Category: Employee Benefit Plans

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.


Maybe you’re starting out and wondering to yourself, “how does a buy-sell agreement work”? If, however, you’re a business owner, you’ve probably established a buy-sell agreement in case you or a partner part ways with the company, whether voluntarily or involuntarily. Either way, it’s important to remember that just drafting an agreement and putting it in storage isn’t enough. From time to time, you may need to review the agreement and make revisions as needed.

The average credit card balance in March 2014 was $15,252, down from its peak of $19,000 in early 2009. With the average credit card annual percentage rate sitting at 14.95% it represents an expensive way to fund spending.

Our company just began offering an employee assistance plan (EAP) that provides counseling services to employees. Is the plan subject to the Consolidated Omnibus Budget Reconciliation Act (COBRA)? What about the Employment Retirement Income Security Act (ERISA)? Are there special issues we should consider?

Although HIPAA has been in place since the 1990s, many businesses are still having difficulty complying with parts of its laws. The main area where companies struggle is protection of personally identifiable information. This is information such as a last name, birth date or other piece of data that could reveal a person’s identity to the public.

Many companies today are creating bonus and incentive compensation plans to reward hard-working employees for jobs well done. Such plans can be a win-win: Employees receive a tangible reward for exceptional performance, and businesses reap the benefits of high achievements.