08.24.16

Renting Property to Your Business Could Backfire on Your Tax Liability
Adam M. Levine

If a taxpayer owns both property and a business, it just makes sense to lease the property to the business, right? Not always. This article highlights how this approach could bring on some dire tax consequences.

08.16.16

Not-for-Profits and the New Revenue Recognition Standard
Barbara Miller

A not-for-profit organization that has issued, or is a conduit bond obligor for, securities that are traded, listed or quoted on an exchange or an over-the-counter market is considered a public entity and is therefore required to adhere to a new revenue recognition standard established by the Financial Accounting Standards Board. We detail this new accounting standard in this article, as well as help you determine whether you should implement it at your organization.

08.08.16

Effective Patient Scheduling Depends on Finding the Right Fit

The less time a patient spends in the reception area or examination room, the better it is for both the medical practice and the patient. The patient is comforted knowing that the medical practice recognizes that their time is valuable, while the practice benefits by having efficient patient flow and effective utilization of staff and facilities. While patient scheduling may seem to be routine, the success of a practice’s patient flow impacts everything from the practice’s income, to the contentment of staff. This article discusses various considerations in finding a system that’s just the right fit.

08.06.16

Revenue Forecasts and the Importance of Funnel Velocity

As we may have mentioned before, we’re in the business of helping you grow! One crucial way to master your revenue forecasts is to understand your funnel velocity. I know what you’re thinking… “Say what now?!”  Put another way, you must perfect your sales funnel. In fact, some companies like Funnel Wise even suggest there […]

08.02.16

How to Leverage Your Real Estate without Getting Buried in Debt
Tanya Gierut

Leverage, which is simply using borrowed money to make an investment, allows real estate investors to afford more expensive properties than they could with just their own equity. And, unlike dividends, interest payments are tax-deductible, further reducing the cost of debt. This article shows that leveraging can be a balancing act — you don’t want to overleverage and put yourself at undue risk, but you also don’t want to underleverage and miss out on strategic investment advantages.

08.02.16

How to Ask the Right Questions Regarding Your Service Provider’s Data Security System

Maintaining data security is a significant part of running any business. Breaches are inevitable — although not at every organization. This article reviews questions to ask when reviewing data security with service providers.

07.27.16

Placed in Service: When Tax Breaks May Apply to Retail Properties
Justin L. Sylvan

A big question we see in the tax realm is: “When can I start depreciating my building?” Conventional wisdom says to start depreciating your retail property once it is open for business. However, a recent court ruling sheds new light on the issue. In this article, we examine the meaning behind the term “placed in service” and analyze the tax court case Stine LLC v. U.S., No. 2:2013cv03224, Jan. 27, 2015 (W.D. La.). In the case, the IRS ruled that a taxpayer’s building could not be considered “placed in service,” as its retail properties were not yet in operation. However, the tax court disagreed with the IRS and had their own interpretation on what “placed in service” means. Read further as we examine this case in greater detail, as it provides additional guidance on when a real estate property can start being depreciated.

07.26.16

Understanding Tax Issues Related to Shareholder Loans

Owners occasionally borrow funds from their businesses. If the company has extra cash on hand, a shareholder loan can be a convenient and low-cost option. This article explains the importance of treating these transactions as bona fide loans and charging an “adequate” rate of interest. It also provides a list of factors the IRS considers when evaluating advances to shareholders.

07.25.16

The Not-For-Profit Organization Life Cycle: Start-Ups Face Challenges, Opportunities
Sarah G. Widlock

Just as they are for a child, the early years for not-for-profit organizations are full of important milestones. An organization’s first steps can make the difference between a sustainable entity with the capacity to fulfill its mission or a floundering failure that fades out fast. This article covers characteristics of the early-stage not-for-profit organization, key steps it must take and key decisions it must make. A Sidebar discusses the “3 Ws” approach to board development.

07.20.16

Don’t Let a Disaster Put Your Firm Out of Business

For law firms, the key to surviving a natural or manmade disaster — and minimizing physical and financial damage — is to plan for it. This article provides tips on building a plan that minimizes threats, including assigning emergency responsibilities to specific individuals and regularly backing up electronic data offsite.