09.30.15

Accounting for Gift Card Breakage: Changes on the Horizon?

Many restaurants and retailers sell gift cards to consumers. From a financial perspective, gift cards are basically an interest-free loan from the consumer to the restaurant. From an accounting perspective, proceeds from sales of gift cards are typically recorded on the restaurant’s financial statements as deferred (or unearned) revenues at the time of issuance and later recognized as revenue when the gift cards are redeemed.

09.29.15

Compliance Alert

This feature lists a few key tax reporting deadlines for October and November.

09.24.15

Portfolio Pricing: A Win-Win for Both Clients and Firms

Legal fees are an important concern for clients. Law firms can use a new pricing method and break from the traditional hourly billing in order to attract clients. Portfolio pricing involves charging a fixed fee for a grouping of related legal matters and can help firms achieve greater profitability and more predictable cash flow. This article discusses the advantages of portfolio pricing and encourages firms to work with a financial advisor when setting rates.

09.17.15

Are You at Risk for AMT Liability?
Dan Newman

The AMT rate is 28%, compared to the top regular income tax rate of 39.6%. However, the AMT rate typically applies to a higher taxable income base. So, before taking action to time income and expenses, one should determine whether he or she already is likely to be subject to the AMT — or whether the actions being considered might trigger it. This article offers suggestions for minimizing AMT liability.

09.16.15

The Supreme Court Takes on 401(k) Fees
James Pellino

The Supreme Court may review your company’s 401(k) plan as it did in a recent case. This is what happened a few months ago when the Supreme Court ruled on the Tibble V. Edison case.

09.16.15

Why Smart Manufacturers Review Their Contracts
Danielle M. Winkle

Manufacturers and distributors may enter into various types of long-term contracts, including property and equipment leasing, raw materials, confidentiality, exclusivity and joint venture agreements. Contracts should be reviewed on a regular basis to ensure that the agreements remain enforceable, compliant and financially advantageous.

09.16.15

Property Tax Assessments
Peggy Vyborny

Property taxes often represent a significant chunk of an owner’s annual expenses. Even when tax bills are high, many taxpayers simply accept the billed amounts calculated by their assessors. But that may not be wise, as a recent case in California illustrates. This article explains how the California Court of Appeals, applying property tax laws similar to those in some other jurisdictions, found that a county’s assessment improperly inflated a hotel’s value, thus improperly inflating the hotel’s property taxes.

09.10.15

How to Flourish as an Independent Practitioner

While the trend is clearly toward physician employment by hospitals and health plans, many doctors would prefer to practice independently for as long as possible. So what does it mean to be independent and how can one stay that way? This blog notes that the dream is more manageable when five components are in place: fiscal strength, care coordination, risk assumption, competitive advantage and embracement of change.

09.09.15

The OMB Rule on Indirect Costs: What You Need to Know

Nonprofits need to get up to speed on their rights and responsibilities under the Office of Management and Budget’s new rule requiring agencies and other entities allocating federal dollars to reimburse organizations for indirect costs, also known as administrative or overhead costs. If they don’t learn the ins and outs of the new rule, not-for-profit organizations risk forfeiting reimbursement dollars. This article explains how reimbursement is determined and what nonprofits should be doing now to prepare for the change.

09.01.15

It’s Not Too Early for Year-End Tax Planning

Manufacturing and distribution companies that expect to owe substantial taxes in 2015 can still take steps to soften the blow. But a number of tax breaks, particularly ones related to depreciation, hinge on legislation that Congress might restore before it adjourns for the holidays. This article highlights some tax-saving strategies to consider before December 31.