09.09.14

Do Not Let Overhead Accounts Get Ripe for the Picking

Overhead costs are a part of every business and accounting for them can be problematic. For manufacturers, overhead costing is particularly complex. Accounts tend to be large, and non-accounting managers do not always understand how they work. As a result, these overhead accounts can be open invitations to fraud. This blog details how internal controls can help ensure funds remain in overhead accounts.

09.08.14

The Ins and Outs of Restaurant Employee Compensation Law
Brandon W. Vahl

It is vital that restaurant owners be familiar with state and federal employee laws, including those pertaining to minimum wage, tips and overtime. This blog covers a few guiding principles of employer responsibilities which every restaurant owner should be familiar with, or alternatively have a consultant on stand-by for verification.

09.03.14

Understanding Your Forfeiture Account
James Pellino

One of the most misinterpreted and misused features of a defined contribution plan is the forfeiture account. Forfeiture accounts can benefit not only the plan, but also the plan sponsor. Before we explain how forfeiture accounts can be beneficial, we first have to understand what a forfeiture account is.

09.02.14

How to Account for Special Events

More and more not-for-profit organizations are turning to special events as a major source for generating funds. This blog describes three options that not-for-profits have for reporting most such events on their Statement of Activities. In any case, proper financial reporting will require careful tracking of an event’s transactions.

08.29.14

Getting a Tax Benefit from Capital Losses
Thomas Kosinski

As volatile as the stock market has been, you probably have some underperforming investments which have lost value that you are considering selling. Tax planning is especially important when you are considering selling at a loss. This blog explains how selling holdings for less than the purchase price can lower a person’s income tax bill.

08.27.14

What You Need to Know About Professional Liability Insurance
Danielle M. Winkle

Practicing law without professional liability insurance can be a financial disaster. But lawyers have options when it comes to the amount and type of liability coverage; even the price may be flexible. This article discusses the basics of malpractice policies and how insurers set rates.

08.20.14

Make Endowment Funding Your Ally
Caitlin G. Gibbs

These days, demand for services is up while donations to not-for-profits are down. But do not be disheartened: You may have an ally in your endowment funds; but you will need to be aware of each fund’s restrictions. The challenge is to develop a spending policy that is dynamic enough to take these factors into account and not cause you to pull funds out beyond what is budgeted and needed for operations.

08.19.14

IRS Provides Relief for Mezzanine Financing Workouts

The IRS has issued new guidance that will, in certain circumstances, exclude from gross income any discharged debt that is secured by the ownership interest in a disregarded entity. Revenue Procedure 2014-20 should help taxpayers with mezzanine financing in workouts and similar arrangements. This blog takes a look at how the issue arises and how to qualify for the exclusion.

08.18.14

Group Medical Visits… Still a Viable Option
Jason Flahive

Group medical visits have been a well-established offering of many practices for years. And there is a reason why: Both doctor and patients can gain many benefits simply from listening to each other. This blog describes some of those benefits, while noting some caveats to look out for.

08.14.14

Is an Online Freight Marketplace Right for You?
Kenneth Tornheim

A new generation of online businesses wants to cut the transportation middleman out of the warehousing and distribution equation. These new online marketplaces offer manufacturers and distributors greater convenience and efficiency by directly matching them with freight carriers, cutting down on red tape and lag time. This blog discusses how these online marketplaces work and how to avoid potential pitfalls.