09.03.20

Do Not Put Payroll Management on Autopilot
Robert Swenson

The COVID-19 pandemic has thrown the economy for a loop. Many law firms have had to trim expenses and furlough employees. Laying off or decreasing pay for support staff, associates and partners can add payroll tasks to your workload. If your firm is reducing people on the payroll or outsourcing work to independent contractors, there […]

08.27.20

How to Map Metrics to Your Mission
Chris Arndt

When you are strategic planning, do you map back metrics to your mission? If you have read any of our budgeting articles, you are familiar with my recommendation to set targets or benchmarks for your team. Creating this culture of growth sets your business up to scale. I recently wrote that in order to grow […]

08.26.20

The Tax Importance of Having a Profit Motive
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. One married taxpayer recently learned the hard way when the IRS disputed business deductions that led them to the U.S. Tax Court. Sarkin v. Commissioner provides a helpful overview of how the […]

08.20.20

Five Planning Strategies in Uncertain Times

The COVID-19 pandemic, waves of civil unrest and rocky economic times have led to an abundance of external and internal forces for which many not-for-profit organizations have found themselves unprepared. Organizations are struggling to continue serving their constituencies while keeping their doors open, and their employees safe and employed. The uncertainty makes it challenging to […]

08.14.20

Approaching Retirement? How to Deal With Market Volatility
Christopher Georgiou

The COVID-19 pandemic has wreaked havoc on financial markets and the general economy, providing swings in both directions. If you are approaching retirement, or are already retired, you may be worried about the effects of market volatility on your retirement portfolio. Here is how to adjust your investments — and possibly, some of your expectations. […]

08.12.20

How to Handle Collections Reasonably and Compassionately

According to the Kaiser and New York Times survey, almost 25% of U.S. patients have trouble paying a medical bill. The same survey states that 32% of adults between the ages of 18 and 64 have postponed getting needed care due to the cost and 40% said they have relied on home remedies and over-the-counter […]

08.11.20

How to Cut Your Monthly Business Expenses as You Grow  
Chris Arndt

Now is a better time than ever to get your business spending under control. Unlike most accountants, we like to focus on growing your business, but certain times call for cost-cutting measures. Better yet, if you can cut your monthly business expenses as you are growing, then you are creating a great capacity to scale. […]

08.07.20

CARES Act Balancing Act: Helping Employees Recoup Retirement Savings

The Coronavirus Aid, Relief, and Economic Security (CARES) Act’s retirement plan provisions are designed to throw a financial lifeline to people suffering adverse economic consequences from the COVID-19 pandemic. However, they leave plan sponsors largely in the driver’s seat. If you amended your plan to allow employees to take advantage of the CARES Act, what […]

08.04.20

Making Remote Work…Work

This year, many law firms were forced to temporarily shutter their offices and required staff to work from home. Although many professional services businesses are beginning to reopen and are recalling employees back to the office, COVID-19 infection rates could potentially spike to spring levels again this fall. Now is the time to prepare for […]

07.30.20

Giving to Charity is a Little Sweeter in 2020
Jacqueline N. Janczewski

The Coronavirus Aid, Relief, and Economic Security (CARES) Act has temporarily created a new $300 charitable deduction for nonitemizers but also gives larger donors an opportunity to save more tax on their gifts. Here is what charitable donors need to know. Related Read: CARES Act Expands Financial Options for Impacted Plan Participants Limit suspended The CARES […]