05.10.16

The Ins and Outs of Using Accountable Plans to Save Taxes

When an employer pays an expense reimbursement or advance to an employee, the IRS generally considers the arrangement to be disguised taxable compensation. Accountable plans are an exception to this rule, allowing payments to qualify as tax-favored expense reimbursements. This article explains how to set up accountable plans to save taxes for both employees and employers.

05.05.16

Menu Costing Affords Restaurateurs Proper Pricing and Inventory Management

How often do you cost your menu items? Menu costing allows for proper pricing and inventory management. In our latest Restaurant Group blog, we give you tips on how you can determine the various costs of the items in your menu, how frequently you should examine these figures, and the benefits you will reap from following this practice on a regular basis.

05.03.16

Give Employees More Bang for Their Buck: How to More Effectively Use Default Deferral Rates and Auto-Escalation Clauses
James Quaid

According to a Plan Sponsor Council of America survey, only 46% of defined contribution plans automatically enroll participants. The most common default deferral rate for those that do is 3%. Are plan sponsors telling employees that they can afford to retire by saving just 3% of their salary each year? Some participants may think so. This article discusses how to use default deferral rates and auto-escalation clauses to boost participants’ retirement savings.

04.29.16

Properly Structuring a Like-Kind Exchange
Tamara Partridge

How you structure like-kind exchanges can result in very different outcomes. Multiple properties sold and relinquished does not always mean multiple deferred exchanges. This blog will provide various considerations as to how to properly structure a like-kind exchange.

04.19.16

Following the New PATH: Recent Tax Law Extends Depreciation-Expensing Tax Breaks — and More

Creating a three- to five-year capital expenditures budget is important for manufacturers and distributors since they tend to invest heavily in equipment, technology upgrades and leasehold improvements. Among numerous other provisions, the Protecting Americans from Tax Hikes (PATH) Act of 2015 retroactively reinstated many tax breaks related to depreciating these assets which can affect the timing of when companies will place these assets in service. This article provides details on some depreciation-related breaks that have been permanently carved into the IRS rules and others that have been extended for several years. It also highlights the importance of planning ahead to reap the full benefits of the broad-reaching PATH Act.

04.14.16

Buy-Sell Agreements Help Resolve Your Future Problems
Thomas Kosinski

Anticipating the future is one of the major responsibilities of business owners.  When a business is faced with uncertain questions, such as “What if we do not get the loan?” or “What if we lose our biggest account?” or “What if a co-owner dies, becomes disabled or retires?” then the owner needs to make a […]

04.06.16

Payer Contracts: How to Drive a Hard Bargain

Practices often allow their payer contracts to renew automatically each year without re-examining the terms. However, falling into this habit can be a bad mistake. This article discusses why it is important to understand all of the practice’s contracts, individually and comparatively.

04.05.16

Understanding Welfare Plan Form 5500 Filing Requirements

Welfare plans commonly provide employee benefits, such as medical, dental, life insurance and disability benefits. All welfare plans covered by ERISA are subject to the annual Form 5500 reporting and filing requirements. However, not all ERISA welfare plans must file Form 5500 if they meet one of the exceptions under the law. As a plan sponsor, this article will help you determine whether you need to file Form 5500.

04.04.16

Deduct Now, Donate Later: Donor-Advised Funds Offer Significant Benefits
Jeffrey Chiles

Taxpayers who are planning to make significant charitable donations should keep a donor-advised fund (DAF) in mind as an option. These funds offer many of the tax and estate planning benefits of private foundations, but at just a fraction of the cost. This article explains how a DAF works and its benefits, such as the ability to deduct DAF contributions immediately but make gifts to charities later. A Sidebar discusses how private foundations can offer important advantages for those who can afford them.

03.31.16

Should Your Firm Consider a Two-Tier Partnership System?

Firms that hire and retain only partnership-track associates could be turning away profitable legal talent. This article argues that a two-tier partnership system can make a firm more attractive to both new law school graduates and experienced attorneys nearing retirement. A Sidebar explains how part-time partnerships work.