08.31.15

The BDIT: Realize Estate Planning Benefits While Retaining Control

After working hard your entire life to build your net worth, it is normal to not want to give up control of your property, as is required for certain estate and asset protection strategies. A relatively new trust — the beneficiary defective inheritor’s trust (BDIT) — provides powerful estate tax planning benefits while allowing you to retain control of your property.

08.27.15

Won’t You Stay? Keeping Retiring Partners in the Fold

When senior partners retire, it goes without saying just how important it is to capture their knowledge and extend the relationships they have formed with clients. But accomplishing this demands a formal retirement process to capitalize on their assets and ease their retirement transition. Much depends on the degree a retiring partner wishes to stay relevant in the practice. This newsletter discusses a number of different roles they can play, along with compensation arrangements.

08.27.15

Chicago Sales Tax on the Rise
Christopher Georgiou

Consumers in Chicago will see costs increase in 2016 as a result of a recent vote by the Cook County Board. The tax rate will jump from 9.25% to 10.25%, bringing Chicago’s rate to the highest among the nation’s most populated cities.

08.24.15

401(k) Plan Management vs. Fiduciary Duties
James Quaid

Fees charged by record keepers and asset managers for 401(k) plan services paid from plan assets have come under greater scrutiny in recent years. The Department of Labor (DOL) has released fee disclosure regulations, and courts have reviewed high-profile litigation over the issue. The topic is not likely to settle down anytime soon.

08.24.15

Taking the Long View: Sustainability

In the wake of the most recent recession, many nonprofits are continuing to take a hard look at their sustainability over the long term. This article examines factors that affect sustainability, such as the diversity of an organization’s funding sources and indirect factors that have an impact on sustainability, including branding, outcome evaluation and contingency planning.

08.19.15

Tax Court Considers House Flipper’s Expense Deductions

With many real estate markets on the rebound, real estate investors are resuming house-flipping strategies. Investors must keep in mind that in order to deduct expenses related to the property, the expenses must be incurred in connection with a “trade or business.” This article describes how a taxpayer in one recent case learned the hard way that a trade or business requires more than just vague intentions to sell at some point. Ohana v. Commissioner, Nos. 16014-11, 25896-11, May 8, 2014 (U.S. Tax Court)

08.19.15

Does Third-Party Billing Make Sense for My Practice?
Jason Flahive

Physician practices wrestle frequently with the decision about whether to outsource their billing processes. It can be hard to balance the pros and cons. What’s good for one practice might not work for another. This article offers certain recommendations that can help physicians make the best choice.

07.31.15

How to Create Effective Management Incentive Plans
Ken Gillie

There’s a reason why everyone in the restaurant industry is talking about Management Incentive Plans (MIPs). Highly successful when used effectively, they motivate hospitality managers to stay laser-focused on the most valuable, controllable, profit-enhancing elements of your business. With the right balance, you can structure an MIP to pay a portion of salary according to performance, giving you the flexibility to recoup losses if they occur.

07.30.15

How to Improve Your Accounting Function

A not-for-profit’s accounting function is its financial backbone. Efficient accounting processes along with sound controls to monitor those processes will put an organization on the right track for financial stability and growth. One may ask are you satisfied with your not-for-profit’s accounting function or does it seem less efficient than you think it could be? Here are some suggestions for improving this important piece of your organization’s operation.

07.30.15

Harnessing Technology in Your Practice: HIT Mandates and Opportunities for Physician Practices

Health information technology (HIT) is a rapidly expanding dimension of health care delivery. Physician practices are subject to government mandates, but also are offered opportunities with the technology they use. This article describes some of the most active areas — meaningful use of Electronic Health Records (EHRs), HIPAA security risk analyses, administrative simplification and ICD-10 transition — and steps that practices should take to succeed.