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.

07.30.15

Exploring IRA Investments in Commercial Real Estate

Investors have used self-directed IRAs to invest in residential real estate for some time now. Savvy investors can also direct those funds toward commercial real estate, which typically provides higher returns and attractive tax benefits. However, a real estate purchase made through an IRA has some important differences from a regular real estate transaction. This article explores both the advantages and the risks of these investments.

07.27.15

Creative Ways for Manufacturers to Attract Fresh Talent

Owners of manufacturing companies know firsthand just how rewarding, both financially and intellectually, careers in this sector can be. Some have found creative ways to breathe new life into their mature companies by enticing millennials to join their workforces.

07.09.15

Foreign Accounts Call for Specific Reporting Requirements

Investors who have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, mutual funds or trusts, must disclose those accounts to the IRS. This blog details how to disclose offshore accounts with the IRS and explains the penalties that can result from failing to do so.

06.30.15

An Introduction to the Illinois EDGE Program

For Illinois to remain competitive with other states’ business incentive packages, it created the Economic Development for a Growing Economy (EDGE) Program. This blog offers an overview of the program and your company’s potential eligibility for significant Illinois tax incentives.

06.25.15

The Real Costs of a Not-For-Profit
Harry Fox

You have got it all figured out – after hours and hours of time spent planning, you are ready to start the perfect not-for-profit. You have a great mission statement that provides focus for your efforts, an eager staff of volunteers ready to get the word out, and the perfect plan to really serve the community. As you sit back and dream of future success, it suddenly hits you. What is this going to cost me?

06.23.15

How Can I Benefit from Carbon Credits?

As more businesses have begun to explore the advantages of pursuing energy-efficient or “green” initiatives in their properties, some might wonder how carbon credits come into play. Although these credits have received a lot of attention over the past decade or so, many business owners do not understand how they work and how they can benefit owners.

06.23.15

Are You Ready for a Higher Minimum Wage?
James Pellino

As most of you probably remember, the Chicago City Council passed an ordinance at the end of 2014 that significantly affects most Chicago businesses, including restaurants. The ordinance calls for businesses in the city of Chicago to raise the minimum wage it pays its employees. While the city gave businesses time to prepare for this cost increase, the time is fast approaching to implement this ordinance.