Articles

Consider going cash-free, with caution

There’s a growing trend toward cashless businesses. From clothing stores to coffee shops to salons, some businesses are implementing cash-free policies. Only credit and debit cards allowed. What’s behind the trend? Cash-free businesses (and credit advocates) say there are a number of benefits: Speed up the checkout process: It’s quicker to swipe or tap a credit card than to count cash and make change. If your business has long lines at peak service times, going cash-free

Passage of law to boost retirement savings anticipated by year-end

Retirement plan sponsors have been watching Congress closely, waiting on passage of the Setting Every Community Up for Retirement Enhancement Act. The legislation, designed to boost Americans’ retirement savings, has implications for small businesses and individual savers alike. The bill is considered to have strong bipartisan support, and advocates are optimistic it will pass by year-end. If it doesn’t pass via a unanimous consent vote this fall, pundits suggest it will be attached to a year-end

New bankruptcy rules give relief to small businesses

Chapter 11 bankruptcy is not an easy process, and rules have traditionally favored large businesses. Now, distressed small businesses will have a better chance at reorganization under a new subchapter of the federal bankruptcy code. The Small Business Reorganization Act of 2019, which will go into effect on Feb. 19, 2020, makes Chapter 11 reorganization a more affordable and feasible process for small businesses. Under the new law, individuals and companies with roughly $2,725,000 of debt

Businesses must take action following new overtime rule

Under new Department of Labor rules, employees who make less than $35,568 are now eligible for overtime pay. Starting January 1 the rule raises the salary cutoff for so-called “white collar” exemptions to $684 a week, up from $455 a week ($23,660 annual). As a result, businesses are advised to evaluate pay rates, hours and nonexempt classifications in advance of the change. Some actions steps: Review white collar exemptions: Identify exempt employees whose salaries fall below

Keep Cultivating Your Network

Don’t let social distancing get in the way of your personal and professional relationships Keeping up with your friends and maintaining professional relationships is a challenge as most in-person activities have come screeching to a halt. Drive-by birthday parties, video happy hours and pre-recorded commencement speeches are the new normal. Despite social distancing guidelines, here are some tips to stay connected. Embrace digital communication. Whether you were ready for it or not, face-to-face contact has been

Financial Questions to Ask Mom and Dad

Many Americans have been focused on their own finances over the past several months. But don’t neglect helping those closest to you with their finances as well, especially aging parents. Here are some questions to ask your parents to help them sort through their financial picture. Have you decided when you’ll start taking Social Security benefits? If your parents have not started taking Social Security, a discussion in this area will help both of you. Generally,

Ideas to Help Local Businesses

Shuttered businesses are realizing that lifting lockdown restrictions doesn’t mean a return to business as usual. Social distancing guidelines and a public wary of venturing into crowded environments means light customer traffic for many businesses. Here are several ideas to help local businesses financially as they re-open their doors: Continue buying gift cards. For many small businesses, positive cash flow is the primary factor whether they survive this economic downturn. Buying gift cards is a great

The New Face of Banking

It suddenly got a lot more difficult to buy a home The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working with banks and other lending institutions in the midst of tighter lending requirements and a heightened awareness of staying healthy. Save more for a mortgage

Be Prepared for Pandemic Tax Surprises

Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: • Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans received does not have to be reported as taxable income on your 2020 tax return, there is currently no such

Think Before Tapping 401(k) as Emergency Fund

Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as a last resort. Background Among other changes in the CARES Act relating to qualified plans and IRAs, a participant can withdraw

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