12.20.24

Helpful Changes at the Illinois Attorney General’s Office
Alison Fetzer

Good news for Illinois Not-For-Profit organizations out of the Illinois Attorney General’s office: New rules effective October 29, 2024, should simplify the extension and filing process of the charitable organization annual report, Form AG990-IL.  Under the old rules, the annual report was due within six months of the organization’s fiscal year end and was eligible […]

12.18.24

The NIIT is Ensnaring More People. Are You One of Them?
Eileen Cozzi

The net investment income tax (NIIT) has been around for more than 10 years, but the number of people subject to it has gradually more than doubled during that time. Why? Because the income thresholds that trigger the tax are not indexed for inflation. As incomes rise with inflation, an increasing number of taxpayers are […]

12.12.24

Conventional vs. FHA Mortgages: Weighing the Pros and Cons
Justin L. Sylvan

With home prices in many areas continuing to climb and mortgage rates still high compared to just a few years ago, many would-be buyers cannot afford the 20% down payment often required for a conventional mortgage. FHA loans may provide an affordable alternative for these individuals, but both types of mortgages come with potential advantages […]

12.11.24

Working Capital Plays a Critical Role in Mergers
Luca Rajola Pescarini

The amount of working capital in an acquisition target has a direct impact on the ultimate purchase price. Understanding its role — from initial due diligence through negotiations to the post-closing “true-up” — early on can help both the buyer and the seller achieve a successful transaction without post-dispute litigation or distraction. Working Capital Basics […]

11.20.24

What You Need to Know About New Overtime Rules
Sarah G. Widlock

The U.S. Department of Labor (DOL) released a new final rule in the spring of 2024 changing the salary threshold for determining whether employees are exempt from federal overtime pay requirements under the Fair Labor Standards Act (FLSA). Although the new rule took effect July 1, 2024, opponents have already filed litigation challenging it. Here […]

11.12.24

Employee Benefits Plans: Preparing for Your First Audit
James Quaid

The federal Employee Retirement Income Security Act (ERISA) generally requires employee benefit Plans (EBPs) with more than 100 participants who have account balances at the beginning of the Plan year to undergo an independent audit. Here is what you need to know if you are facing your first EBP audit. The Basic Requirement Plan Sponsors […]

11.04.24

Understanding Your Financial Statements
Kevin Omahen

There are two main financial statements involved in every Practice, an income statement and a balance sheet. Both statements paint a completely different picture and understanding the basics of each is important when you are evaluating past performance and planning for future performance. Income statements For medical practices that generate them regularly, P&L statements provide […]

10.31.24

Is it Time to Hire a CFO?
Jeffrey Chiles

Let’s face it: Most not-for-profits are founded on a passionate belief in service. This does not always include a passion for numbers. To fill this gap in financial expertise, not-for-profits often hire chief financial officers (CFOs). However, do all not-for-profits — including small organizations — need one? CFO defined Generally, the CFO (or “director of […]

10.30.24

Your Estate Plan Needs to Reflect Life Changes
Peggy Vyborny

Estate planning is not a “set it and forget it” proposition. You should review your plan regularly and update it to reflect changes in your personal or financial circumstances. Personal and financial shifts Perhaps your net worth has substantially increased or decreased or you have acquired or disposed of valuable assets. If you got married, […]

09.30.24

Build a Diversified Portfolio to Reduce Risk — and Mental Stress
Brian Ford

Diversification is a key strategy for managing risk in an investment portfolio, based on the philosophy that you should not put all your “eggs in one basket.” By spreading investments among asset classes, industries, sectors, geographical areas or other criteria, you are more likely to own securities that perform differently under different market conditions. However, […]