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.

07.15.16

Cut Practice Costs to Improve Efficiency and Profitability
Jason Flahive

Maintaining profitability, staying up to date with the latest technology and providing quality patient services can be a difficult balancing act for medical and dental practices. This article offers some ideas for keeping your practice operating lean and efficient, including analyzing staff costs, salaries and PTO, as well as reviewing occupancy costs.

07.14.16

City of Chicago Raises Minimum Wage Effective July 1, 2016

In recent years, the number of restaurants — both national chains and local establishments — that have faced wage and hour lawsuits have been on the rise. Therefore, it is imperative that restaurant owners pay attention to the rules that dictate how employees, especially tipped employees, are to be paid under federal and state law. This Restaurant Group blog explains how the City of Chicago’s recent raise in the minimum wage will impact both employer and employee.

07.12.16

ESOPs Facing Tougher Scrutiny

Employee Stock Ownership Plan (ESOP) fiduciaries are facing closer scrutiny by the Department of Labor (DOL), while federal courts, including the U.S. Supreme Court, are weighing in on ESOP cases. This article reminds ESOP sponsors to take a fresh look at how their ESOPs are structured and overseen by fiduciaries.

07.12.16

The New Audit Requirements Under GATA: The Grant Accountability and Transparency Act
Alison Fetzer

Until recently, Illinois recipients and subrecipients who expended less than $500,000 in federal funds (and now $750,000 under the new Uniform Grant Guidance) breathed a sigh of relief as they were exempt from the rigorous world of the Single Audit (now referred to as Uniform Guidance). However, with the passing of the Illinois’ Grant Accountability and Transparency Act (GATA) in 2014, that is no longer the case. This article details the new audit requirements to which a not-for-profit organization must adhere to be in compliance with GATA.

07.07.16

Tax Tip: Miscellaneous Expenses Can Add Up
Jacqueline N. Janczewski

If you itemize your deductions instead of taking the standard deduction, you may be able to deduct certain miscellaneous expenses that can reduce your taxable income. As this article explains, they must add up to more than 2% of your adjusted gross income (AGI) to be deductible. The article also talks about a second category of miscellaneous expenses that are not subject to the 2% rule.