10.20.11

Lease Agreement Legalities: Tread Carefully
Richard Lang

This post will discuss three of the important clauses business people should understand in a lease of already built space. If the building or space has not been built, the risks are exponential.

10.14.11

A Pink October
Dr. Sandy Goldberg

As the leaves begin to turn color and fall from the trees, A Silver Lining Foundation encourages you to realize that breast health education and regular testing is a year round issue and an essential component of lowering your risk factors

09.29.11

Debtor Solutions Lie with Solvency

Banks are becoming more willing to restructure troubled loans both for personal residences and for business property. Unfortunately, when mortgages are restructured, the debtor can end up with phantom taxable income from the cancellation of debt, resulting in a tax liability with no cash to pay the taxes. There are, however, exceptions to these rules.

09.21.11

Pink Panther hits N9NE this October

In our third video blog, we focus on the efforts N9NE Steakhouse is taking to support the Lynn Sage Foundation. They have found great success in taking the suggested campaign and adding their own twist. Check out the video!

09.14.11

Developer to Investor: The Benefits

In today’s real estate environment, it is not hard to imagine a scenario in which a builder or developer may be unable to sell or lease a building he has constructed. If, due to unforeseen circumstances, a developer or builder is unable to sell a piece of property, there is merit in considering whether the individual traditionally considered a dealer has become an investor in a rental property.

08.05.11

Promises to Give, Recognizable or Not?

Deciding when to recognize a donor’s promise to give as contribution revenue isn’t as easy as one may think. Understanding the different types of promises and general revenue recognition rules for each will help ensure your organization is recording promises to give correctly.

07.20.11

Divine Design: Maximizing tax benefits of build-out allowance arrangements

In the U.S. commercial real estate market, unique lease incentive packages are often structured to lure prospective tenants. Frequently included in these incentive packages is a leasehold improvement build-out allowance agreement. When entering into a new lease, the income tax consequences of these build-out allowance arrangements should be taken into consideration to maximize the benefits to both landlord and tenant.

07.08.11

Use It Or Lose It
Jeffrey Chiles

The IRS recently issued a listing of approximately 275,000 organizations that have automatically lost their tax-exempt status due to non-filing of required annual reports for three consecutive years. This inclusive list represents organizations of all sizes and exemption types that had a filing requirement but did not file the required returns or notices for the 2007, 2008, and 2009 tax years.

07.07.11

RISKY BUSINESS: Employees vs. Independent Contractors
Greg Koelling

As the economy suffered, many employers attempted to save money and gain flexibility by utilizing independent contractors as opposed to employees. Using independent contractors can save employment taxes and benefits costs while also allowing for more flexible work arrangements if work levels are sporadic or uncertain. However, misclassifying an employee as an independent contractor can result in severe tax costs for the unwary.

07.06.11

Home Sweet Home
Richard Lang

In Illinois, a married couple can hold title to their primary residence as “tenants by the entirety.” Tenancy by the entirety is similar to joint tenancy because at the death of a spouse, the property automatically passes to the surviving spouse. However, tenancy by the entirety is distinguished from joint tenancy because (1) tenancy by the entirety can only be used for the principal residence of a married couple, (2) the property cannot be conveyed or encumbered by one spouse without the written consent of the other, and (3) the property cannot be subject to a sale to satisfy a judgment against only one spouse (the exception to this rule would be the forced sale to satisfy a tax obligation).