07.26.19

Eight Signs Your Controller is Holding Your Business Back

Your controller should be an integral part of your strategic plan to scale. In fact, they should be a strategic partner in most aspects of growth. When small problems affecting your business growth begin to seem anything but small, it may be time to examine whether your finance team is helping you scale or stunting […]

07.24.19

Disclosure Obligations of Plan Sponsors

Plan sponsors of qualified retirement plans, such as 401(k) plans, are required to provide certain information to plan participants. Although plan sponsors often rely on recordkeepers, third-party administrators or other advisors to help, it is ultimately the responsibility of the plan sponsor to make sure the disclosure requirements are met.

07.23.19

2018 Yellow Book and New Independence Rules for Auditors
James Quaid

Many organizations are subject to reporting under generally accepted government auditing standards, also known as the Yellow Book. This reporting applies to all organizations that are subject to Single Audit reporting, HUD audits, most charter/contract schools and many social service agencies that receive state funding. The 2018 Yellow Book was recently updated and includes a […]

07.22.19

Why Wait to Deduct Your Purchases? Turbocharge Tax Deductions With Bonus Depreciation and Sec. 179
Seamus M. Donoghue

“Don’t put off until tomorrow what you can do today,” Benjamin Franklin once advised. This timeless wisdom applies in many business scenarios, from taking advantage of growth opportunities to claiming tax deductions. In general, business owners should jump on tax-saving opportunities as soon as possible due to the time value of money. Two especially lucrative […]

07.17.19

What Is Your Firm Waiting For? Study Spotlights Opportunities for Small Law Firms
Joy A. Long

A new study from the Thomson Reuters Legal Executive Institute (LEI) suggests that many small law firms (firms with fewer than 30 lawyers) are largely too focused on maintaining the status quo within their firms. The 2019 State of U.S. Small Law Firms finds that while these firms are well aware that they face numerous […]

07.15.19

Crowdfunding Comes to Commercial Real Estate
Kadir P. Sunardio

You have probably heard of Kickstarter and other popular crowdfunding platforms that are used to obtain funding from individual investors for everything from independent movies and music to health care and legal expenses. In the past few years, crowdfunding platforms have also popped up to offer individuals a way to invest in commercial real estate […]

07.12.19

Newsworthy Notes for Not-for-Profits

Cryptocurrency Donations pose problems It’s hard enough figuring out how to manage donations of art or other nonfinancial assets — now some not-for-profits must navigate the challenges that come with cryptocurrency donations. According to Bloomberg, several colleges and universities have recently received crypto donations. These can raise accounting questions, complicate tax filings and require special […]

07.11.19

Growing Sales Using the Right Cloud ERP and Inventory Management Solutions: A Young Nails and NetSuite Case Study

Young Nails, Inc. Business Overview Run by the dynamic Salo brothers and respected for its next-level product innovation and education, Young Nails Inc., is a professional nail care manufacturing company exporting to more than 40 countries worldwide and distributing domestically to 3,000+ stores.  But, CEO Habib Salo clarifies, “[W]hat we really do is teach nail […]

07.10.19

Illinois’ New Minimum Wage Law: Much More Than a Rate Hike
Thomas Pierce

Illinois recently joined the growing list of states increasing their minimum wage. On February 19, Governor Pritzker signed the Lifting Up Illinois Working Families Act (the Act), which amends the Illinois Minimum Wage Law (IMWL) to gradually increase the state’s minimum wage from its current rate of $8.25 per hour to $15 per hour by […]

07.09.19

A Trust Can Be A Mighty Financial Fortress
Eileen Cozzi

You may think of trusts as estate planning tools. While trusts can certainly fill that role, they are also useful for protecting assets, both now and later. Creditors, former business partners, ex-spouses, “spendthrift” children and taxes can all pose risks. Here is how trusts defend against asset protection challenges. To protect assets, your trust must […]