The Language of Business

Communication in the workplace is something so basic most people don’t give it much thought.  Time is short, projects need to be completed, and really, what is the point in really thinking about how you’re speaking?

In reality, quite a bit according to the folks at the Harvard Business review.  In his article, leadership expert Kevin Allen discusses the importance of practicing that old advice, think before you speak.

New Additions to the Family

This week, we’ll take a break from our usual tax and business related items to deliver some good news from the office.

Brady Ramsay, one of the partners at RWR, and his wife Heather welcomed Henry Allen to their family on Tuesday June 19th. He joins big brother Jack at home, and all are doing well!

Also, Scott Ramsay, an owner at Ramsay Financial Advisers (RFA), and his wife Kirsten welcomed Zander Cruz to their family on Monday, July 2nd. He joins older sister Adriella, and the family is said to be doing great.

Rich Ramsay, father of Brady and Scott and partner in both RWR and RFA, is very excited about his two new grand kids.

From all of us at RWR, have a safe and enjoyable July 4th!

Retaining Tax Documents

There are things some people can’t seem to part with, and financial documents seem to be among them.  We’re often asked how long one should keep their tax returns and all of the documents used to create them.

Below is what we recommend to our clients when they ask. You might also consider getting a scanner and storing the files digitally rather than keeping a large amount of paper.

  • Income tax returns and supporting documents should be kept 7 years, after which all but the tax returns themselves and any W2’s can be discarded.
  • Purchase receipts for stocks, bonds, mutual funds, and the like should be kept for 7 years after the asset is sold.

If you’re not sure, ask us, or just hang on to it.

IRS Tips For Disaster Planning

The IRS identified several steps that individuals and businesses should take as safeguards to protect themselves against losses from natural disasters. Many don’t think of planning for a natural disaster until it’s too late. Here is what the IRS recommends.

  1. Create an electronic set of backup records
  2. Document valuables with photographs or videotapes, stored safely offsite
  3. Keep an updated emergency plan on file, and, for businesses, a disaster recovery plan which outline what to do and how to resume operations after a natural disaster.

Taking these few basic steps will make getting things back in order after a natural disaster simpler and quicker.

This Just In: MN 2% Contractor Withholding Repealed

The Minnesota Department of Revenue announced today that, effective June 30, 2012, businesses paying individuals in the construction trades will no longer be required to withhold 2% of the payment and remit it as income tax withholding to the State.

This is great news for all of you in the real estate and construction trades.  It makes conducting business with your contractors after that date a much simpler process.  Payments made prior to June 30 will still be under the old rules, so be sure to withhold as needed for payments made through this date.

Questions?  Give us a call and we’ll be happy to discuss the finer points with you.