11.06.19

Chicago’s New Fair Workweek Ordinance: Get Ready for Predictive Scheduling
Brian R. Israel

Recently, Chicago joined the growing ranks of cities that have enacted “fair workweek” ordinances. These ordinances are designed to ensure more predictable work shifts for employees in certain industries, including restaurants, allowing employees to maximize their income while maintaining a work-life balance. Chicago’s ordinance — which is expected to effect July 1, 2020 — strives to accomplish this goal by requiring employers to provide employees with at least 10 days’ advance notice of their work schedules and to compensate them for last-minute changes.

11.05.19

Planning for Required Minimum Distributions from IRAs: Why You Should Consider Making/Taking ROTH IRA Conversions in Low Income Years
Frank L. Washelesky

Individual Retirement Accounts (IRAs) often account for a large portion of an individual’s overall wealth as the person reaches retirement. With few exceptions, IRAs are taxable income at the time they are withdrawn.  In addition, a 10% penalty may apply if distributions are made prior to reaching age 59-½.

10.29.19

Business Planning: Preparing for Year End
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.

10.28.19

Key Considerations When Adopting Digital Technology for the Cash Disbursement Process
Alison Fetzer

Fewer and fewer businesses are relying on paper checks as their primary form of vendor payment.  Whether these payments are switching to credit card, ACH, wire, bill pay software or others, one thing is for sure—the days of presenting a stack of paper invoices with a stack of paper checks for review and approval are numbered.  With the rising popularity of alternative forms of payment and new technology, it is critical that organizations take a moment to ensure that they have sound controls over the review and approval process of cash disbursements. 

10.25.19

Sales Tax After Wayfair: What Manufacturers Need to Know
Brandon W. Vahl

The U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair affects many businesses, including manufacturers,  that buy or sell products across state lines. It upheld South Dakota’s “economic nexus” statute that requires certain out-of-state sellers to register for and collect sales tax in the state, even if they lack a physical presence there.

10.24.19

Five Immediate Factors to Consider Before Buying That Real Estate “Bargain”

With the real estate industry’s steady growth over the past several years and property values holding reasonably constant, investors are eager to jump on a perceived bargain. While securing the lowest price is not a bad idea, investors need to be careful about doing their research before closing on an apparent deal. That so-called “bargain” can quickly turn into a problem if you fail to consider more than just the purchase price. Before taking the plunge and buying a seemingly good parcel, here are five other factors to consider.

10.22.19

Divorcing? Don’t Let Your Estate Plan Fall Through the Cracks
Eileen Cozzi

If you are going through a divorce, you are probably feeling a little overwhelmed by all the legal and financial items you must attend to before the marriage termination is final. These tasks can be difficult, but revising your estate plan does not have to be. An estate planning professional can help you update documents and ensure that your children benefit according to your wishes — not your ex-spouse’s.

10.17.19

Creating a Not-For-Profit Budget that Drives Funding Growth
Sherry Quam Taylor

Besides accuracy, one of the most important things about financial management is using those numbers to discover trends that will inform the business decisions that lead to growth. Your numbers tell a story about your not-for-profit organization – and when you understand how to read your numbers you can strategically use it to grow your funding.

10.16.19

Appeals Court Sacks Spouse’s Attempt for Qualified Domestic Relations Order
James Pellino

Plan administrators are faced with a barrage of employee benefit plan rules, including hardship withdrawals, eligible compensation and deemed loan distributions.  It can seem like operating a plan is a never-ending learning experience.  One item that you may not have encountered yet is a qualified domestic relations order, or QDRO.  Like some of the other rules in the EBP world, QDRO rules can be a little confusing.  The important factor when dealing with a QDRO is determining if the QDRO is, in fact, qualified. 

10.14.19

Don’t Panic: How to Prepare for an IRS Audit
Robert Swenson

No one likes to receive a notice from the IRS that they are being audited, including law firms. But if you receive a notice from the IRS, don’t panic. The best defense is to be prepared.