02.12.13

Do I Need a Single Audit?

The Office of Management and Business (OMB) issued Circular A-133, Audits of States, Local Governments and Non-Profit Organizations to establish the requirements for audits of non-Federal entities that expend Federal awards. Referencing a few important points found in the guidelines will help determine if your organization needs a single audit.

01.24.13

How Does the 3.8% Net Investment Income Tax Apply to Real Estate Professionals?

If you own real estate that generates income, you could be paying an additional 3.8% net investment income tax (NIIT) which goes into effect in 2013. For the sake of discussion, let’s assume that your adjusted gross income (AGI) is over the relevant threshold ($250,000 in the case of a married couple filing jointly). Even if your AGI is generally low, there may come a year when you sell property, giving you a high adjusted gross income and significant income subject to NIIT in that year. Is there any tax planning that can be done to offset the NIIT?

01.16.13

New Year’s Resolutions for Restaurants
James Pellino

Whether it’s getting that gym membership or tweaking your personal savings plan, people always want to hit the ground running at the beginning of a new year. With all of these personal goals you’ve set up for yourself, it’s easy to forget about some key deadlines that relate to your restaurant.

01.15.13

Charitable Aspects of the Fiscal Cliff Deal
Jeffrey Chiles

A fiscal cliff deal finally materialized on January 2 with the passage of the American Taxpayer Relief Act of 2012. The legislation included a handful of new tax provisions as well as a significant number of tax extenders previously scheduled to expire either in 2011 or 2012. A few of these provisions and extenders will more than likely have a direct effect on charitable organizations and their fundraising efforts, including the reinstatement of the Pease limitation and the extension of the qualified charitable IRA distribution.

01.14.13

The Role of the Audit Committee
James Quaid

Since the Sarbanes-Oxley Act was passed in 2002 and the Form 990 was redesigned in 2008, there has been an increased focus on the importance of corporate governance within not-for-profit organizations. A not-for-profit’s board of directors is charged with oversight of the organization’s governance and fiscal accountability. A strong audit committee can assist the board in their oversight of these areas.

11.28.12

What is a Mission Statement and What Makes it Effective?
Adam M. Levine

Most people often believe that a charitable organization develops a mission statement for internal purposes with the added benefit of drawing in donations. However, mission statements not only express the purpose of the charity, but also create the foundation for success.

11.27.12

Up-Selling to Increase Your Restaurant’s Revenues
James Pellino

Pick up a local newspaper or browse your local deal or restaurant websites and you’ll find an array of elaborate and unique restaurant promotional campaigns to attract more customers. Restaurateurs spend countless hours and dollars developing ideas on how to increase their restaurants’ sales by increasing the foot traffic that is coming into their establishments.

11.19.12

Celebrating Progress, While Keeping a Focus on the Future
Susan Mantel

November is Lung Cancer Awareness Month, designated to bring attention to the needs of all those affected by an often invisible disease. In our lifetime, one in 14 of us will be diagnosed with this disease. In fact, over the course of the next year, approximately 225,000 people will be diagnosed with lung cancer.

11.09.12

Managing Your Restaurant’s Inventory

Maintaining effective and efficient control over inventory is a challenge for every restaurant. The following are best practices to address inventory issues such as theft, high costs, excessive waste, etc.

10.31.12

Breast Cancer Awareness Month: Get the Facts
Dr. Sandy Goldberg

Although October is the month most closely associated with breast cancer and breast cancer awareness in the U.S., the disease can strike at any time throughout the year. In 2012, it is expected that more than 207,000 women and 2,300 men will be diagnosed with breast cancer. Awareness and education are critical, because no one is immune from developing breast cancer.