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Two Reasons to Adopt an LLC Operating Agreement

Adopting an LLC Operating Agreement, rather than relying on state's default provisions, ensures that the business operates the way the members want and protect their interests should the state's default law provisions change.

Merchants: “Chip” In or Prepare to Shell Out

October 1, 2015 is the EMV liability-shift date, a game-changing deadline for brick-and-mortar retailers, restauranteurs, and service providers that take credit cards. This means merchants who aren't equipped to accept chip-enabled credit cards will be liable for fraudulent charges.

Connecticut Collected Nearly $1.8 Million from Unregistered Out-of-State Companies

An ambitious joint enforcement program between Connecticut's Secretary of State and its Attorney General to collect penalties from businesses that failed to register and obtain a certificate of authority to do business in Connecticut netted nearly $1.8 million in Fiscal Year 2015.

Expanding Your Business? Foreign Qualification Protects Your Rights in a New State

Foreign qualification protects your business when you do business in a state other than your state of incorporation or formation

Business Cred: “Good Standing” and Why Your Business Needs It

After a corporation, limited liability company (LLC), or other entity is formed it will need to maintain “good standing” status in state records. A status other than “good standing” could inhibit expansion into other states or the ability to obtain financing. It might also jeopardize the owners’ limited liability.

Too Busy For Tax Season? Consider a Filing Extension

The April 15th deadline for filing income tax returns is quickly approaching. A popular option to consider is an extension of time to file a return.

A Look Ahead: Improving Your Books for 2014 Bookkeeping & Reporting

As the new year approaches, take a few simple steps to ensure your bookkeeping practices are up to par.

S Corp Elections for 2014 Are Due as Your 2014 Tax Year Gets Started

A trap for the unwary is that S corp elections are due by the early part of the tax year. If you want your business to be an S corp, be sure your election is filed on time.

Standard Mileage Rates Drop for 2014

The standard mileage rate for business miles driven in 2014 will be 56 cents. The rate for miles driving for medical or moving purposes will be 23.5 cents per mile. The rate for charitable miles remains at 14 cents per mile.

Time to Review Medicare Surtax Liability for 2013

2013 ushered in the new 0.9 percent Medicare tax on higher-earning individuals. As the year draws to a close, employers, employees and self-employed should review the rules governing withholding and liability to make sure the amounts are on track with what will be owed.