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.

10.11.19

How to Streamline Your Monthly Reporting Like a Boss
Chris Arndt

Monthly reporting is one of those operational necessities that often becomes neglected. Here are three ways you can streamline your monthly reporting.

10.03.19

Retirement Plan Changes Under the SECURE Act
Frank L. Washelesky

For many people, qualified retirement plans make up a large part of their overall savings.  There are many complex rules surrounding qualified plans and Individual Retirement Accounts (IRAs), but there have not been significant modifications for quite some time. That may all change this year as the House of Representatives has passed the Setting Every […]

09.27.19

How’s Your Revenue Cycle?
Kelly H. Buchheit

Do you know whether your practice’s revenue cycle management system is functioning at its peak potential? If not, your practice might be headed for trouble. To keep your practice financially healthy, you may want to assess the system’s strengths and weaknesses to make sure it is operating in a way that will maximize revenue and minimize waste.

09.26.19

How to Prepare for Your Audit
Caitlin G. Gibbs

It’s that time of year again: Your annual financial statement audit. You want it to go as smoothly as possible, but you are not sure what you need to do in order to make it happen. Here are some best practices and helpful tips to improve the efficiency of the audit.

09.25.19

Using Cost Segregation Studies for Like-Kind Exchanges
Tamara Partridge

Cost segregation studies have been utilized by many property owners to take advantage of accelerated depreciation methods, including bonus depreciation and Internal Revenue Code Section 179 expense deductions. Accelerated first-year deductions do not change the total amount of deductions over an asset’s useful life, but they do change the timing of deductions. This lowers taxes and generates extra cash flow in the year an asset is placed in service.

09.23.19

A New Recipe for Lease Accounting: How Will It Affect Your Restaurant?
Christopher Georgiou

Many restaurants rely on leasing to acquire essential assets, from physical space and furniture to kitchen and bar equipment to point-of-sale (POS) systems. If your business has a substantial number of leases, be aware that new accounting rules — which bring most leases onto the balance sheet — may have a significant impact on your […]