07.30.24

Can You Use AI in Your Medical Practice? 
Jason Flahive

In November 2022, artificial intelligence (AI) got a lot of attention with the launch of ChatGPT, a “chatbot” developed by OpenAI. Users can converse with the chatbot in a fairly sophisticated way via questions that steer conversations toward answers of any desired type, length, style and format. Although AI has the potential to transform many […]

07.29.24

FLSA Compliance: When Does the “Workday” Begin and End?
Brandon W. Vahl

The Fair Labor Standards Act (FLSA) requires employers to pay nonexempt workers a minimum wage per hour plus time and a half for hours worked over 40 per workweek. This seems straightforward, but it hasn’t always been. In Walsh v. East Penn Manufacturing Co., Inc., a manufacturer learned this lesson the hard way. A jury […]

07.23.24

Short-Term Rentals and Taxes: What Hosts Need to Know
Tyler F. Adams

Short-term rentals (STRs) offered through platforms such as Airbnb and VRBO have become a common part of vacation planning. If you have ever stayed in someone else’s home instead of a hotel, you may have thought about how you, too, could profit by renting out part or all of your own property. It may seem […]

07.16.24

Tax-Smart Strategies for Leaving Generation-Ranging Wealth
Daniel Konow

The generation-skipping transfer (GST) tax was designed to ensure that wealth is taxed at each generational level, and it is one of the most complex taxes in the tax code. So if you hope to leave wealth to grandchildren — even great-grandchildren and beyond — it is critical to consult with experienced estate planning advisors. […]

07.15.24

Not-For-Profit Leaders Share AI Concerns
Barbara Miller

Artificial intelligence (AI) seems to be everywhere these days, including in not-for-profits. A recent survey by Stanford University’s Institute for Human-Centered Artificial Intelligence and Project Evident explores the current use of, interest in and opportunity for AI in the social and education sectors. The survey’s results show that AI already has a considerable presence there; […]

06.13.24

Business Owners: Do You Know who is Servicing Your Retirement Plan and What You are Paying Them for?
Heather Sinclair-Smelley

Often, a retirement plan has a recordkeeper and a Third-Party Administrator (TPA). This is referred to unbundled plan services. Alternatively, one party could function as both, which is known as bundled services. A recordkeeper would be a company that holds the assets and processes transactions per your request, such as Fidelity, Voya, Transamerica or any […]

05.14.24

Are You or Your Employees Going to Be Eligible for Overtime Pay Soon? Biden-Harris Administration Finalizes Increase in Compensation Threshold for Overtime Eligibility
Heather Sinclair-Smelley

On April 23, 2024, the U.S. Department of Labor (Department) announced a final rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees, which will take effect on July 1, 2024. The final rule updates and revises the regulations issued under section 13(a)(1) of the Fair Labor Standards Act implementing […]

05.10.24

Risky Business: Borrowing Against a Life Insurance Policy
Jeffrey R. Green

Nearly everyone finds themselves short on cash to pay expenses from time to time, whether it is a mortgage payment, college tuition, medical bills or unexpected home or car repairs. If you own permanent life insurance — such as whole or universal life — one option for covering these expenses is to borrow against your […]

05.08.24

Delaware Statutory Trusts: Are They Right for You?
Tamara Partridge

Both established real estate investors and those interested in dipping their toes into the commercial real estate pool increasingly are considering acquiring interests in Delaware statutory trusts (DSTs). While these vehicles come with several potential benefits, they are not for everyone. Here is what you need to know. How DSTs Work When you invest in […]

04.25.24

Crowdfunding Comes with Tax Risks
Sarah G. Widlock

Crowdfunding campaigns are designed to raise money for individuals or causes and have risen in popularity in recent years. Some not-for-profits have benefited from the trend, but supporters and organizers of crowdfunding campaigns may not understand the tax implications. These can differ significantly from tax rules for traditional charitable giving. If your organization is considering […]