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Business Tips

February 09, 2024

HR Minute for February 2024

Independent Contractor Final Rule Released. You may have heard that the Department of Labor (DOL) has published a final rule regarding the independent contractor classification that will take effect March 11. This rule has somewhat codified definitions and restrictions that were already effectively being used in audit and investigation. 

Although it is being challenged in both Congress and the courts, I still recommend small businesses review and prepare for compliance with DOL expectations Note that the sub-directory title “misclassification” is a strong clue to the continued focus for regulatory oversight.

January 09, 2024

Texas Comptroller Changes ‘No Tax Due’ Reporting for 2024

The Texas Comptroller of Public Accounts recently announced that effective for reports due in 2024, taxable entities formed in Texas, or doing business in Texas, with total revenue that is less than or equal to $2.47 million (the “No Tax Due” threshold for 2024 and 2025), are no longer required to file a Franchise Tax Report (also known as a “No Tax Due” Report).

The term “franchise tax” may be confusing for business owners, especially if their business is not a franchise. Franchise Tax is a privilege tax imposed on each taxable entity and a “franchise” is the right granted to an entity to market their goods or services.

October 30, 2023

Cybersecurity: Two Factor or Multifactor Authentication, A Necessary Step

You may have noticed more and more businesses that you interact with on the internet are now requiring two-step verification before giving you access to their full site.

Some of this is because cracking passwords isn’t all that difficult in most cases. To avoid providing access to your bank or credit card accounts, or to other sources of sensitive information, the companies are striving to ensure that only authorized individuals are accessing those accounts or information. In short, it is just a way of making sure that the owner of the login is the one accessing the account or information.

September 21, 2023

Cybersecurity: Passwords Matter

There is so much that goes into starting and operating a small business besides the financial side. As a small business owner, you are responsible for inventory management (retail goods stores), marketing, market and industry research, human resources (if you have employees), and accounting and payroll.

Another responsibility is security. This responsibility is a big one and encompasses a lot more than some realize. Physical security is something that everyone is familiar with and probably comfortable with. It involves everything from door locks to alarm systems. It is generally easy to implement and not hard to remember to do. It used to be enough.