11.12.15

Taking the Right Steps When Using an FLP or LLC
Adam J. Pechin

If one wishes to transfer large amounts of wealth to his or her family at discounted values for gift tax purposes, it might be advisable to form a family limited partnership (FLP) or a limited liability company (LLC). However, a pitfall to be aware of when using an FLP or LLC is the step transaction doctrine. This article explains the ins and outs of using either vehicle.

11.11.15

How to Value Donations of Goods and Services

One of the issues we frequently see when working on financial statements of our not-for-profit clients is how to place value on donations of goods and services. The accounting rules require that the value of goods and certain types of services should be recognized in an organization’s financial statements. This article provides a few tips on how you can properly assess the value of the goods and services donated to your not-for-profit organization.

11.10.15

Does Your Business Have a Valid Buy-Sell Agreement in Place?
Brandon W. Vahl

Owners of manufacturing and distribution companies are often so focused on the here and now that planning for future catastrophes may fall through the cracks, especially if the owners are young and healthy. However, operating without a valid buy-sell agreement is like driving without car insurance. Failure to execute an agreement or to update an […]

11.03.15

Year-End Notices: Staying on Top of the Requirements
Stephanie Zaleski-Braatz

As the calendar year comes to a close, plan sponsors should begin preparing annual notices. For plans using the calendar year, numerous notices are due to be given in the next few months. This article highlights some of the notices that must be sent to either participants, the IRS or the DOL in the next three months.

10.30.15

Mobile Technology Integration in Your Practice
D’Ann R. Meisenheimer

Smartphones and other mobile devices are becoming as prominent in health care settings as they are in other walks of life. That means physicians are now grappling with the benefits and implications. For example, some 83% of them are using smartphones or tablets to perform tasks related to patient care. The most common activities are interfacing with an electronic health record (EHR), entering medical notes, e-prescribing, searching for clinical information, accessing professional resources and communicating with colleagues. This article offers four ways to use this technology to improve a physician practice.

10.28.15

Three Tips to Improve Development and Accounting Collaboration
Sarah G. Widlock

Communication breakdowns between a not-for-profit organization’s development and accounting departments can lead to confusion, embarrassment and, worse yet, financial problems. Organizations, therefore, must take proactive steps to facilitate collaboration between these two critical functions. This article provides three tips on how to improve your not-for-profit organization’s accounting collaboration.

10.27.15

Where’s the Tip Line?

Stories of restaurants transitioning to a no-tip policy have been slowly infiltrating the news for the past year. This change has been brought on for a variety of reasons: Minimum wage increases, simplified business reporting and employee satisfaction, to name just a few of the reasons for this transition. A hot topic across all industries […]

10.26.15

Three Benefits of Donor-Advised Fund Giving
Peggy Vyborny

A donor-advised fund (DAF) comprises contributions made separately and independently by individual donors. The fund maintains legal control of the contributions, and donors retain advisory privileges regarding investments and fund distributions. This brief article examines how DAFs can be particularly beneficial for charitable-minded, high-income individuals.

10.23.15

How Should Rent Escalation Clauses Address CPI?
Adam M. Levine

Rent escalation clauses are a common part of commercial property leases. One particularly popular method for calculating the escalation amount bases the rent increase on changes in the Consumer Price Index (CPI). The CPI approach isn’t as straightforward as it might seem, though. This article explains some of the different types of CPIs.

10.22.15

Iceberg Ahead! Don’t Let Undercapitalization Sink Your Firm

When a law firm experiences several negative financial events, it could become seriously undercapitalized. This article describes two types of capital — working and long-term — and how firms can estimate how much of each they need. It also suggests solutions for firms that are short of their ideal capital reserves.