Category: Emerging Businesses

The One Big Beautiful Bill Act, known as OBBBA or H.R. 1, introduced a new above-the-line tax deduction for overtime (OT) pay premiums. For employers, this means it’s time to update payroll processes and ensure filings are compliant with the additional reporting requirements. Overtime Pay Deduction Guidelines Reporting Requirements Since the new ruling applies for any overtime qualified employee under the Fair Labor Standards Act (FLSA), the new requirements impact employers across the board. The IRS requires employers and other payors… Read more ›

Tax-free shopping returns to Maryland and Virginia in August for those looking for a good deal on back-to-school shopping and emergency preparedness items. Below are details on qualified items. Virginia’s Sales Tax Holiday | August 1 – 3, 2025 What items are eligible? See the detailed guidelines published by the Department of Taxation for all qualifying items. Maryland Tax-Free Week | August 10 – 16, 2025 What items are eligible? Click here for frequently asked questions provided by the Comptroller… Read more ›

On March 25, 2025, the Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that limits the scope of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements to foreign entities. The rule, which becomes effective March 26, 2025, states that “domestic reporting companies are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN.” Key Changes The final rule aims to “alleviate unnecessary… Read more ›

Update – February 27, 2025: FinCEN announced it will not impose fines, penalties, or enforcement actions for failure to file or update BOI reports until an interim final rule takes effect. The final ruling, expected by March 21, 2025, will extend reporting deadlines and provide further guidance. In addition, FinCEN seeks public input on potential revisions to BOI reporting requirements as part of an effort to minimize burden placed on small businesses. CBM will continue to monitor updates and provide… Read more ›

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case.  Since this ruling is limited to the plaintiffs in the case, other reporting companies should continue to comply… Read more ›

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

Summer isn’t just for barbeques and baseball. It’s also a good time to think about ways to cut your 2023 business tax bill. Here are four planning ideas for small business owners to consider, assuming there won’t be any changes to current federal tax laws at least through 2024. 1. Establish a Tax-Favored Retirement Plan If your business doesn’t already have a retirement plan, now might be the time to take the plunge. Current rules allow for significant annual deductible… Read more ›

Here’s a tax break you might not have considered: Your business could be eligible for a tax credit for money you spend to meet the requirements of the Americans with Disabilities Act. The law requires companies with 15 or more employees to make reasonable accommodations in the workplace for disabled employees. (Reasonable accommodations must be made on a case-by-case basis and are not required when the cost would cause an undue hardship.) Eligible small businesses can claim a credit equal… Read more ›

Comprehensive financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP) include three reports: the balance sheet, income statement and statement of cash flows. Together these reports can be powerful diagnostic tools to help evaluate the financial well-being of a business. Moreover, by carefully analyzing them, you may be able to uncover potential money-management problems or even fraudulent activity. Balance Sheets Show Assets vs. Liabilities The balance sheet provides a snapshot of a company’s financial health at a moment in… Read more ›

Internal fraud drains more than $4.7 trillion annually from global businesses, according to an estimate by the Association of Certified Fraud Examiners (ACFE). The median loss from internal fraud at companies in the construction industry is $203,000, according to ACFE’s latest Report to the Nations. Construction experiences the fourth largest median losses of any industry (the median loss for all businesses is $117,000). Although companies can experience pilferage from customers, vendors and other sources, employees account for the highest losses,… Read more ›