If you’re considering investing in a start-up or starting your own business in Maine, there’s an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially eligible for a 0% federal income tax rate. The 0% rate on  Continue Reading »

These days many college students are leaving school with an overwhelming amount of debt. However, there are some cases where student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. With both of these actions, there are tax consequences for the student loan borrowers.  Continue Reading »

A bill that would delay the start of new federal overtime pay rules from December 1, 2016 to June 1, 2017 was passed and sent by the U.S. House of Representatives to the Senate. However, President Obama has indicated he will veto the bill if it hits his desk. The House bill was introduced shortly  Continue Reading »

Tired of preparing all the documentation needed to support business travel expenses in and outside of Maine? Employees are required to collect receipts as they travel, noting the time, place and business purpose of each expenditure if your business reimburses employees for actual travel expenses. Then, monthly expense reports must be reviewed and approved by management.  Continue Reading »

A business trip is often meant to gain new customers and clients, or solidify relationships with current ones. Or perhaps it’s a time for sales calls and “meets and greets” with suppliers. In any event, the goal of business travel is generally to make money, not to squander it away on needless expenses. While it might be  Continue Reading »

You might have to close up shop for a while if your business is hit by a natural disaster; hurricane, windstorm, blizzard, or if it falls victim to arson or terrorism. As a result, you could suffer a major loss of income. A key component to continuing as a thriving enterprise after a disaster is to  Continue Reading »

While CFOs at most large U.S. companies have been working overtime themselves to prepare for the new overtime rule changes, many Maine small and midsize businesses haven’t been as quick to react. The deadline for the Department of Labor’s (DOL’s) new final overtime rule is scheduled to be December 1, 2016. Current Overtime Rule The Fair  Continue Reading »

Many business owners and executives feel like they’re admitting defeat when filing Chapter 11 bankruptcy, but it shouldn’t be that way. Chapter 11 immediately freezes all financial claims against the company and stops lawsuits and collection activities. The automatic stay provision of Section 362 in the bankruptcy code is the most important provision in achieving this goal.  Continue Reading »

It can be deceptively easy to take costs out of a business, at least initially. Cutting low-hanging fruit such as providing coffee in break rooms, consulting services, laying off temporary employees or removing a layer of management can result in considerable savings. However, sustaining these savings can be difficult, as over time, decisions will be  Continue Reading »

Many banks in Maine, and other states, remain hesitant about loaning money to start-ups and small business owners, even nearly a decade after the financial crisis of 2008. Stricter lending policies often make applying for financing a nerve-wracking and time-consuming process. If you need a loan to start or expand your business, here are some  Continue Reading »