LGT's Profit Sense

The Wayfair decision

Topics: SALT, Wayfair

Ready or not, here it comes.  Starting in 2019 for public companies (2020 for private companies), the way leases are accounted for and reported will change.  These changes can impact the financial statements of lessees.  While the implementation date might seem far away in the future, companies should start preparing for the changes in order to achieve a smooth transition.

Topics: Accounting Tips, accounting, Lease

Technological innovations and other recent developments are rapidly altering the job estimators perform for construction companies. Estimators are taking on a more collaborative, value-added role — enabling them to have a significant impact on project costs, quality and risk management. Let’s look at some of the most important changes.

Topics: Construction, accounting

As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated business income (UBI). If you engage in “unrelated business” — and even if you don’t — you could find that your unrelated business income tax (UBIT) liability increases under the new law.

Topics: Accounting Tips, Not-for-Profit, accounting, TCJA, UBI

Many opportunities may arise in a physician practice for providing ancillary services, depending on the nature of that practice as well as the physicians’ interests. A short list includes anesthesia, diagnostic testing, endoscopy, pain management and physical therapy. (For more examples, see “12 ancillary services to consider.”)

Topics: Healthcare, accounting

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?

Topics: Tax, Construction, consulting, accounting

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.

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

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.

Topics: Real Estate, Tax, accounting

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.

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

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.

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