01.10.20

Federal Appropriations Bill Provides Some Tax Changes for Exempt Organizations
Jeffrey Chiles

On December 20, the Further Consolidated Appropriations Act, 2020 (H.R. 1865) was signed into law. It includes a number of tax-related items, two of which directly affect exempt organizations.

01.08.20

Why the Segmented Income Statement is a Powerful Management Tool

A company car can be a valuable perk for business owners, salespeople and other key employees who use their vehicles for business purposes. Now may be an ideal time to acquire business vehicles, as the Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the “luxury auto” threshold, from an original cost of $15,800 to an inflation-adjusted cost of just over $50,000. Depreciation deductions for 2019 are not limited until a vehicle’s cost exceeds $50,400, and accelerated depreciation opportunities are available.

01.06.20

Troubleshooting Common Cash Flow Problems
Chris Arndt

Preparing for year-end finances should not only be about taxes. It is a perfect time to begin business planning to meet your financial goals and start off the year with clean books.

12.20.19

Caution Ahead: New City of Chicago Ordinance Requires More Not-for-Profit Employees and Directors to Register as Lobbyists
Quarles & Brady LLP

For-profit businesses are not the only organizations that can find themselves in need of a loan. Not-for-profit organizations often face cash flow issues due to budgetary restraints that call for relatively quick cash. If your organization faces similar situations, consider the decision to borrow carefully.

12.19.19

Law Firms are Prime Targets for Hackers — Do You Have a Cybersecurity Plan?
Jacqueline N. Janczewski

In today’s digital world, all businesses are at risk for electronic data breaches and other cyberattacks. But law firms are particularly vulnerable, in part because they are such enticing targets for cybercriminals.

12.16.19

The Difference Between a Balance Sheet and Your P&L (And Why it is Important)
Chris Arndt

Preparing for year-end finances shouldn’t only be about taxes. It’s a perfect time to begin business planning to meet your financial goals and start off the year with clean books.

12.16.19

You Better Watch Out, You Better Not Cry, You Better Not Pout, I’m Telling You Why…

Your excessive fees suit is coming to you. The 401(k) and 403(b) lawsuit world is hotter than the U.S. economy and equity markets. The growth in lawsuits is enormous and climbing every day with the announcement of another suit and subsequent settlement being reported in the news.

12.13.19

Teaming Up: How to Handle Financial Reporting for Two
Charles J. Burke

So, you have recently joined forces with another entity to boost efficiency, save money and better serve your constituencies. Sounds like a smart move. But does your accounting staff know how to report the activities of the two organizations?  Much will depend on the nature of your new relationship.

12.13.19

On the Road: Let’s Review the Tax Implications of Providing Company Cars

A company car can be a valuable perk for business owners, salespeople and other key employees who use their vehicles for business purposes. Now may be an ideal time to acquire business vehicles, as the Tax Cuts and Jobs Act of 2017 (TCJA) more than tripled the “luxury auto” threshold, from an original cost of $15,800 to an inflation-adjusted cost of just over $50,000. Depreciation deductions for 2019 are not limited until a vehicle’s cost exceeds $50,400, and accelerated depreciation opportunities are available.

12.12.19

Help Your Bottom Line: Focus on Your Revenue Cycle
Jason Flahive

Secure and consistent revenue is integral to any successful medical practice’s bottom line. Sometimes physicians lose track of what is actually going on in their business operations. When you aren’t paying attention to the financials, your profitability may tank regardless of how well you address patient needs and concerns.