08.31.18

The Vital Signs of Your Practice: Choose and Use the Right Key Performance Indicators
Jason Flahive

In the age of big data, it is possible to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So, what should your medical practice measure?

08.29.18

Liquidity and Availability of Resources Disclosures Under the New ASU 2016-14: Presentation of Financial Statements of Not-for-Profit Entities
Sarah G. Widlock

In an effort to provide more useful information to users of the financial statements, the Financial Accounting Standards Board released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not for Profit Entities. While the ASU focuses on five main areas that are changing, this blog will highlight just one – liquidity and availability of resources.

08.24.18

Is it Time to Switch Accounting Methods?

The Tax Cuts and Jobs Act (TCJA) liberalizes the eligibility requirements for certain accounting methods that are generally easier to use and more flexible. As a result, more small and midsize manufacturers may be eligible for tax reporting shortcuts that may warrant accounting method changes.

08.22.18

Should You Convert Your Balance to a Roth IRA?
Dan Newman

If you have accumulated a large balance in a traditional IRA, now may be an ideal time to convert some or all of it to a Roth IRA. The recently enacted Tax Cuts and Jobs Act reduces individual income tax rates through 2025, which lowers the cost of conversion.

08.20.18

A Recipe for Online Success: Five Key Ingredients for Shaping Your Restaurant’s Social Media Strategy
Thomas Pierce

Restaurants often talk about establishing a social media presence. However, most restaurants already have such a presence, whether they know it or not. It’s likely that people are discussing your restaurant on Facebook, sharing photos of your food or decor on Instagram, and posting reviews to sites like Yelp and Foursquare.

08.16.18

How to Lower Customer Acquisition Cost

Congratulations, you have managed to persuade a customer to purchase your product or service. In fact, you have managed to repeat this action over and over again. But, do you know the true cost to acquiring those customers and have you figured out how to improve that cost?

08.14.18

Identity Theft Puts Plan Participants and Sponsors at Risk
James Quaid

News of commercial database hackings involving personal information seems all too common. While many of these stories focus on bank and credit card accounts, many plan sponsors and participants do not realize that 401(k) plan assets may also be at risk.

08.08.18

What Now? Responding to the Improved Economy
Jacqueline N. Janczewski

After a long recession and slow recovery, the economy seems to be headed back to more stable ground. Just as the weak economy required law firms to make changes in strategy, the improved situation calls for the same action as well.

08.02.18

Implementing ASU 2018-08: Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made
Charles J. Burke

The Financial Accounting Standards Board has recently issued Accounting Standards Update (ASU) 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This new ASU provides additional guidance to determine whether a transaction is a contribution or an exchange transaction. This determination is significant because it will identify which revenue recognition guidance is applicable.

08.01.18

Documentation Matters for Real Estate Professional Exception
Tamara Partridge

Most people would not think that a dentist would qualify as a real estate professional who is allowed to deduct rental real estate losses. The IRS thought the same thing. Fortunately for one dentist who also operated a real estate business, the U.S. Tax Court found that he qualified for the real estate professional exception, based largely on his extensive documentation of the hours he had spent.