05.29.19

Signs of Financial Trouble for Board Members
Charles J. Burke

A key fiduciary duty of a not-for-profit’s board of directors is to oversee and monitor the organization’s financial health. Some financial matters may jump out at board members, such as the loss of a major funder or a successful fundraising event. But other financial factors are less flashy. Here are some to consider. Watch for […]

05.24.19

How to Plan for a Tax-Efficient Retirement
Justin L. Sylvan

People today are living longer than ever. These longer life expectancies mean that your retirement savings may have to stretch for more years than you anticipated. Effective tax planning strategies will ensure that your retirement goals are met. Review Your Income Sources The first step is to estimate your cash needs in retirement and evaluate […]

05.22.19

How to Handle Collections and Late Payments
Robert Swenson

For most law firms, it is a familiar pattern: while some clients remit promptly, others drag their feet, and regrettably, some may not pay at all. Because attorneys generally cannot withdraw representation based solely on a client’s failure to punctually pay an invoice, firms must have a system in place that improves collections. Doing so […]

05.22.19

Three Landlord-Friendly Fixes to Lease Accounting Rules

The new rules on accounting for leases have already taken effect for public companies and will apply to all other entities in 2020. While most of the rule changes apply to tenants, some of the provisions mark a departure for landlords — and many parties raised concerns about the rules’ cost and complexity soon after […]

05.21.19

Four Signs of an Unreliable Budget
Kenneth Tornheim

Every business should prepare an annual budget, but it is especially important in the capital-intensive manufacturing sector. Comprehensive, realistic budgets allow you to identify potential shortages of cash, production capacity constraints and other threats. They also can help you develop a strategic plan that takes advantage of opportunities to improve performance. Here are four signs […]

05.14.19

Reaching the Tipping Point – Service Charges vs. Tips

After much debate, the IRS determined – in Revenue 2012-18 – that automatic gratuities are service charges–not tips. This ruling, which went into effect on January 1, 2014, increased the paperwork burden and payroll tax commitment for restaurant owners.

05.13.19

Proposed IRS Regulations Liberalize Rules for Hardship Withdrawals
James Quaid

How hard should a hardship be to justify a hardship withdrawal from a 401(k) plan?  Proposed IRS regulations could enable eligible plan participants “to access their money more quickly with a minimum of red tape,” according to the IRS. Below summarizes several key provisions of the proposed regulations. The status quo To provide context for […]

05.10.19

Rightsizing Your Board: How Many Directors Do You Really Need?
Caitlin G. Gibbs

State law typically sets the minimum number of directors a not-for-profit must have on its board. But as long as that requirement is fulfilled, it is up to each organization to determine how many total board members it needs. While there is no “sweet spot” that will work for every organization, several guidelines can help […]

04.24.19

Landing Corporate Backing Requires a Game Plan

When the economy is good, corporations tend to be more generous with their donations to not-for-profit organizations, but the competition can be tough. Not-for-profits that make detailed, compelling pitches to corporations and provide support for their requests have the best chance at securing corporate backing.

04.23.19

Failing to Enroll Eligible Employees in Your Plan
James Pellino

Given the significant amount of administrative responsibilities of a plan sponsor, administrative glitches are inevitable when operating a retirement plan. One of the common errors we see when auditing plans is failing to add a newly eligible employee to your roster of 401(k) plan participants.