11.30.21

Do Not Let Fraud Prevention Slide
James Quaid

The ongoing pandemic has strained many not-for-profit organizations, forcing them to cut corners to survive. But fraud prevention is one critical area that organizations cannot afford to overlook. If anything, antifraud measures are more important now than ever. Vulnerabilities of not-for-profit organizations The Association of Certified Fraud Examiners’ (ACFE) recent study, Report to the Nations: […]

11.29.21

The Telehealth Tax Checklist
Jason Flahive

Your telehealth tax questions, answered Health care practices implementing telehealth often focus their efforts on the marketing, technology, security and logistics of providing health care services to their patients and occasionally overlook tax and state regulatory considerations. The very nature of telehealth, which allows for patient care delivery across state lines, requires a careful analysis […]

11.23.21

Which Plan Documents Must You Surrender if You Are Sued?

When participants believe they have been mistreated by your company’s retirement plan and take their complaints to court, be prepared for requests for plan documents. Although under ERISA you are obligated to produce relevant materials, you are not required to indulge in a document fishing expedition. A recent court case, Theriot v. Building Trades United […]

11.23.21

Foreclosure: Tax and Other Financial Implications
Ryan Kertes

Despite the record-high prices in real estate, some homeowners and landlords have experienced financial hardships due to the COVID-19 pandemic. Although the federal government and many states provided some relief — in the form of mortgage forbearance and moratoriums on foreclosures and evictions — many of these programs have ended or will soon end. As […]

11.22.21

A Look at the Roth IRA Five-Year Rule
Tanya Gierut

The Roth IRA can be an attractive retirement savings vehicle due to the benefits they offer. Contributions are nondeductible on your income tax return, but qualified withdrawals of both contributions and earnings are tax-free and there are no required minimum distributions during the owner’s life. To ensure that withdrawals are tax- and penalty-free, it is […]

11.17.21

What Entity Structure Makes Sense for a Law Practice?
Joshua Goldschmidt

Regardless of whether you are just starting your own law practice or you have a well-established law firm, entity structure is something to consider. After all, your entity choice affects when you pay tax, what tax you pay, how the tax is paid, your liability in running the firm and much more. Here are a […]

11.15.21

Three Ways To Prepare for the Next Supply Chain Disruption
Brandon W. Vahl

Before the COVID-19 pandemic, many manufacturers’ supply chain management efforts focused on reducing costs and increasing efficiency, in some cases at the expense of flexibility and resiliency. But the pandemic highlighted the vulnerability of global supply chains to disruptions caused not only by public health emergencies, but also natural disasters, political unrest, economic volatility and […]

10.26.21

Estate Tax Planning in 2021: Uncertainty Abounds but Options Still Exist
Adam J. Pechin

Currently, U.S. citizens and non-U.S. citizens domiciled in the U.S. are entitled to an $11.7 million gift and estate tax exemption and are subject to a maximum marginal gift and estate tax rate of 40%. And while the gift and estate tax exemption is scheduled to drop to approximately one-half the current amount on January […]

10.20.21

Heads Up, Restaurants: Federal Relief Could Trigger a Single Audit
James Pellino

Since the outbreak of COVID-19, the restaurant industry has been one of the hardest hit by the pandemic’s impacts, leading to spikes in business closures, continued capacity limitations, and unprecedented loss in both jobs and sales. However, many establishments were able to keep their doors open and continue to serve customers throughout the course of […]

10.18.21

Challenges to Recognizing Revenue for Telehealth Visits

Revenue recognition is difficult at the best of times — if the number of resources on the topic across the Internet is any indication. However, when it comes to telehealth, revenue recognition can seem downright impossible. After all, you are performing a healthcare visit, potentially across thousands of miles. You do not only have to […]