01.23.23

Spouses Benefit From Social Security Too
Jacqueline N. Janczewski

If you are or were married, do not overlook spousal benefits when you estimate your Social Security income and determine when to start receiving it. Qualifying individuals can receive up to 50% of their spouse’s full retirement benefit or their own Social Security benefit, whichever is greater. Here is a quick overview of the process. […]

01.19.23

It Is Time to Analyze Your Research Expenditures
Thomas Pierce

Recent changes to the tax treatment of research expenditures are having a big impact on many manufacturers’ tax bills. The most significant change took effect in 2022 pursuant to the Tax Cuts and Jobs Act (TCJA). It requires businesses to capitalize research and experimental (R&E) expenditures under IRC Section 174 and amortize them over five […]

12.30.22

Restructuring Mortgage Debt? Watch Out for COD Income

In tough economic times, real estate owners and investors often work with their lenders to restructure mortgage debt. Lenders may be willing to reduce the interest rate, extend the repayment term or even forgive a portion of the debt. These modifications can provide welcome financial relief, but it is important to understand the tax implications. […]

12.29.22

Teaching Your Kids the Basics of Money Management
Justin L. Sylvan

Kids are never too young to learn about money and how to manage it responsibly. This blog advocates customizing money messages to children’s ages and interests and will give you some suggestions for teaching young children, grade schoolers, tweens and adolescents about managing money. For example, four-year-olds usually can understand the difference between needs and […]

12.27.22

Still Waiting for Your Employee Retention Credit Refund? You Are Not Alone
Thomas Pierce

For restaurants that have struggled during the COVID-19 pandemic, the employee retention credit (ERC) can be a welcome source of relief. Unfortunately, IRS processing delays have forced many restaurants to wait a long time before receiving their ERC refunds, in some cases more than one year. The longest wait times have been for retroactive ERC […]

12.22.22

Don’t Forget About the Illinois Secure Choice Savings Program Act
Joshua Goldschmidt

The Illinois Secure Choice Savings Program Act requires certain employers within Illinois to either participate in the state-run retirement plan or to offer employees a different qualified employer-sponsored retirement plan. The amended law now requires many small businesses with as few as 5 employees to comply by November 2023. The purpose of the program is […]

12.21.22

Ask These Questions Before Your Healthcare Organization Pursues a Merger or Acquisition
Jason Flahive

Your guide to making sure that your transaction decisions are what is best for your company Mergers and acquisitions (M&A) remain a key growth strategy in the health care sector for 2022 and beyond. With high valuations and uncertainty around future market trends, it is important that healthcare organizations carefully consider if an M&A deal […]

12.02.22

Avoid Employee Deferral Limit Excesses
James Pellino

The Internal Revenue Service (IRS) determines how much 401(k) plan participants can defer into their plan accounts, but many plan participants sometimes fail to fully understand or keep these deferral limits top of mind. Participants exceed 401(k) deferral limits for a variety of reasons. While the filing deadline for on-time tax filers has passed for […]

12.01.22

Deferring a Tax Hit With a Section 1031 Exchange
Adam M. Levine

Do you own commercial or investment real estate that has substantially increased in value? If you sell the property, you may be hit with a huge capital gain tax liability. A possible solution: Consider a Section 1031 exchange (also known as a like-kind exchange) in which you swap qualifying properties while paying zero or little […]

11.28.22

Monitor Your Organization’s Vital Signs with KPIs and Financial Metrics
Segdrick P. Byrd

Whenever you go to a doctor’s office or hospital, one of the first things they do is check your vital signs (i.e., pulse, temperature and blood pressure). Numbers that are unusually high or low, or change over time, may indicate an underlying problem that needs to be addressed. For not-for-profit organizations, key performance indicators (KPIs) […]