Small Business

If you've formed a nonprofit organization or are thinking about doing so, you're not alone. The Internal Revenue Service (IRS) reports that in 2023, there were just under 2 million nonprofit organizations operating in the United States. Over 1.5 million of these were…

Incoming President Donald Trump has promised a new round of tariffs. The proposals include a 10% to 20% across-the-board tariff on all trading partners, a 25% tariff on trading with Canada and Mexico, and a minimum of 60% on goods from China. So, how do tariffs work?…

For the growing number of people opting or needing to start up a new business venture, one of the first things required is an Employer Identification Number (EIN). Before getting too far, new businesses should know that they likely need an EIN and how to get one. As discussed here and here, sour economic times appear to have sparked new business ventures. These new businesses will likely need EINs. EINs are, like Social Security Numbers, a type of Taxpayer Identification Number.

Potential or current business owners often ask: what is debt financing? In order to illustrate the importance of that question, let us offer another one: Besides poor management, what is the top reason why a business fails?  Poor concepts? Lack of advertising? Down economy? Actually, none of the above.  Inadequate or ill-timed financing, known as cash flow problems, are the second most cited reasons for business failure.

The U.S. House of Representatives recently passed a controversial piece of legislation, known as HR 9495, that empowers the executive branch by allowing it to target tax-exempt organizations if it determines that the organization supports terrorism. The bill was introduced by a bipartisan group and has…

Managing payroll is a big part of running a business, as well as one of a business' biggest legal challenges. Labor laws are strict, and violating them will only cause you trouble. This is why it's important to understand when you must pay your employees and how much. With President's Day (aka Washington's birthday) coming up, many business owners are wondering if they must pay overtime on federal holidays. The short answer is no. But there are a few exceptions.