10.05.22

Communication Is Key to Timely Client Payment
Justin L. Sylvan

How regularly do you communicate with clients? Failure to do so might cause a client to become disgruntled and slow down — or stop — payments. Being in touch with your clients regularly will help you gauge a client’s level of satisfaction with your firm’s work. And satisfied clients generally pay their bills. Related Read: How […]

10.03.22

Get Ready for the New Lease Accounting Standard
Kenneth Tornheim

After several postponements, the updated lease accounting standard Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) is in effect for private companies. Late last year, the Financial Accounting Standards Board (FASB) voted unanimously against another delay. That means companies that follow U.S. Generally Accepted Accounting Principles (GAAP) must adopt the new standard for fiscal years beginning […]

09.26.22

Not-For-Profit News
Kenneth Tornheim

Volunteer time increases to $29.95 per hour According to calculations performed by the University of Maryland’s Do Good Institute on behalf of the Independent Sector, the estimated national value of a volunteer hour has reached $29.95 per hour. The Do Good Institute, which is part of the university’s School of Public Policy, based the figure […]

09.23.22

Tax Implications of Buying and Renting Out Units in an Owner-Occupied Multi-Unit Building
Joshua Goldschmidt

If you have ever considered buying a multi-unit building and renting out one or several units you are not alone. Potential positives to these properties include that real estate often increases in value, they may qualify for residential loans, they may be easier to manage due to being under one roof and these properties offer […]

09.22.22

It Is Time To Vote: Watch Out for IRS Limits on Not-For-Profit Political Activities
Charles J. Burke

The mid-term elections are almost here, and jockeying for the 2024 elections is not far behind. That makes this a good time to review the IRS rules regarding Section 501(c)(3) organizations and political activities. Noncompliance can lead to costly excise taxes and jeopardize your organization’s tax-exempt status. General prohibition The IRS is clear: Sec. 501(c)(3) […]

09.21.22

Nine Tips for Combating the Restaurant Labor Shortage
Thomas Pierce

One of the biggest challenges restaurants face today is the continuing labor shortage. In a recent survey by the National Restaurant Association, 65% of restaurant operators reported that they do not have enough employees to support customer demand. Although the right strategies for addressing the labor shortage will depend on your restaurant’s particular facts and […]

09.13.22

Understanding Your 401(K) Plan Compliance Testing

The Employee Retirement Income Security Act of 1974 (ERISA) requires plan sponsors of qualified retirement plans, such as a defined contribution plan or 401(k) plan, to act solely in the interests of participants and their beneficiaries. This means that the plan sponsor, as a fiduciary, must ensure that the plan itself does not discriminate in […]

09.12.22

Preparing for New Cryptocurrency Reporting Rules
Adam J. Pechin

If you have invested in cryptocurrency (for example, Bitcoin or Ether), nonfungible tokens (NFTs) or certain other digital assets, it is important to familiarize yourself with the new tax reporting requirements that take effect in 2023. The new rules will not increase your taxes. Instead, they are designed to help the IRS identify unreported digital […]

09.01.22

M&A Could Be the Next Challenge for Plan Sponsors… Are You Ready?

Despite fears over the COVID-19 pandemic, companies took advantage of low-interest rates to create an unprecedented increase in mergers and acquisition (M&A) activity in 2021.  Company retirement plans and their participants are typically an afterthought when M&A activity is happening at such a rapid pace. It is important to focus on a few areas that […]

08.30.22

Insourcing, Outsourcing, and Co-Sourcing: Which Is Right for You?

Conventional wisdom often holds that it is most efficient to keep all roles in-house, but this is not always the case. Rising labor costs, increased costs to meet advancing technology needs or equipment improvements, internal quality control issues and a number of other factors could dictate certain operations to be handled more effectively and efficiently […]