• January 21, 2011

    Need A Break? Tax Law Extends Single-year Equipment Deduction Through 2011

    6:23 pm By InArticles
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    When you acquire equipment for your businesses, you can deduct the entire cost in a single year, thanks to a tax break that’s been extended through the end of 2011. In the past, business equipment such as computers and machinery had to be deducted over a number of years. Then a new tax code provision was enacted to help spur economic growth. That provision, called Section 179, allowed taxpayers to deduct the cost of equipment as an expense rather than requiring the cost of the property to be capitalized and depreciated. In other words, single-year deductions were permitted — much to the benefit of small and medium businesses. The Section 179 deduction started out at $25,000, increased to $125,000 then $250,000, and finally ended up at $500,000. And many assets qualify for the tax break, including computers, software, office machines and furniture, manufacturing equipment, and vehicles that weigh more than 6,000 pounds. How does it work? Lets’ say you have a $600,000 profit and don’t want to pay taxes on that entire amount. At the same time, you need new computer equipment. You can buy that new equipment for $500,000 and only owe taxes on $100,000 of your profits. Section 179 was set to expire at the end of 2010, but it’s now been extended. The Tax Relief Act of 2010, signed on 12/17/10, allows business owners to take Section 179 deductions through the 2011 tax year. That means 2011 is a great year to consider purchasing equipment, because the immediate writeoff helps businesses such as yours keep more cash free for other purposes. “There is a big advantage to having that cash flow right away,” says Abe Schneier, a senior manager at the American Institute of Certified Public Accountants. “Even in the best of times, it is hard for many small businesses to borrow money for any sizeable investment.” Related articles: Equipment eligible for the Section 179 deduction

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  • January 13, 2011

    Is Unfriending Good for Your Business?

    3:30 pm By InNews
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    One thing is clear, quality is still more important than quantity. Especially with the current economic downturn, people are downsize everything – including online social circles. November 17, 2010 was declared by Jimmy Kimmel during his television show as “National Unfriend Day”, the opportunity for all Facebook users to declutter their Facebook pages by “unfriending” people in their friends’ lists. He claims that Facebook has been “cheapening” the idea of friendship. To many the idea was hilarious, but others are seriously considering the wisdom of unfriending. Is Kimmel on to something here? Can unfriending benefit your online business? Research shows that as social media gets bigger, we’re getting smaller. Brian Wong, a network marketer says it simply: “With the growth of social networking, I am finding it increasingly difficult to separate business connections and personal connections.” He says that having almost 1,000 friends on Facebook has made it difficult for him to see the feeds and updates of his “real” friends and important business partners. Lately there is a growing trend of de-scaling on the internet. People have started “pruning” their social lives online. For example, the popular Farmville app lost 30 million players this year, and people are beginning to realize that conversations and comments are more important than a huge number of blog hits. So how can de-scaling and unfriending help your business? The drive to be more intimate can benefit your business by allowing you to form a tighter circle of customers, more successfully establishing you as a preferred channel for consumption. Luckily, there are tools that can help you descale your social networks: Path – Offers small-scale communities where people feel more comfortable sharing personal information. It controls who can view your information and does not include features that make your content viral. Letter.ly – A subscription-based newsletter for bloggers who feel that public posts decrease the quality of conversations. This newsletter opens discussion only to people who pay, or who are privately invited to read a blog post. GroupMe – A texting app which limits your group text participants to only 14, to ensure that meaningful dialogues take place. What about the flip side of unfriending and descaling? While you’re considering who to eliminate from your social circles, your contacts are likely doing the same. Here are some tips to help you make their cuts: 1.       Be selective in your communications. Of course, your product is important – to you. But not every little detail is as important to your audience. Be sure to focus on key features and benefits from your audience’s perspective. 2.       Stay on topic. Always give relevant communications to your customers, and never rant or badmouth competitors. This is a sure way to lose customers. 3.       Provide value. In addition to talking about your product or service, find ways to provide value to your circle of friends. Understand topics and pain points important to them, and provide valuable information and advice to help them succeed. You’ll soon come to be considered as a valuable resource to your contacts – one that they want to keep in their online social groups. One thing is clear: quality is still more important than quantity, especially in the current economic downturn when people are downsizing everything. Start “pruning” your social network – and take steps to avoid being pruned – and you’ll reap the benefits of having a tight circle of loyal friends and customers.

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  • January 3, 2011

    Are You in Compliance with Identity Theft Regulations?

    4:12 pm By InArticles
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    The federal government’s Red Flag Rule requires all businesses that are potential identity theft targets develop plans to spot red flags and prevent theft. How can you comply? Regulations designed to minimize identity theft went into effect in June of 2010. Are you complying with them? The federal government’s so-called “Red Flag Rule” requires all businesses that are potential identity-theft targets develop plans to spot red flags and prevent theft. Red flags include suspicious photo IDs, unverifiable addresses and Social Security numbers, and questionable account activity, to name just a few. While many companies think the Red Flag Rule only applies to financial institutions, it actually applies to all creditors — with creditors being defined as “businesses or organizations that regularly provide goods and services first and allow customers to pay later,” according to a Frequently Asked Questions guide prepared by the Federal Trade Commission, which will enforce the Red Flag Rule. In other words, if you invoice customers for your goods or services, you’re a creditor — and the Red Flag Rule applies to you. How can you comply?  You’ll need to have a written policy that specifically addresses how you will prevent and handle identity theft. Other recommendations include data encryption, annual updates of your written policy, and staff training. While this may seem onerous, you don’t want to ignore the legislation. Fines are $3,500 per violation — and the threat of a lawsuit from customers whose identity has been stolen. Related articles Do You Comply with the FTC’s Red Flag Fule?

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  • January 3, 2011

    Red Flags Rules Apply to You—Yes, You

    3:45 pm By InArticles
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    While many companies think the federal Red Flag Rule applies only financial institutions, if you invoice customers for your goods or services, it applies to you, too. Regulations designed to minimize identity theft went into effect in June of 2010. Are you complying with them? The federal government’s so-called “Red Flag Rule” requires all businesses that are potential identity-theft targets develop plans to spot red flags and prevent theft. Red flags include suspicious photo IDs, unverifiable addresses and Social Security numbers, and questionable account activity, to name just a few. While many companies think the Red Flag Rule only applies to financial institutions, it actually applies to all creditors — with creditors being defined as “businesses or organizations that regularly provide goods and services first and allow customers to pay later,” according to a Frequently Asked Questions guide prepared by the Federal Trade Commission, which will enforce the Red Flag Rule. In other words, if you invoice customers for your goods or services, you’re a creditor — and the Red Flag Rule applies to you. How can you comply?  You’ll need to have a written policy that specifically addresses how you will prevent and handle identity theft. Other recommendations include data encryption, annual updates of your written policy, and staff training. While this may seem onerous, you don’t want to ignore the legislation. Fines are $3,500 per violation — and the threat of a lawsuit from customers whose identity has been stolen. Related articles Do You Comply with the FTC’s Red Flag Fule?

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  • January 3, 2011

    How You Can Comply with the Red Flag Rule

    3:10 pm By InArticles
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    To comply with the federal government’s Red Flag Rule, you’ll need to have a written policy that specifically addresses how you will prevent and handle identity theft — and more. Regulations designed to minimize identity theft went into effect in June of 2010. Are you complying with them? The federal government’s so-called “Red Flag Rule” requires all businesses that are potential identity-theft targets develop plans to spot red flags and prevent theft. Red flags include suspicious photo IDs, unverifiable addresses and Social Security numbers, and questionable account activity, to name just a few. While many companies think the Red Flag Rule only applies to financial institutions, it actually applies to all creditors — with creditors being defined as “businesses or organizations that regularly provide goods and services first and allow customers to pay later,” according to a Frequently Asked Questions guide prepared by the Federal Trade Commission, which will enforce the Red Flag Rule. In other words, if you invoice customers for your goods or services, you’re a creditor — and the Red Flag Rule applies to you. How can you comply?  You’ll need to have a written policy that specifically addresses how you will prevent and handle identity theft. Other recommendations include data encryption, annual updates of your written policy, and staff training. While this may seem onerous, you don’t want to ignore the legislation. Fines are $3,500 per violation — and the threat of a lawsuit from customers whose identity has been stolen. Related articles Do You Comply with the FTC’s Red Flag Fule?

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  • December 31, 2010

    Public Wi-Fi Networks Pose Security Risks

    4:56 pm By InNews
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    These days, more and more people are on the go, and many of them bring their work with them. While connecting to public and open-access Wi-Fi hotspots is indeed convenient, using open networks also pose risks that endanger your security. While connecting to public and open-access Wi-Fi hotspots is indeed convenient, using open networks also poses risks that endanger your security. The open nature that allows anyone to use the connection also enables unscrupulous people to gain access to your private information. The whole act of stealing information from people who are using public Wi-Fi networks is called ‘sidejacking’. There are applications such as Firesheep, for example, that provide an easy-to-use platform that others can exploit to spy and harvest personal, sensitive information from you. And since Firesheep is a Mozilla Firefox plug in, virtually anyone can download and use it to sidejack people on the same network. You can’t be too cautious with your personal and business data these days, so you always need to have the proper laptop configuration and security infrastructure to protect your system, especially when you frequently avail of open and public networks. To know more about this, please feel free to give us a call and we’ll be happy to draw up some security options that meet your specific needs.

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  • October 5, 2010

    National Cyber Security Awareness Campaign Challenge a Huge Success

    8:40 am By InArticles
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    The United States Homeland Security Department’s National Cyber Security Awareness Campaign Challenge was a huge success, with more than 80 security proposals submitted with the goal of increasing awareness regarding threats to cyber security. Out of the over 80 submitted entries, seven were chosen to receive awards at a ceremony at the White House recently. One noteworthy proposal was a 5k run dubbed “Trot Against Bots”, which aims to intentionally cause traffic jams to demonstrate the effect of security problems causing disruptions in internet traffic, bagging the Best Creative Approach award. Cisco Systems, Inc., also got a nod for their “Cybersecurity is Everyone’s Responsibility” Publicity and Marketing plan, which highlights the importance of using cyberspace responsibly as an individual compared to the shared effort of making the internet a safe place for all. Another notable proposal was the “Think Before You Click” campaign from Deloitte & Touche, LLP, which won the Best Iconic and Overall Structure. As the name suggests, the campaign aims to curb the pervasive habit of clicking links before analyzing the possible content of the website to be accessed or the file to be downloaded. Other winners include: Best Local/Community Plan – Securing Our eCity San Diego and MyMaine Privacy; Best Individual Plan – “Cybersecurity Starts Here: Home, School and Main Street” by Melissa Short; and Best Educational Plan – Pennsylvania State University’s “CyberLink Games”. Homeland Security plans to utilize the winning concepts and integrate them into their National Cybersecurity Awareness Campaign. Source: http://www.dhs.gov/files/cyber-awareness-campaign.shtm

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  • March 22, 2010

    Understanding March Madness and its impact on your company

    11:24 am By InArticles
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    It’s March again, and many hoops fans are once again in a frenzy – creating fantasy basketball drafts, watching streamed basketball games, and researching basketball trends, rumors, and other related information. That’s “March Madness” for you. Most of the activity of March Madness is internet based, with gambling and betting at an all-time high, especially as the tournament draws to a close with the Elite Eight Teams whittling down to the Final Four. Fans spend a lot of time watching streamed videos of games and gathering information on the tournament online, distracting them from their official duties and potentially wasting company bandwidth. How much does this impact your company? A lot, says the research. A 2008 Newsweek article reports that the March Madness phenomenon cost a total of $1.7B in lost productivity. And that’s not counting the high bandwidth consumed from all the video streams and the research activities. In more recent research findings reported by national outplacement firm Challenger, Gray & Christmas, the losses due to March Madness are expected to continue. “Those who insist there will be no impact are kidding themselves,” says John Challenger, CEO of the Challenger, Gray & Christmas. “It might be a slight drop in output, or it could be slow Internet connections as bandwidth is sapped by employees watching streaming feeds of the games,” he adds. If you’re concerned about your company’s bandwidth during this period and want to look for ways to better manage it, we’d be happy to discuss a possible roadmap. Sources: http://www.star-telegram.com/2010/03/17/2048029/college-basketball.html http://www.newsweek.com/id/124404

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  • January 23, 2010

    Phishing Alert for QuickBooks Customers

    11:51 pm By InNews
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    IMPORTANT UPDATE FOR QuickBooks Customers: Intuit is receiving reports of individuals receiving fraudulent emails from QuickBooks or QuickBooks Online. The two separate emails ask customers to either download a plug in to assess their security or download a Digital Certificate. Customers should delete either of these emails. As we discover these fraudulent sites (cyber criminals often use the same email repeatedly, although they change web sites), we take them down. More at the Intuit website

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  • June 22, 2009

    Good News for Small Businesses in the Bailout Act

    4:12 am By InNews
    0

    Small businesses will get a helping hand with some key expenses under President Obama’s $787 billion stimulus plan, signed into law on February 17. Around $282 billion of the bill is devoted to tax cuts, including breaks for small businesses. Some of the highlights include: Small businesses will be able to more quickly deduct the cost of investments in plants and equipment from their taxable income. Small businesses will be allowed to recover alternative minimum tax (AMT) and research and development (R&D) credits faster. Small businesses will be allowed to write off up to $250,000 of capital expenditures in the year of acquisition. As a result, 2009 might be a good time to consider upgrading your technology. Your financial advisor can help you determine if any of these tax cuts apply to you. More information; A Breakdown of the stimulus package: http://online.wsj.com/public/resources/documents/STIMULUS_FINAL_0217.html Small Business Association information on stimulus bill: http://www.sba.gov/recovery/index.html Regularly updated stimulus page at Wall Street Journal http://online.wsj.com/public/page/stimulus-package.html

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