Industry Group Blogs
Implementing ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
The time has come to begin implementing the new not-for-profit financial statement presentation standard. ASU 2016-14 is effective for all not for profit entities with calendar years ended December 31, 2018 or fiscal years ended in 2019. Do not let the name of the standard mislead you, there are more to these new rules than […]
The Tax Impact of Theft in a Real Estate Scam
No one ever wants to be the victim in a real estate scam, but as scams become more increasingly sophisticated, the risk is also growing rapidly. Though tax rules offer some relief, victims do not always benefit from a tax deduction for fraud losses.
Value-Based Pricing Comes to Law Firms
Joel A. Herman
The concept of value-based pricing (VBP) is already common in the consulting world and has received a big boost in the health care industry thanks to various initiatives launched in conjunction with the Affordable Care Act. Will this transfer over to the legal industry? Law firms could soon see a similar demand for change in […]
Siloing Your Social Media Strategy
Your social media efforts should not exist as an island apart from your organization’s other strategies. Be sure to incorporate social media into your overall strategic planning and align your social media tactics with the organization’s mission and goals.
Ready for REITs? Real Estate Can Help Diversify Your Portfolio
Kevin C. O’Neill
The stock market’s roller coaster ride earlier this year suggests that 2018 is going to be bumpier than previous years. If volatility makes you nervous, it is important to maintain a diversified portfolio that will not plummet in value every time the Dow drops or interest rates tick up. One way to diversify your portfolio is with real estate.
The Rise in Cash Balance Plans
Cash balance plans, a defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan, has grown in popularity in recent years. According to the statistics per the most recent IRS Form 5500 filings, these hybrid plans have increased by approximately 17%, whereas traditional 401(k) plans increased by a more modest 3% over the same time period.
How to Put Financial Statements to Work for Your Business
Spring is the time of year that calendar-year-end businesses receive financial statements that conform to U.S. Generally Accepted Accounting Principles (GAAP). This year, take your financial statements beyond compliance and use it to develop a comprehensive business plan.
LLC: When Does It Not Protect Your Personal Assets?
Limited liability companies (LLCs) are common ways for real estate owners and developers to hold title to property. Their popularity is due to the fact that LLCs limit members’ personal liability. In other words, only an LLC member’s equity investment is usually at risk, not his or her personal assets. However, this does not mean personal liability never exists for the LLC’s debts and liabilities.
How to Deal With an Underperforming Partner
All firms have productive partners and partners who underperform, but what about those partners who were once top notch and now seem to phone it in? No managing partner likes to deal with this situation. However, the sooner you do, the less damage there will be to your firm’s profitability and relationships.
What are the Elements of a Medical Practice Business Plan?
Physicians typically generate business plans at two junctures in their practice’s development — when they want loans, or when they want start-up capital. In other words, physicians tend to get serious about a business plan only when they need to go to a bank and ask for money. Knowing the key elements of a business plan will help you construct an effective, comprehensive plan for your medical practice.