Trivial Retirement Plan Changes from the Tax Cuts and Jobs Act, Right?
Larry A. Ruff
At first glance, the Tax Cut and Jobs Act (TCJA) did not change much regarding retirement plans. None of the rumored changes were included in the TCJA, such as the so-called “Rothification.” Moreover, there were no changes to retirement plan limits or rules regarding contributions. Well admittedly, the TCJA did change a few things.
Production Costs – Are the Prices Too High, Too Low, or Just Right?
Anna M. Coldwell
Manufacturers tend to base product prices on direct production costs. They occasionally adjust prices for inflation or when the costs of raw materials spike. Here’s why this simplified pricing model may compromise market share over the long run and how market leaders factor market-based considerations into their pricing strategies.
Before You Renovate Your Home, Do the Math
David M. Bowman
Thinking about renovating your home to boost its market value? You’re not alone. In the first quarter of 2017, the Remodeling Market Index, compiled by the National Association of Home Builders, reached 58. That’s close to its historical high and is its strongest showing since the fourth quarter of 2015.
Private Practice Owner or Hospital Employee?
More physicians are currently employed by hospitals or medical practices than ever before, while fewer are in private practice. According to a 2016 Medscape report, physicians as a group have shifted from private practice to being employed with the rate of employed physicians growing by more than 30% from 2000 through 2016.
Net Asset Reporting Under the New ASU 2016-14: Presentation of Financial Statements for Not-for-Profit Entities
Sarah G. Widlock
In an effort to provide more useful information to donors, grantors, creditors, and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities on August 18, 2016. While the ASU focuses on five main areas that are changing, this blog will highlight just one—net assets.
How Detailed Does My Business Budget Need to Be?
I feel pretty safe saying that most, if not all, entrepreneurs know they need a business budget. Where business owners often get hung up is on just how comprehensive that budget needs to be. We, at Red Granite and ORBA, frequently get asked this exact question by clients: “How detailed does my business budget need to be?” And it’s another one of those “it depends,” kind of answers.
Don’t Delay – What You Need to Know About Delay Damages
Anita S. Wescott
It is bound to happen occasionally. A perfectly timed construction project hits an unexpected snag, leading to major financial repercussions. When an owner causes the delay, the parties may wind up in court to determine how to allocate damages — no easy task when a contractor’s costs span multiple projects. This article reviews two ways to determine overhead allocations and discusses other damages contractors may seek.
Questions to Ask Your Accountant Before You Expand Your Business
Do You Know When The Time is Right (or Wrong) to Expand Your Business? Think you are ready to expand your business? We often see startups attempt to expand too quickly before they are at the appropriate stage in their growth. To know if you have reached the right phase in the evolution of your […]
The Effects of Tax Reform on Charitable Donations
In December 2017, the Tax Cut and Jobs Act became law. This law, which represents the biggest overhaul of the tax code in over 30 years, does not, at first glance, seem to have a big impact on charitable donations. In fact, in one area, the limits on charitable donations became more liberal. However, when […]
What the New Tax Law Means for Law Firms
Just before the end of 2017, President Trump signed into law the Tax Cuts and Jobs Act (TCJA). Many types of businesses stand to benefit from the sweeping legislation, but the boon for law firms is limited. Here’s a quick review of the TCJA and some of its impact on law firms. The Pass-Through Deduction […]