12.06.16

Auto-Escalation Should be Offered in Conjunction with Auto-Enrollment
Stephanie Zaleski-Braatz

Auto-enrolling 401(k) plan participants without also incorporating an auto-escalation feature might be a counterproductive exercise. Survey data suggests that average 401(k) plan deferral rates have been trending downward even though more employers are adopting auto-enrollment. The apparent culprit: low auto-deferral rates. This brief article highlights how to use both auto-enrollment and auto-escalation clauses to help benefit employees.

12.05.16

Making Sense of FASB’s New Accounting Standard for Not-for-Profit Organizations
Charles J. Burke

The FASB recently released its first update to the financial reporting rules for not-for-profit organizations since 1993. The new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, will affect the financial statements of most organizations when it takes effect. This article explains the standard’s new net asset classes, how liquidity and available resources reporting has changed and the new requirements for reporting expenses and investment return.

12.02.16

Even You May Benefit from a Reverse Mortgage
Adam J. Pechin

Higher net worth individuals may be able to use a reverse mortgage for estate and tax planning. This article discusses reducing the value of a taxable estate by using reverse mortgage funds to make annual exclusion gifts, fund college savings plans or buy a life insurance policy.

11.30.16

Payroll Management: Three Critical Issues Require Your Attention

Law firms, in light of the Fair Labor Standards Act (FLSA), are facing new challenges when it comes to payroll management and record keeping. This article discusses three payroll issues that require attention: Properly classifying employees and independent contractors; keeping and retaining complete and accurate payroll records; and withholding and paying payroll taxes. A Sidebar explains what professional employer organizations are and how they work.

11.30.16

New Tax Leaves Cook County Restaurants Feeling Unsweetened
James Pellino

As Illinois and its counties continue to look for more ways to generate revenue, local legislators have turned their attention to taxing items deemed unhealthy to its citizens. Cook County is no exception, as a new sugary drink tax was recently approved by Cook County Board members and will take effect in July 2017. This article analyzes how this tax works and its potential impact on local restaurants.

11.29.16

Valuation Basics: Key Points to Think About Before Transferring Ownership
Seamus M. Donoghue

A business valuation is important when deciding whether to transfer ownership to the next generation or to sell the business to a third party and give the next generation the sales proceeds (or alternative investments purchased from those proceeds). This article describes business valuation methods and the current state of the M&A market.

11.23.16

How to Use Less-than-Perfect Comparables to Estimate Value

In today’s volatile real estate market, it is often difficult to obtain a meaningful estimate of what a parcel of commercial real estate is currently worth. This article discusses how taxpayers can deal with distressed sales and rely on comparables to arrive at the best estimate.

11.22.16

An Essential Year-End Checklist for Your Business

Many business owners are coming up on what may be an especially hectic time: year-end. In light of this busy time of year, we polled our staff and came up with a checklist to consider as you approach the end of 2016.

11.21.16

Bring it On: Adding an Associate or Partner to Your Practice
Greg Koelling

A practice may consider adding an associate or partner for many reasons — from an increase in practice volume, preparing for retirement or even an eventual sale. In any case, careful consideration of the pros and cons is necessary to ensure there are no regrets down the road. This article looks at some steps to take before making this significant decision, including a thorough analysis of practice goals and how to find a good match.

11.18.16

Preliminary Thoughts on the Trump Administration’s Impact on Not-For-Profit Organizations

Many not-for-profit organizations may be impacted by new policies coming from the Federal government as a result of the 2016 election. While it is obviously too early to tell, you should be closely monitoring the kinds of proposals that are being presented by the incoming administration during the transition period, and then, the status of legislation once both the new president and Congress have been installed. This article presents a few precursory thoughts on a few proposed pieces of legislation.