Matthew Sexton

A suspicious activity report (SAR) is a document that banks must file with the Financial Crimes Enforcement Network (FinCEN) when they suspect transactions that might indicate illegal activities. These illicit activities can include money laundering and tax evasion. Banks file a SAR when customers exceed certain transaction amount thresholds, have strange deposit patterns, or have…

If you’re looking for a savings account that can help your business accommodate excess savings transactions, Axos Bank might be a good choice. With 20 fee-free transactions per statement cycle, it offers transaction limits that are relatively higher than other savings accounts on the market. It offers two savings accounts: Axos Business Savings, which has…

A sweep account is a specialized bank account that receives transferred funds from another business bank account once it exceeds a specified balance threshold. This is done primarily for one of two reasons: to earn a higher interest yield than a standard account or to extend Federal Deposit Insurance Corp. (FDIC) insurance beyond the limits…

Business bank failure is when a financial institution is closed by federal or state regulators. The 2023 failures of Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank sent shockwaves through the business community. They were the first three bank failures since October 2020. And while the occasional bank failure isn’t uncommon, it is…

Business banking, also known as commercial banking, refers to the products and services financial institutions provide to meet the unique needs of business clients. Examples of business banking products include business checking accounts, savings accounts, loans, and credit cards. Business banking can be used by companies with any organization entity, including sole proprietorships, partnerships, limited…

Small Business Administration (SBA) Form 1368 must be filled out when you apply for an SBA disaster loan. Examples of disaster loans include the Economic Injury Disaster Loan (EIDL) and the Military Reservist Economic Injury Disaster Loan (MREIDL). SBA Form 1368 allows small business owners to provide details about the economic impact of a disaster…

A solo 401(k), also known as a one-participant 401(k) plan, is a retirement plan allowing self-employed individuals to contribute up to $61,000 per year before taxes, including $20,500 of employee contributions. The business owner contributes as both the employer and employee in this type of retirement plan. Setting up a solo 401(k) requires five steps,…

When looking to grow a small business, it’s critical to offer retirement benefits for your employees so that they can save for the future. A 401(k) plan allows you and your workforce to save up to $61,000 annually through tax-free salary deferrals, employer matching, and profit sharing. Choosing the best 401(k) provider largely depends on…

A Keogh plan, also known as an HR-10 or qualified retirement plan, is a retirement plan that allows self-employed individuals up to $61,000 per year in tax-deductible contributions. It used to be very popular among high-income earning self-employed workers, but this was before they were eligible for more common retirement plans. How a Keogh Plan…

Kabbage and OnDeck both provide small business owners with short-term financing that can be used for working capital and midsized projects. Both are excellent lending products with slight differences between them. Kabbage gets the slight edge as best overall due to a lower annual percentage rate (APR), monthly payment option, and lower required annual business…

A 1031 exchange allows an investor or business owner to sell a commercial property, acquire another, and defer capital gains taxes in the process. The name refers to section 1031 of the United States tax code. When a property is sold for cash, the net proceeds incur a capital gains tax. However, if the investor…