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.

11.18.16

New Overtime Rules Will Affect You – Are You Ready?

In May 2015, the Department of Labor (DOL) finalized new overtime rules that update the thresholds for classifying workers as nonexempt and highly compensated. The long awaited changes will increase pay for more than 4 million workers. This article explains changes that will go into effect starting on December 1, how they will impact manufacturers and how business can legitimately reduce overtime costs. A Sidebar highlights the stance the National Association of Manufacturers has taken on the new rules.

11.17.16

Lease with a Purchase Option … or Sale? It Matters to the IRS

Landlords who really wish to sell will often enter a lease with a tenant that includes an option to purchase the property. A lease option is a traditional lease with a purchase option that gives the tenant the exclusive right to buy the property at the price typically set from the beginning. However, the IRS might recharacterize the arrangement as a sale in the form of a contract for deed. This article explains how lease options work.

11.15.16

New Overtime Regulations: Are You Prepared?

Confused by all the new overtime rules talk? We have had a number of clients ask questions about this, because let’s face it, it’s not as straightforward as it may seem! On December 1, 2016, the new Fair Labor Standards Act (FLSA) Overtime Regulations come into effect. Our latest Accounting and Advisory Services blog has all the important details employers should know about the new overtime regulations.