. Here are suggestions to help prevent fraud in two key areas. Payroll. If your company uses payroll software, set up the internal control features to keep master hourly rates, hours worked, and bank direct deposit information safe. Pull... Read More »

How to Pay Yourself as a Business Owner

Mon, Oct 9th 2017
Are you a new business owner? You may be wondering how to pay yourself from your business. The answer depends on the way your business is set up. Here are common methods for making payments to business owners. Corporations. If you own a traditional C corporation, your salary is subject to income and payroll taxes. Both are withheld from your paychecks, and your business must "match" the social security and Medicare portions and pay the taxes to the IRS. In addition, you might also choose to pay... Read More »

Planning to Retire? Consider Transferring Your Business to Your Employees

Mon, Oct 2nd 2017
Even the most dedicated small business owners eventually want to retire. But succession planning can be tricky. If a transfer to an outside party isn't feasible, an alternative is to consider selling your business to your employees. How? One common approach is to transfer shares through an employee stock ownership plan (ESOP), a type of employee benefit program that's similar to a qualified retirement plan and governed by the same law. The costs and complexities of establishing and... Read More »

Woodcock & Associates Gets Dirty on CPA Day of Service

Mon, Sep 25th 2017
Gathering with anticipation in the warming morning sun, our team prepared to lend a hand in helping Habitat for Humanity prepare another dream come true.  The website proclaims, “No previous experience is necessary, just a willing heart,” and that described our team pretty well.  The late September weather has warmed up after the temporary lull in temperatures and this day was no exception. As we gathered outside the split level ranch in the quiet Chancellor Green neighborhood, we were joined... Read More »

Six Steps You Can Take to Protect Yourself from Fraud

Mon, Sep 18th 2017
Data breaches aren’t surprising these days. The differences with the recent Equifax breach was the volume of consumers exposed, the type of information stolen and the company’s poor handling of the situation afterward. The massive Equifax breach earlier this year left approximately 143 million people’s personal information exposed and vulnerable. The hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. This means that... Read More »