10.12.16

Chicago’s “Cloud Tax”: Making Sense of the Personal Property Lease Protection Tax

The Personal Property Lease Protection Tax, or “Cloud Tax” as it is more commonly known, was implemented this year in Chicago. Our latest Accounting and Advisory Services Group blog delves into the specifics behind this “Cloud Tax” and help you lift the cloud of confusion you may have regarding this new tax law.

10.05.16

IRS Eases Pain for Correcting Certain Plan Administration Errors
James Pellino

We all know that nobody is perfect. The good news is, so does the IRS. The IRS acknowledges that retirement plan administrators are not infallible, and provides correction for certain administrative errors. While corrective actions can still be arduous and time consuming, the IRS has relaxed some of its rules. This article provides an in-depth look at the recent updates as to how the IRS will handle certain plan administration errors.

09.26.16

Your Not-For-Profit Organization’s Bylaws: Those Golden Rules May Need More than Polishing
Caitlin G. Gibbs

As your not-for-profit organization grows and matures, its initial guiding rules might need to be revisited and brought up to date. But be mindful because revamping an organization’s bylaws involves more than just altering the language of rarely visited documents. After reading this article you will gain an understanding of the purpose of bylaws, forming a bylaw committee and revising certain types of information.

09.21.16

Best Accounting Practices for Restaurants
Thomas Pierce

While a big focus for restaurants revolves around the food, service and atmosphere, owning and operating a successful restaurant really starts with good accounting. Countless restaurants close their doors every year because the numbers were ignored or not given the attention that they deserve. While the accounting function is not the most exciting part of owning a restaurant, it is certainly one of the most important aspects that should be taken seriously. This article presents a handful of best accounting practices for owners and managers of restaurants of any size.

09.20.16

Paying for College: How to Avoid Costly Financial Aid Mistakes
Dan Newman

This short article provides pointers to help parents of college-bound students avoid mistakes and maximize amounts when applying for financial aid. Tips involve filing the right forms, prioritizing schools and knowing who is responsible for submitting applications when parents are separated and divorced.

09.15.16

Forget That Old Saying ‘Fake it ‘til You Make it’ and Get Your Free Cash Flow in Line

Why is Free Cash Flow (FCF) important for scaling companies? Simple. FCF enhances shareholder value and is an attractive metric for investors compared to price-earnings. Discover how you can easily calculate your company’s FCF in our latest Accounting and Advisory Services Group blog!

09.09.16

Can Your Practice Meet HITECH Goals? Smart Ways to Optimize Your EMR System

The Health Information Technology for Economic and Clinical Health (HITECH) Act of 2009 prompts physicians and other health care shareholders to adopt health information technology to help improve efficiency and cut costs. As a result, most practices have implemented some version of an electronic medical record (EMR). This article suggests various ways to optimize an EMR system. A Sidebar looks at how mobile technologies are affecting EMR.

09.07.16

What the New DOL Overtime Rules Will Mean for Your Not-For-Profit Organization

The DOL’s new overtime rules, which will make many more employees eligible for overtime pay under the Fair Labor Standards Act (FLSA), take effect December 1, 2016 — and not-for-profit organizations are not exempt. Even if an organization is not covered by the FLSA, its employees may be covered as individuals and thus eligible for overtime. This article addresses the new salary-level tests for exempt workers, the impact on not-for-profit organizations and some exceptions to the rules. A Sidebar offers four options for compliance.

09.06.16

Is a Nonqualified Deferred Compensation Plan Right for Your Company?

Nonqualified deferred compensation plans enable key employees to defer a higher proportion of their current income to later years when they retire. While nonqualified plans often are perceived as only for top executives, they may also be right for upper-level staff. This article discusses what plan sponsors need to know about nonqualified deferred compensation plans.

08.31.16

Charitable Contributions of Food Inventory
Robert Swenson

The rules regarding charitable donations of inventory, specifically food inventory, have fluctuated over the years. Recently a tax law was enacted that made the deduction for food inventory permanent and enhanced it. Previously non-C Corporations and taxpayers that were not required to track inventory did not receive an enhanced deduction. Now, all types of taxpayers can get a deduction of an amount somewhere between their cost basis and the fair market value of the food they are donating. This article will give you the details you need to know about charitable contributions of food inventory.