Make uncomfortable decisions part of your strategy

first_img 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr “Those who succeed were—at one point or another in their lives—willing to put themselves in situations that were uncomfortable , whereas the unsuccessful seek comfort from all their decisions.”—Grant Cardone, The 10X Rule, as quoted in Content, Inc.After your strategic planning session ends, how comfortable are you? If you’ve really stretched yourself and forged a bold vision for the next several years you should feel a little uncomfortable. Why? Because as John Maxwell once said, “Discomfort is a sign of growth.”But too many times in our planning sessions we don’t push our credit unions or banks. Not really. We fall back into comfort zones. Strategies we know. Action plans we can accomplish. Deadlines we can meet.We make easy choices rather than hard decisions. We push those “elephant in the room” discussions to the following year. We leave things unsaid. We don’t tackle the really challenging issues that are holding back our organization.However, to truly succeed you need to make uncomfortable decisions part of your strategy.Here are some difficult things you might need to consider: continue reading »last_img read more

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New IRS guidance on deducting business meal expense

first_imgWashington D.C. — The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact.Food and beverages that are provided during entertainment events will not be considered entertainment if purchased separately from the event.Prior to 2018, a business could deduct up to 50 percent of entertainment expenses directly related to the active conduct of a trade or business or, if incurred immediately before or after a bona fide business discussion, associated with the active conduct of a trade or business.The Department of the Treasury and the IRS expect to publish proposed regulations clarifying when business meal expenses are deductible and what constitutes entertainment. Until the proposed regulations are effective, taxpayers can rely on guidance in Notice 2018-76.Updates on the implementation of the TCJA can be found on the Tax Reform page of IRS.gov.last_img read more

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