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. 

12.10.19

Look Before You Leap: Key Considerations When Seeking Loans

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.

12.05.19

Section 529 versus Roth IRA Plans: Choosing a College Savings Tool
Christopher Georgiou

Many people assume that a Section 529 plan is the ideal college savings tool. But the Roth IRA can also help parents save for college expenses. This article reviews the strengths of each. For example, Sec. 529 plans allow participants to make substantial non-deductible contributions. Owners of Roth IRAs can withdraw contributions anytime, tax and penalty-free, for any purpose.

11.25.19

Making “Made in the USA” Work
Seamus M. Donoghue

“Made in the USA” is a hot marketing trend that can help manufacturers differentiate products in the marketplace. If manufacturers can obtain goods domestically faster and at lower costs than foreign suppliers can offer, it seems like a win. But, when “homegrown” products are more expensive than foreign-sourced products, purchasers may balk at the higher price tag.

11.22.19

The Benefits of Client Satisfaction Surveys
Joy A. Long

As the year winds down and 2020 comes into focus, law firms should think now about sending year-end client satisfaction surveys to their clients. Surveys are a great tool for gathering valuable information about a firm’s performance and for getting a read on clients’ satisfaction levels. They also help identify new opportunities for service expansion, as well as crucial areas for service improvement. This article discusses survey methods and key information law firms should be gathering from their clients, because it’s easier and less expensive to obtain new work from current clients than to prospect and win new clients.

11.21.19

Functional Expense Schedule Best Practices for Not-for-Profits
AICPA

For some not-for-profit entities (NFPs), a separate statement of functional expenses will be the most efficient and effective way of presenting the analysis of expenses by function and nature that is required under FASB Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Voluntary health and welfare organizations were previously required to present a statement of functional expenses; other NFPs were not required but could choose to present one if desired. However, many NFPs are preparing this statement, or a similar schedule in the notes to the financial statements, for the first time. With that in mind, here are some best practices for organizations to keep in mind as they prepare these schedules.

11.20.19

Patient No-Shows? No Problem
Kevin Omahen

Working around patients that do not show up for appointments is a constant battle that all medical practices face. This article dives into various strategies to help tackle this issue.