04.13.18

ASU 2016-14: Liquidity and Availability Disclosures
James Quaid

In an effort to provide more useful information to donors, grantors, creditors and other users of the financial statements, the Financial Accounting Standards Board (FASB) released ASU 2016-14 Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities (the ASU), which is effective for not-for-profit organizations with a calendar year-end of December 31, 2018 or a fiscal year-end in 2019. While the ASU focuses on five main areas that are changing, this article will highlight just one: liquidity and availability disclosure.

04.04.18

Estate Tax Planning: Why Annual Gifts Are Still Important
Thomas Kosinski

With the 2018 federal estate tax exemption being raised from $5.6 million to $11.2 million, some are wondering if making lifetime gifts to your loved ones may be less important than in the past. Even if your wealth is well below the exemption amount, a lifetime gifting program still offers significant estate tax planning and personal benefits.

04.02.18

How the Tax Cuts and Jobs Act May Affect Physician Practice Owners

Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.Signed into law this past December, the Tax Cuts and Jobs Act (TCJA) is the most sweeping federal tax legislation since 1986. It includes significant changes for individual taxpayers, many of which will have a major impact on higher-income taxpayers, such as physician practice owners. Here are some of the most notable changes.

03.29.18

Beyond Checks: Alternative Methods of Payment are Gaining Ground
Jacqueline N. Janczewski

Paper checks are on the road to becoming obsolete in today’s digital-dominated world. For both personal and professional matters, consumers are more likely to turn to other methods of payment, including credit cards and various payment apps. Although law firms have long relied on checks, in part for reasons related to ethics rules, it may be time to consider the alternatives that clients will probably eventually demand.

03.27.18

Common Finance-Function Mistakes You Should Avoid
Barbara Miller

Most not-for-profits are understandably laser-focused on their mission, and other less-critical matters may fall between the cracks, such as managing the finance function. However, if the finance function does not receive the attention it deserves, you run the risk of IRS penalties, reputational damage and lost revenue.

03.20.18

Trivial Retirement Plan Changes from the Tax Cuts and Jobs Act, Right?

At first glance, the Tax Cut and Jobs Act (TCJA) did not change much regarding retirement plans. None of the rumored changes were included in the TCJA, such as the so-called “Rothification.”  Moreover, there were no changes to retirement plan limits or rules regarding contributions. Well admittedly, the TCJA did change a few things.

03.19.18

The Impact of Tax Reform on Restaurants

The Tax Cuts and Job Act of 2017 is the most dramatic reform to the U.S. tax code in more than 30 years, impacting both restaurants and employees.

03.13.18

Production Costs – Are the Prices Too High, Too Low, or Just Right?

Manufacturers tend to base product prices on direct production costs. They occasionally adjust prices for inflation or when the costs of raw materials spike. Here’s why this simplified pricing model may compromise market share over the long run and how market leaders factor market-based considerations into their pricing strategies.

03.05.18

Before You Renovate Your Home, Do the Math

Thinking about renovating your home to boost its market value? You’re not alone. In the first quarter of 2017, the Remodeling Market Index, compiled by the National Association of Home Builders, reached 58. That’s close to its historical high and is its strongest showing since the fourth quarter of 2015.

03.05.18

Private Practice Owner or Hospital Employee?
Jason Flahive

More physicians are currently employed by hospitals or medical practices than ever before, while fewer are in private practice. According to a 2016 Medscape report, physicians as a group have shifted from private practice to being employed with the rate of employed physicians growing by more than 30% from 2000 through 2016.