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IRS Toughens Rules on Small Business Insurance

Small businesses are one the most ignored financial sectors in the country’s economy. Government agencies such as the Internal Revenue Service (IRS) and the Securities Exchange Commission (SEC) often come up with regulations that target only large corporations. Due to constant tendencies to overlook this vital sector of the economy, there is increasing levels of business malpractices, especially in the small business insurance platform.

New Measures from the IRS

In what could be an unprecedented attempt to control the sector, IRS recently came up with new stringent measures to tame the rogue small business owners. The agency is targeting small business insurance providers who take advantage of its leniency to engage in schemes designed to evade taxes.The agency came up with the new rules amid an ongoing investigation where an in-house insurance provider, which provides micro captive insurance, unknowingly fell into the trap of abusive tax evasion schemes. Such companies are highly prone to malicious programs formed by small business owners to shelter themselves from paying taxes.

Program Details

These programs can accumulate deferred taxes, unlike conventional insurance quotes. Small businesses can protect their products from risks that are costly for traditional insurance companies. In the process, the companies enjoy tax-free limits set by IRS.

What the New Rules Mean for Businesses

IRS announced that it is making the rules more unfriendly based on increased cases of tax evasion resulting from the questionable transactions recorded by micro captive providers. However, there is a brewing legal tussle between IRS and interested parties. Those against the new rules claim that IRS acted without considering the possible outcome of an ongoing tax case known as Avraham v Commissioner, which is at an advanced stage in the court. Most of them feel that the agency acted too soon.

The Current State of Insurance for Small Businesses

Many insurance companies provide small business insurance policies ranging from liability insurance to disaster and health insurance. However, insurance companies treat small business insurance policies like any other cover. They do not consider the scope of service delivery or the business portfolio of the company at stake. As a result, most small businesses opt for unconventional insurance covers such as micro captives. With the increasing difficulty to do business due to fierce completion from well-established companies, small businesses go for cheaper alternatives to help them cut costs, especially in risk mitigation.

How Small Businesses Can Be Insured

Through captive insurance, small businesses can insure themselves at incredibly lower prices. Many businesses prefer this type of insurance because of the planning advantages that come with it. Before a particular business qualifies for the advantages, it must produce a detailed document showing the risks insured.

History of Captive Insurance

Micro captive insurance was started in the 1950s. Today, more than 500 companies have at least one captive policy. Through the policy, many small businesses can now avoid the volatility of the insurance market through self-insurance. According to financial analysts, insurance for small business will never get better without captive insurance in it. Visit TruShield Insurance and learn more from their online resources.

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Enterprise Content Management Strategy- Keys to Success

In recent years enterprise content management (ECM) is gaining greater significance and becoming more complex for a number of reasons. The truth is that the majority of organizations’ ECM involves maintaining important documents in a shared drive or in personal computers that gets pushed around using e-mail.

Managing content is not enough. What is more critical is the ability of accessing the correct record or document version when it is needed. Enterprise content needs to be managed in a way that its usage helps in achieving your organization’s business goals. A primary ECM goal is the elimination of ad hoc internal processes that could expose your company to existing regulatory compliance risks and other associated problems.Analyzing Current Status

An important step towards achieving the desired enterprise content management in the future is an understanding of your current ECM status. Employing a best-practice approach begins by mapping the current end-to-end business processes in use across your entire organization.

Document the flow of information from people, apps and systems, and how that is creating content within your enterprise. This is what will provide you with useful insights into the current organization’s information ecosystem.

Define the Scope

ECM program scope defination is critical to user adoption and successful implementation. Considerations must be given to organizational and geographic requirements, timeframes, legacy content, information types and classes, and the customer communication management platform. The enterprise content management capability must include resilience in managing the growth of documents and also facilitate adaptability of emerging technology trends.

New Strategy Implementation

For ECM, change management goes a bit further than controlling software and managing hardware, and how they are affecting your network. It’s more about people, training, culture, and communications. It must also have a customer communication management platform that addresses the possible effects of the new changes and also anticipate user resistance.

The overall strategy must address areas of change that include processes, technology, procedures for technology version-control, retention periods, as well other areas that relate to the future desired state of ECM. Considerations must cover how the ECM strategy is going to impact employee interactions and activities plus how the benefits of the new procedures, systems and practices will be conveyed. Most importantly, it must address the drivers or reasons to implement this change.

An all-inclusive record management capability has to be part of the organisation processes and systems. ECM software tools may be employed for identifying duplicate or near-duplicate content. A vibrant enterprise information security classification scheme has to be developed.

Conclusion

Accomplishing all the above demands a cross-functional organizational team effort; executives must give the corporate vision, heads of departments sharing their operating goals while the user community continually documents challenges encountered daily. Ultimately, a well-designed ECM strategy will help you achieve goals such as eliminating bottlenecks, streamlining access, and minimizing organization’s overhead.

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How to Take Your REALTOR Marketing to the Next Level

As a real estate agent, your efforts may be regularly focused on trying to find new leads to follow up on. After all, without leads, you simply cannot generate sales and close deals. Real estate agent marketing commonly includes direct mail marketing and generating leads from yard signs in front of listed properties.

 

However, you may be looking for REALTOR marketing that goes a step above and beyond these common methods used to generate lead. With your effort focused in the right direction, you can get more leads without breaking the bank with a huge marketing budget.

 

home-blue-circle Update Your Website
Your website is one of your most significant tools available when it comes to REALTOR marketing, but you may not be using in the most effective way possible. Some real estate agents believe that simply having an online presence is enough to generate great business, but this unfortunately is not always the case. First, you need to update your website so that traffic is driven to it. This may be by incorporating a blog or RSS feed into the website, and both of these will keep fresh, relevant content on the website. This promotes great rankings with the search engines. In addition, you can also incorporate videos into your website, and this is great because YouTube is owned by Google.

 

home-blue-circle Other Creative Website Marketing Ideas
You may have heard that SEO, or search engine optimization, can drive traffic to your website organically, and this is true. You simply select a few optimal key words, and you place them strategically in your text as well as in off-site articles that link back to your website. Search engine algorithms change regularly, so take time to research current SEO tips before you get started. In addition to this, consider adding some lead generator or capture tools onto your website. For example, you could have a mortgage calculator that requires the user to enter their contact information before seeing the results of their calculator query, and you can program the calculator tool to email the contact information to you in real time.

 

Direct mail marketing is effective, but it unfortunately is not enough to generate the results that most real estate agents desire. Your broker may already have a website for the company or team, but it can be beneficial to have a personal website for you as an individual agent as well. Simply having the website is not enough, and you can easily incorporate these tips into your website to generate incredible results from it. You can learn additional information at Morris Real Estate Marketing Group.

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Five Reasons Why Your Business Needs Business Cheques

When you have just started your own business, it may feel natural to simply write a cheque from your personal chequing account. However, this can be a major mistake that can make it very difficult to separate your personal finances from your business finances. In order to get in the habit of keeping your business and personal life separate, and to reap several other benefits, you will need business cheques.

 

1. Less Tax Hassles

Business cheques make it much easier to avoid tax headaches. Since all of your business-related payments will have been made under your business name, it will be much easier to claim these as business expense deductions for tax purposes. It will be much easier to substantiate the deductions you make in the event of an audit. Business cheques become a requirement when you have become incorporated.

 

2. Manage Your Personal Finances Better

All of your business income is sent to your business checking account. Then, you can designate a set amount that is transferred from your business checking account to your personal checking account. By keeping this set amount consistent, you will know how much you must budget for and will be less tempted to spend too much of your profits on better months. You will have a cushion to support you during less profitable months.

 

3. Take Advantage Of Limited Liability Laws

When you keep your finances separate, and your business is forced to file for bankruptcy, your creditors will be able to go after the finances in your business chequing account. However, the creditors will not be able to target your personal finances. One exception is if you are constantly mixing your personal and business expenses. If you are often using business expenses for personal matters and personal finances for business expenses, the courts will not necessarily see you and your business as a separate entity and you may be sued.

 

4. Delegate Tasks To Employees

Business cheques can have multiple signers. If you need to delegate purchasing and other financial responsibilities to an employee, having business cheques will make it much easier to do so. Employees can simply write checks for business matters. External accounting services can be given authorization to examine your business’s account statements.

 

5. More Professional

Ultimately, having business cheques makes your business appear more professional and established. This will increase the odds that customers are willing to do business with you. When a cheque has your own name on it, rather than the name of your business, some customers will wonder how serious your business is. More information can be found at D+H Cheques.

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