08.04.17

Correcting 401(k) Plan Loan Failures Voluntarily

Participant loans are a feature of many 401(k) Plans. Participants may borrow the lesser of $50,000 or 50% of the participant’s vested plan assets. Some 401(k) Plans allow a participant to have multiple loans outstanding at one time. In that scenario, the $50,000 limit is lowered by the highest outstanding loan balance during the one-year period ending on the day before the newest loan.

07.27.17

Carefully Weigh the Pros and Cons of Automation

Manufacturers and distributors face rising costs of labor and benefits, burdensome government regulations and a shortage of skilled workers. Investing in automated equipment may seem like a cost efficient alternative to relying on people, but automation can sometimes end up being more expensive and time consuming than management expects. This article presents the pros and cons of automation and explains why it is important to crunch the numbers to assess all the costs and benefits.

07.27.17

Physician, Heal Thyself! Ten Steps to Help Avoid Burnout

Each and every day, physicians face unprecedented work stresses. Included are the ever demanding responsibility for their patient’s health and well-being, coupled with long working hours, sleep disruption, making life and death decisions, and navigating a complex and ever changing health care system. Facing these ever-present and unrelenting pressures can lead to “physician burnout.” This article suggests some steps that can help combat burnout, including accepting limitations, finding a niche and developing a support system.

07.25.17

Functional Expense Reporting under the New ASU 2016-14 Presentation of Financial Statements for Not-for-Profit Entities
Alison Fetzer

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 on August 18, 2016.

07.24.17

Performing Preventive Maintenance is Key
Peggy Vyborny

Do you know the physical condition of the properties that you own? As the owner, you need to understand how things are working and what needs improvement at your residential and commercial properties. A comprehensive preventive maintenance program inventories all interior and exterior equipment “hotspots” and tracks when routine maintenance should happen. This article shows how to create a formal schedule and budget for fixed asset repair and maintenance, taking into account labor requirements and tax considerations.

07.12.17

How to Handle Hardship Withdrawals
Stephanie Zaleski-Braatz

Many 401(k) plans feature a hardship withdrawal option. Both the IRS and DOL maintain strict regulations around these provisions. This article discusses how, in early 2017, the IRS issued updated audit guidelines regarding requirements for hardship withdrawals and guidance for plan sponsors on how to remedy errors in the administration of these withdrawals.

06.30.17

Should You Rent or Purchase Your Practice Facility?
Jason Flahive

Whether they are just opening a new practice or building a current one, physicians may need to assess whether owning or renting medical office space best serves their needs and those of their colleagues, employees and patients. This article explains some pros and cons of both owning and renting, as well as provides some helpful pointers in making this important decision. A Sidebar provides an equation for determining the amount of space needed for a new or expanding practice.

06.29.17

A Proactive Approach to Not-For-Profit Board Member Management
Caitlin G. Gibbs

A characteristic of a strong not-for-profit organization is an active board of directors that can support the organization in many ways—financially, with their time, and with the skills the members possess, both personally and professionally. Attracting the right people to your not-for-profit board can be challenging. You obviously want people who are enthusiastic about your mission and who are willing to give their time. This article explores a few best practices that not-for-profit board members can implement to successfully manage their board of directors.

06.23.17

How to Become a Reseller in Illinois

There are any number of variances in reseller store setups, products sold and reasons why you may want to become a reseller. Maybe you want to supplement existing services you offer with related products. Perhaps you have an “in” on a good source or manufacturer for new merchandise that you are confident will sell well. Whatever your reason, our latest Cloud Services Group blog provides a bit of advice on what you need to know if you wish to become a reseller in Illinois.

06.22.17

What Do Millennial Lawyers Want?

Millennials — generally defined as those born after 1980 — now account for the largest segment of today’s workforce, making up more than one-third of those employed. Like Baby Boomers, and to a lesser extent the Generation Xers that precede them, they will reshape the future of the way business is done in the U.S., including the business of law. More than 21.5% of today’s attorneys are Millennials. This blog focuses on their experiences and expectations as they relate to the legal profession. We’ll review what Millennials bring to the workplace and ways to successfully recruit and retain them at your firm. Looking at people through a generational lens offers useful predictability for those trying to reach, inform or persuade a large cross-section of a population.