Junior Achievement of Southern Nevada (JASN) is a nonprofit organization dedicated to equipping young people with essential real world skills and knowledge to prepare them to succeed in life, the workforce and the global economy. Many schools don’t have the resources to teach these types of lessons and most youth don’t learn them at home, so JASN works with schools to provide … [Read more...] about Junior Achievement of Southern Nevada
Profit & Loss
Profit and LossBrownfield Properties: The Ins and Outs of Due Diligence and Investment
Brownfield development is a hot topic for developers and investors. These developments offer excellent opportunities for those who do their homework. A brownfield site is land that has abandoned or under utilized. Commonly, this occurs on land that may have been polluted from industrial or other uses. Grant money for assessment and cleanup have made reuse of contaminated … [Read more...] about Profit and Loss
The New Faces of FraudLearn the Clues to Keep Fraudsters at Bay
It’s a business scenario that looks innocent enough. An email from a vendor or executive with a change to payment instructions on an outstanding invoice. The problem is the email had been hacked and the payment you sent has gone to a fraudster, instead of where you intended. In a world of online billing and email distribution, companies large and small are falling victim to … [Read more...] about The New Faces of Fraud
Profit & LossMidterms Remind Us Why Gridlock Is Good
By now we know that the Democrats took the U.S. House of Representatives and Republicans held the Senate – all of which was the general expectation heading into the midterm elections. This political shift potentially opens the door for four major policy changes in the areas of infrastructure, healthcare, immigration and trade. All of these may have a meaningful impact on the … [Read more...] about Profit & Loss
Small Business Fraud: Detection and Prevention
Has your business been victimized by fraud? If not, it very likely will be. If you answered yes, you already know it could very well happen again. In a study done by international accounting firm, Pricewaterhouse Coopers, 38 percent of all US firms suffered economic loss as a result of fraud in 2016 alone, and that of course is just what was detected. Most fraud goes undetected … [Read more...] about Small Business Fraud: Detection and Prevention
Tax Law Update: What the Changes Mean for Business
In December 2017, President Trump signed the most comprehensive tax reform bill since 1986. The Tax Cuts and Jobs Act of 2017 makes significant changes to the tax filings for individuals and businesses. For personal filings, the individual maximum tax rate has been reduced to 37 percent from 39.6 percent. At the same time, personal exemptions have been eliminated and the … [Read more...] about Tax Law Update: What the Changes Mean for Business
A Tip on Tipping: Changes to shared tips for Employees Affect business
Earlier this year, the U.S. Court of Appeals for the Ninth Circuit in a 2-1 panel decision upheld the United States Department of Labor’s (DOL) 2011 revisions to its regulations applying tip-pooling restrictions to employers that do not use a tip-credit to satisfy minimum wage obligations. This is particularly significant in Nevada which does not allow tip-credits toward the … [Read more...] about A Tip on Tipping: Changes to shared tips for Employees Affect business
Time to Pay the Piper: First Nevada Commerce Tax Payment Due, Despite Challenges
Nevada’s recently enacted commerce tax has been back in the headlines, the latest dustup being a recent judicial decision that has spelled the end to a repeal effort. A coalition (led by State Controller Ron Knecht) sought to have a referendum petition placed on the November ballot − motivated by what they see as a legislative sellout of the voters who rejected a similar … [Read more...] about Time to Pay the Piper: First Nevada Commerce Tax Payment Due, Despite Challenges
Reviving The Lost Benefits of Our Grandfather’s Pension
At the turn of the 20th century, workers fought for equal rights during the industrial revolution. One of the benefits of that fight was the defined benefit (DB) pension plan. This is the plan you might remember your grandparents had. It was the wonderful benefit where every month the mailman would deliver, without miss, the pension check. Along with Social Security, our … [Read more...] about Reviving The Lost Benefits of Our Grandfather’s Pension
Nevada Asset Protection Trusts for Nevada Business Owners
To people from other states and foreign countries, the benefits of Nevada Asset Protection Trusts (NAPTs) are well known. However, the benefits these trusts offer are not appreciated nearly as much by residents of Nevada. In particular, a NAPT can be highly beneficial to resident business owners. including professionals. Unfortunately, we live in a highly litigious society. The … [Read more...] about Nevada Asset Protection Trusts for Nevada Business Owners
Margins Tax Initiative: A Look at the Details
Running a business is no small feat in today’s economic environment. The negative impact of declining tax revenues from America’s businesses and citizens has been felt in local communities. These falling revenues are resulting in unprecedented steps being taken by municipality after municipality across the country. Closer to home, the example of North Las Vegas’ efforts to deal … [Read more...] about Margins Tax Initiative: A Look at the Details
Profit and Loss Statements: Sounds Simple. Is It?
Profit and loss statements are a great tool to monitor the profitability and health of a company. At first glance they seem fairly simple; however, there are some important things to remember when working with these statements. There is real life, and there are taxes. They look alike but one is an orange and the other is a tangerine. The profit and loss statement typically … [Read more...] about Profit and Loss Statements: Sounds Simple. Is It?
Five Questions to Ask Before Becoming a Business Owner
Owning a small business in Nevada can be extremely rewarding, but the stakes are high. Only half of all new businesses survive five years or more, and about one-third survive 10 years or more, according to the U.S. Small Business Administration. Often entrepreneurs go into business with a good idea and a sharp focus on pursuing a passion but can overlook some key business needs … [Read more...] about Five Questions to Ask Before Becoming a Business Owner
New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls
The new tangible property regulations from the IRS are some of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. These rules are complicated and require immediate action from all businesses that own tangible property, as they are effective now. Lack of action could mean lost opportunity to take advantage of these rules to … [Read more...] about New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls
Protect Your Assets: Nevada Offshore Trust
Imagine that, through no fault of your own, you find yourself in a difficult lawsuit. It’s clear they are coming after your assets, your business, everything you have worked a lifetime to build. But you are not worried. You sleep well because years ago you set up a Nevada Offshore Trust, and your assets are protected. A Nevada Offshore Trust, also known as an Asset Protection … [Read more...] about Protect Your Assets: Nevada Offshore Trust