10.10.18

Time to Invest? Making the Most of a Budget Surplus

With the economy thriving, many law firms find themselves with a budget surplus for the first time in several years. If you are one of these firms, consider investing some of those funds in achieving long-term growth.

10.05.18

Your Responsibility When Hiring Household Help
Jacqueline N. Janczewski

When you hire a housekeeper, nanny or other domestic worker, you do not just acquire an employee, but also a set of tax responsibilities. Proper filing and reporting enables your worker to build an employment record and gain access to Social Security, Medicare and other benefits. This also helps protect you from potentially expensive and time-consuming legal trouble.

09.28.18

Employee or Independent Contractor? Worker Classification Matters
Seamus M. Donoghue

There’s a fine line between employee and independent contractor. The distinction may take on even greater importance under the new tax law as some employees try to shift ordinary income into business income to be eligible for the new qualified business income deduction. Here’s an overview of this issue and the characteristics that distinguish employees from contractors.

09.26.18

ASU 2016-14: The Rules of Restricted Donations
Caitlin G. Gibbs

With the upcoming net asset classification changes to not-for-profit financial statements under ASU 2016-14, now is as good a time as ever for a refresher on the rules of restricted donations. First, let’s briefly touch on the net asset changes that are rapidly approaching.

09.24.18

Do You Trust Your Trustee?
Thomas Kosinski

Trusts are one of the most common estate planning options and are appealing for many reasons. However, they can be complicated to set up and difficult to keep updated for your lifetime planning. One of the big decisions you need to make when establishing a trust is who will act as trustee.

09.19.18

Reduce Plan Leakage by Upgrading Your 401(k) Loan Rules and Practices
Stephanie Zaleski-Braatz

If your retirement plan allows loans and/or hardship withdrawals, it may be leaking money. Plan leakage refers to participants allowing their account balances to shrink, because of either loans or hardship withdrawals. Plan loans do not always result in permanent leakage when they are repaid, but they still can have adverse long-term consequences for participants.

09.18.18

Strategies for Maintaining and Growing Donations Under the New Tax Law
Kenneth Tornheim

When the economy improves, not-for-profits typically find that donations also grow. But, the latest economic swing comes on the heels of a sweeping new tax law that many fear will counter that effect. The Tax Cuts and Jobs Act may disincentivize charitable giving for all but the wealthiest contributors.

09.14.18

Using Blockchain to Build a Better Real Estate Transaction
Kadir P. Sunardio

Blockchain technology first gained attention as the digital ledger that makes Bitcoin transactions possible. Today, it has  migrated to other areas that could benefit from a distributed, unalterable ledger. Here’s some valuable information for commercial property investors who are unfamiliar with how blockchain can benefit them.

09.12.18

Accident Versus Intention: Six Ways to Improve Office Protocols

All too often, protocols in a medical practice evolve by accident. A person decides that something should be done a certain way, everyone follows suit and it becomes standard operating procedure. However, it is better to intentionally assess your processes and develop systems that can be used as guidelines for meeting your practice’s goals.

09.10.18

Opting Out of the New Partnership Audit Regime
Robert Swenson

The Bipartisan Budget Act of 2015 changed how partnerships are audited. Proposed IRS rules for partnership audits under the law apply to taxable years beginning after December 31, 2017, but some partnerships can choose to opt out. If your law firm is organized as a partnership, here’s what you need to know.