12.14.16

Ensuring Your Firm Has Adequate Capital

The nature of law firm billing, collections and expenses can create gaps in cash flow that capital must fill, so it is not surprising that firms increasingly are requiring larger capital contributions from partners. This article discusses common financial pressures, ways to determine how much capital a firm needs and how much partners should be required to contribute. A Sidebar explains why a line of credit is not always the best source of capital.

12.09.16

Getting Patients in the Door
Amanda Gutierrez

Attracting patients is increasingly challenging for physicians. One way to getting patients in the door of a medical practice is to create a marketing plan that incorporates an understanding of the practice’s target demographic and brand identity. Using this form of marketing plan can attract patients that fit into the identity basis. This article discusses some marketing tactics for physicians and medical practices to consider. It also suggests that these efforts probably should cross several formats and platforms to be most effective.

12.08.16

Year-End Tax Savings: What’s Better Than Saving Cash This Time of Year?

You may remember that we recently posted our essential year-end checklist. In this article, we take a closer look into the strategy of using up your end-of-the-year budgets to maximize your tax deductions in the current year.

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.