Lock down financial assets with the right controls

Posted by Trey Hardy, Tax Supervising Senior on Jul 25, 2018

You’ve got a fence around the job site. Your heavy equipment is turned off and the keys stored securely. Your materials are tied down and, where possible, kept out of sight. But what about your financial assets? Are you protecting those as carefully as your physical assets?

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Topics: Tax, Construction, consulting, accounting

Four ideas to counter shrinking donations under the new tax law

Posted by James Youngblood on Jul 25, 2018

Passage of the Tax Cuts and Jobs Act (TCJA) last year spread dismay in the nonprofit community. With several provisions in the law expected to depress charitable giving, nonprofits should mobilize to minimize the negative impact on their bottom lines.

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Topics: Not-for-Profit, Tax, consulting, accounting

Sitting pretty

Posted by Cory Caddell, Tax Services Manager on Jul 25, 2018

Real estate industry among the big winners on new tax law

By passing the Tax Cuts and Jobs Act (TCJA) in late December 2017, Congress granted the holiday wishes of many involved in real estate. While the TCJA brought good cheer for the business community in general, the real estate industry is particularly likely to reap some lucrative rewards.

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Topics: Real Estate, Tax, accounting

Navigating a shifting landscape

Posted by Jules DeWitt, CPA, ACS Supervising Senior on Jul 25, 2018

Every medical practice faces ongoing challenges in maintaining a successful bottom line. New challenges arise whenever Medicare and Medicaid policy, or the economy, changes. Still, a handful of problems rise to the top in most medical practices. Here are some ideas for solving them before they become overwhelming.

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Topics: Accounting Tips, Healthcare, Financial, consulting, doctors, accounting

News for Not-for-Profits — June 2018 edition

Do you qualify for the new family leave credit?

The new tax law creates a credit for eligible employers in 2018 and 2019 based on paid leave for up to 12 weeks, granted under the federal Family and Medical Leave Act ("FMLA"). Employers aren’t required to pay employees for FMLA leave, but — for 2018 and 2019 — those that do may qualify for a tax credit of 12.5% of the wages paid. That’s if the rate of payment under the leave program is at least 50% of employees’ regular rate.

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Topics: Accounting Tips, Not-for-Profit, Audit, Financial, consulting

Are you ready for the new revenue recognition standard?

It’s been eight years since the Financial Accounting Standards Board ("FASB") first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with generally accepted accounting principles ("GAAP"). Is your company ready?

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Topics: Accounting Tips, Audit, Construction, consulting, revenue, guide

Recent legislation encourages low income developments

Both the Tax Cuts and Jobs Act ("TCJA") and Congress’s massive new spending package received widespread media coverage, but a couple of provisions that incentivize investments in low income housing have largely gone under the radar. One provision in the tax law offers significant tax breaks for investors looking to defer or abate capital gains taxes, while the spending bill boosts the Low Income Housing Tax Credit ("LIHTC").

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Topics: Real Estate, Accounting Tips, Tax, IRS, consulting

Do you want a dynamic practice?

Management expert Peter Drucker famously said, “If you can’t measure it, you can’t improve it.” Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone calls. So what should your medical practice measure?

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Topics: Accounting Tips, Healthcare, medical, practice

Seven more tips and tricks for SEO

Posted by Victoria Hernandez, Communications on May 30, 2018

The more people come to your site, the more likely they are to become clients or customers. Continuing to drive people to your site is beneficial for your overall business. In this last installment of the search engine optimization (“SEO”) series, we’ll be covering a few more tips that will help bring traffic to your site again and again.

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Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction

Documentation matters in real estate professional exception

You would normally be right if you thought a dentist could not qualify as a “real estate professional”, allowed to deduct rental real estate losses — after all, the IRS thought the same thing. In this case you would be wrong, though. The U.S. Tax Court found that a dentist who also operated a real estate business qualified for the real estate professional exception, based largely on his extensive documentation of the hours he’d spent.

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Topics: Real Estate, Tax