Finance expert Mike Periu on measures you need to take now to protect your money against future bank failures. The Transaction Account Guarantee (TAG) program extension bill has died in the Senate. This means that the TAG renewal program will expire at the end of the year. Beginning on January 1, non-interest bearing accounts at participating banks will no longer have the unlimited protection that the TAG program provided against bank failure. Small banks and small business owners lobbied for … [Read more...]
10 Steps to Keep Business Competitive
Finance expert Mike Periu on best practices small-business owners can adopt to Keep Business Competitive. Citibank recently released the results of its latest Small Business Pulse Survey. The survey asked small-business owners about the steps they take to remain competitive. The answers ranged from radical reinvention to small tweaks. Some of the top strategies and tactics reported are: 1. Studying other industries. Adapting ideas from other sectors to apply them to the business. Just … [Read more...]
Alternative Minimum Tax Nightmare Only Weeks Away
Finance expert Mike Periu on the IRS' recent warning to Congress about the need to address the Alternative Minimum Tax issue. Steven T. Miller, Acting Commissioner of the IRS, has warned Congress that failure to address changes in the Alternative Minimum Tax (AMT) that would take place under the fiscal cliff will have devasting consequences for tax filers. The AMT is a second way to calculate your tax liability that limits deductions and ensures that more people pay more income taxes. Its … [Read more...]
Federal Reserve’s announcement that it will keep interest rates low
Finance expert Mike Periu on the Federal Reserve's announcement that it will keep interest rates low to help spur job growth. Will Remain Very Low for the Foreseeable Future The Federal Reserve, the central bank of the United States, announced that its main focus will now be on lowering the unemployment rate. It plans to keep interest rates at historically low levels until the unemployment rate is below 6.5 percent. The last time the country experienced that rate of unemployment was in late … [Read more...]
If You Want to Close More Sales Turn Off Your Computer
When it comes to closing a deal, technology is still no substitute for face-to-face meetings. Finance expert Mike Periu explains why you should Turn Off Your Computer. Acclaimed business author Philip Delves Broughton implores business owners to turn off their computers and meet people face-to-face to improve sales. Too many sales professionals have become too reliant on technology as an intermediary between themselves and potential customers. Closing large deals, despite all of the … [Read more...]
New 63 USD Fee Announced to Help Offset Healthcare Reform Cost
Finance expert Mike Periu on a New 63 USD Fee that is intended to help offset the costs of implementing Healthcare Reform. As the regulations for Healthcare Reform are formulated and finalized, small-business owners need to be aware of a new fee that will be assessed beginning in 2014. The fee will be collected for 3 years and is set at $63 per insured person in the first year and is supposed to decline after that. The fee is meant to help offset the cost for insurance companies as they comply … [Read more...]
More Small Businesses Relocating Abroad
Finance expert Mike Periu on the continuing trend of Small Businesses Relocating Abroad for significant tax savings. Many small businesses have made the decision to relocate to a foreign country for tax or lifestyle reasons. The money transferred abroad form part of the $11.5 trillion in assets held in offshore locations. Some high-profile entrepreneurs like Facebook co-founder Eduardo Saverin have taken the extreme step of renouncing his citizenship, though most maintain their citizenship and … [Read more...]
New Senate Bill Extends Guarantees on Small Business Bank Accounts
A proposed Senate bill designed to extend protection on small business bank accounts. December 12, 2012 Senator Harry Reid introduced Senate Bill S. 3637 to extend the Transaction Account Guarantee (TAG) program through 2014. TAG is administered by the Federal Deposit Insurance Corporation (FDIC) and provides protection for non-interest bearing accounts held by small businesses or municipalities at participating banks. TAG launched in October 2008 at the height of the financial crisis and has … [Read more...]
21 Percent of Small Businesses to Cut Jobs in 2013
Finance expert Mike Periu on a recent survey that says over 20 percent of small-business owners plan to cut jobs in 2013. December 12, 2012 The Wells Fargo/Gallup Small Business Index plunged 28 points to -11 according to its latest survey of owners held Nov. 12 to 16. The quarterly survey asked business owners about their present situation and their expectations for the next 12 months with regard to their overall financial situation, cash flow, revenues, capital spending allocation, hiring … [Read more...]
“Ransomware” Is a Serious Threat for Small Businesses
Finance expert Mike Periu on the latest malware cyber criminals are using to compromise your data and extort ransoms. Computer security company Symantec recently released its "SMB Information Protection Predictions" for 2013 and small-business owners need to prepare for the latest threats. In what can be called 21st century extortion, cyber criminals are flooding the Internet with a type of malware called "ransomware." Unlucky users that download this type of malware will be locked out of their … [Read more...]
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