01.06.15

Five Ways to Improve Client Relationships
Steven Lewis

For most lawyers, building and strengthening relationships with clients is an ongoing activity. Even the most personable and conscientious attorney experiences the occasional misunderstanding with a client — or even loses one for good. But there are several simple things attorneys can do immediately to build trust and promote client satisfaction.

01.05.15

Pros and Cons of the For-Profit Subsidiary
Jeffrey Chiles

In the wake of a drop in public grants and private donations, for-profit endeavors can have a magnetic appeal as not-for-profit organizations look for new revenue streams. But there are a number of factors that a not-for-profit should consider before taking on the significant cost and responsibility of operating a for-profit company. This blog details some incentives and drawbacks of for-profit subsidiaries.

12.18.14

IRS Tackles Interaction of Gain Exclusion and PAL Treatment

It is not unusual for someone to convert a personal home into a rental property. But such conversions can raise some complex tax questions when the home is subsequently sold. This blog looks at a recent Chief Counsel Advice memo that makes it clear that the gain excluded under Internal Revenue Code Section 121 is not treated as passive gain.

12.17.14

Share the Holiday Beer, Spread the Holiday Cheer
Robert Swenson

As the season changes from fall to winter, snow begins to fall and brewers release their holiday beers. Sharing the latest seasonal brew at a holiday party this December helps spread the holiday joy. And, as you are celebrating the last month of the year, don’t forget to begin your year-end tax planning.

12.15.14

Do Your Part for Donors: IRS Substantiation Rules Apply to Contributors
Sarah G. Widlock

With donors gearing up for tax-filing season, it is not too late for not-for-profits to make sure they are following the IRS donation “substantiation rules.” This blog explains what the IRS requires to document various levels of gifts and offers a real-life example of the consequences of not closely adhering to the rules.

12.10.14

Floating-Rate Bond Funds Offer an Alternative Yield Source

When interest rates rise, bond funds can suffer. Certain fixed-income investment strategies may help investors manage the risk. Floating-rate bond funds — also known as bank loan funds or senior loan funds — are one option to consider. This blog examines the benefits and the trade-offs.

12.09.14

Year-End Update from the DOL

The Department of Labor (DOL) keeps a full plate on their retirement regulatory agenda and research projects each year. Now that the end of 2014 is closing, the DOL recently provided some insight of where they stand on some of these items. In early November, the ERISA Advisory Council presented their final recommendations of this year’s research projects. The DOL also provided a bit of an update, too, in regards to their retirement regulatory agenda at this meeting.

12.08.14

How to Maximize Your Practice’s Financial Health
Greg Koelling

Few medical practices operate at peak financial health simply because the actual processes of many patient-focused tasks have not been evaluated. Many of these processes ultimately affect profitability. However, if you take a systematic approach to these procedures, you will not only improve your patients’ experiences but also your bottom line and both your personal and staff satisfaction.

11.25.14

Five Tips for Reducing Fraud at Your Firm

Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an office of professionals dedicated to the law. Unfortunately, occupational thieves take advantage of such complacency. This blog discusses five basic controls that law firms can implement to help deter fraud.

11.24.14

Are You Ready for the New Omni Circular?
Harry Fox

The Office of Management and Budget (OMB) has recently updated and streamlined the guidance that applies to federal awards. So what does this mean for a not-for-profit organization? Beginning with all new federal award contracts starting after December 26, 2014, not-for-profit organizations will be subject to changes in federal award requirements. This blog highlights the most significant changes.