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What to do if You Inherit an IRA
Individuals who inherit an IRA have several options for handling the funds, depending on their relationship with the original accountholder. This article summarizes options for spouses and non-spouses.
ORBA Welcomes New Additions to Tax, Accounting Services Departments
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to welcome Ashley Cejka, Colin O’Neill and Mallory Parker to its Tax Department. The firm also welcomes Carolyn Callahan and James Knowles to its Accounting Services Department. Ashley Cejka, CPA brings more than five years of public accounting experience […]
Company Health Check: Is Your Business Financially Fit?
How do you know your company is financially fit? We all talk it to death: profit, profit, profit. And for good reason—your profitability, and therefore your profit margin, is the single best measure of company health. However, it is a mistake to think that is all there is to it. This article outlines a handful of other metrics you should be using to gauge company health.
Avoid Litigation with Attention to Common ‘Red Flags’
Any size retirement plan can run into serious trouble when sponsors are not careful. With some planning, however, a qualified retirement plan can avoid ERISA litigation. This article reviews some of the most common red flags leading to litigation and reminds plan sponsors of the importance of regularly reviewing fees and expenses.
The New Revenue Recognition Standard: How Does It Affect My Not-for-Profit?
When the Financial Accounting Standards Board’s (FASB’s) new revenue recognition standard was released in 2014, many organizations and businesses were unsure on how it would affect them. In particular, not-for-profit organizations were unclear on the potential impact. However, the new standard applies only to revenue from “exchange transactions,” also known as reciprocal transactions. Many not-for-profit organizations receive contributions, which are non-reciprocal, and therefore, different rules apply. This article explains when you should report grant and contribution revenues under ASU 2014-09. A Sidebar reports on future FASB guidance that will clarify how and when to recognize grant and contribution revenue when receiving government funds.
ORBA Welcomes Byrd, Edosomwan, Ordiway and Vera to Cloud CFO Services Department
CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is proud to welcome Segdrick P. Byrd, Ivie Edosomwan, Jessica Ordiway and Florencio Vera to its Cloud CFO Services Department.
Gross-up Provisions: Good News for Both Landlords and Tenants
In an uncertain economy, commercial landlords understandably look for ways to protect themselves from financial exposure. One approach is the inclusion of gross-up provisions in leases. This article explains that a properly drafted gross-up provision can help ensure that tenants pay their share for operating expenses when some units are vacant, while also protecting tenants from unexpected cost increases.
How Manufacturers Can Reduce Waste
Look around most shop floors, and you will see evidence of waste. Piles of scrap materials can be found around production and assembly areas, leading to safety issues and cleanup costs. If you look deeper into the operations of manufacturing companies, you will see that waste extends beyond trash. This article explores the concept of waste and provides creative solutions for reducing it with preventive maintenance, routine physical inspections and effective quality control.
Reframing: How Not-For-Profit Leaders Can Keep Learning on the Job
Whether an executive on staff or a member of the board, new to the organization or a long-time veteran, a not-for-profit organization’s leader sometimes faces tough challenges that a formal development class will not address. However, according to the not-for-profit organization Community Resource Exchange (CRE), learning on the job can be a rich source of leadership and management development. This article describes two self-coaching opportunities, advocated by the CRE, that lean on resources one can find in one’s self, within the workplace and among networks.
Should I Implement Third-Party Billing for My Health Care Practice?
Physician practices tend to struggle frequently with the decision about whether or not they should outsource their billing processes. It can be quite the balancing act weighing the pros and cons. What is good for one practice might not work for another. This article goes over a few considerations health care practitioners should take when deliberating third-party billing.