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 […]

10.14.21

How Top “Pandemic Performer” Law Firms Thrived

A recent report from the Thomson Reuters Institute examines the factors that have contributed to the high performance of law firms that fared best financially during the COVID-19 pandemic. Understanding these factors can help other firms better position themselves for future disruptions. Related Read: State of the Midsize Market: Resilience Is Key Key characteristics The 2021 […]

10.07.21

Audit Communications to Plan Sponsors More Robust Under SAS 136
Stephanie Zaleski-Braatz

The AICPA’s Statement on Accounting Standards No. 136 (SAS 136), “Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974), will meaningfully change the audit process for defined contribution plan sponsors. The AICPA issued SAS 136 with the goal of giving readers of […]

10.06.21

The Tax Impacts of Capitalizing Versus Expensing Costs of Real Estate
Thomas Kosinski

Individuals with real estate businesses often expect to deduct business-related expenses for tax purposes. But those tax deductions might not be a guarantee. Many real estate development costs are required to be capitalized and added to the cost of the building. In this case, there are additional rules to determine if building costs qualify for […]

09.28.21

How To Get Stuff Done
Thomas Pierce

Law firms face disruption on multiple fronts and they are struggling to get things done. Firm leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with […]