02.15.21

Questions and Concerns Board Members Should Consider in the Current Environment – Cybersecurity
James Quaid

In my recent Not-For-Profit newsletter, Questions and Concerns Board Members Should Consider in the Current Environment, I shared some items and questions that not-for-profit organizations should consider in 2021. This blog focuses on one area that has, and continues to be, a prime area of concern for all organizations — cybersecurity. Mishaal Khan, Cybersecurity Practice […]

02.12.21

Manufacturing Evolving from COVID-19
Joyce Carlson

As we begin to see some light at the end of the COVID-19 tunnel, many manufacturers are turning their attention to the future. While the pandemic’s effects on manufacturing will be temporary in many aspects, there is a strong possibility of long-lasting changes taking effect in the near future. In this blog, we will dive […]

02.11.21

How a Charitable Remainder Trust Can Work as a “Stretch IRA” Substitute
Peggy Vyborny

Until recently, if you named someone other than your spouse as the beneficiary of your IRA or qualified retirement plan, that person would have the option of taking distributions over his or her life expectancy. This strategy, commonly called a “stretch” IRA, offered significant advantages by allowing distributions to be spread over decades. But the […]

02.09.21

Budgeting for COVID-19 Uncertainties  
Kevin Omahen

There is always a degree of uncertainty when your organization is budgeting for the year. However, the COVID-19 pandemic has created a completely new sense of uncertainty. As revenues for many organizations have decreased in the past year and the demand for program services has not changed (or may have even increased), the budgeting process […]

02.08.21

Watch Employee Turnover Rate to Avoid Partial Termination

If you have laid off more than 20% of your plan participants over the course of your plan year — an unfortunate necessity for many employers during the COVID-19 pandemic — the IRS could deem that your retirement plan has undergone a “partial termination.” Such a partial termination would trigger the immediate vesting of all […]

02.04.21

Finalized Rehabilitation Credit Regulations and COVID-19 Extensions

The Rehabilitation Tax Credit (Internal Revenue Code’s Section 47) is a tax incentive for investors to renovate and restore old and historic buildings within cities and towns. The purpose of the credit is to promote historic structures’ rehabilitation; therefore, related building reconstruction costs, including new construction, are applicable under the credit. Under the Tax Cuts […]

01.28.21

SECURE Act: Changes to 401(k) Plan Eligibility and Vesting for Part-Time Employees

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 contained the most significant legislative changes to the private-sector retirement system in decades. One of the SECURE Act’s provisions changes the 401(k) plan eligibility requirements for part-time employees. Related Read: What You Need to Know About the SECURE Act Understanding the rule Previously, part-time […]

01.26.21

Study Digs Into Changes and Challenges for Small Firms
Justin L. Sylvan

Few areas of life are going unaffected by the COVID-19 pandemic and its economic fallout. But according to research from Thomson Reuters, one thing has remained nearly constant: The challenges confronting small law firms and firms’ response, or lack thereof. Although these top-line findings may seem discouraging, the 2020 Report on the State of U.S. […]

01.22.21

Considerations Before You Begin Social Security Benefits
Thomas Kosinski

The full retirement age for Social Security benefits, also called “normal retirement age,” is generally between ages 66 and 67. The age was set at 65 for many years. In 1983, Congress passed a law to raise the age because people are living longer and staying healthier in older age. The law raised the age by […]

01.21.21

Seven Steps to Handle a Down Economy
Kelly H. Buchheit

The COVID-19 pandemic has had many ramifications. One of these has been a down economy that has affected many sectors of our society — including medical practices. Physicians have felt the effects as patients have lost jobs and health insurance, been reluctant to visit doctors’ offices because of fear of infection and shifted to saving […]