Building Construction

Will new accounting standards affect you?
Real estate investors and builders as well as financial statement preparers need to be well-informed and prepared for the impact International Financial Reporting Standards (IFRS) will have on financial statements. The Securities and Exchange Commission has developed a proposed roadmap to help U.S. companies make the transition to IFRS.

It's in your 'interest' to know tax rules
Interest on costs associated with construction is not deductible -- it must be capitalized. But interest not related to construction is currently deductible. Paying attention to interest rules is essential for builders.

Remodeling? Wise choices can pay off
What remodeling projects give the most bang for the buck? Thinking of remodeling a kitchen, or adding on another bedroom to your home or one of your rental properties? If you wonder how much the value will increase compared to the renovation cost, Remodeling magazine has the national averages in its most recent "Cost vs. Value" report. Depending on the city and a variety of other factors, it is possible in some cases to recoup 100 percent of the cost.

Family Business

Mediation may be answer to resolve conflicts
Mediation increasingly is becoming part of the legal landscape. Court systems, some more than others, use mediation to reduce docket load and make breakthroughs in deadlocked cases. Parties on their own increasingly use mediation to resolve divorce, business, employment, contract and other conflicts. Mediation, unlike litigation, has the potential not only to resolve disputes but to address underlying issues that create conflict.

Avoid court: Stay on speaking terms
The newspapers are full of unfortunate stories about family business owners battling each other in court. They fight for a variety of reasons: inheriting the business, profit sharing or even a reserved parking space. How can family business owners stay out of court and stay on speaking terms?

Inheritor Syndrome: Could it hurt your business?
You work hard to build your family business, looking forward to the day when your children will reap the rewards. But when a substantial portion of the ownership or assets of a family business is transferred to one or more offspring, it can cause a phenomenon known as Inheritor Syndrome.

General Business

How to manage overqualified workers
With high unemployment rates, many people are working in jobs they are overqualified for. Highly qualified employees can bring a lot to an organization -- if they are managed well. Here are some tips.

Court rules on dress code policy
An employer may bar an employee from wearing facial jewelry even when the practice is an expression of religious faith, according to the First U.S. Circuit Court of Appeals. The key is "reasonable accommodation."

Red Flags Rule delayed again
Enforcement of the Red Flags Rule will be further delayed until Jan. 1, 2011, according to the Federal Trade Commission's announcement in late May. Of course, Congress could decide to legislate another deadline, so businesses covered by the rule should be aware that additional changes may lie ahead.

Manufacturing

Long leave of absence: Dealing with the workload
It can be a challenge for a manager to cover the duties of an employee who is out on disability or other leave of absence. If an employee quits, you can usually hire a replacement. On the other hand, when an absent employee is expected to return, you have to hold the position open while finding a way to get the work done in the meantime. There are a number of ways to approach this task.

Romance at work increases fraud chances
The workplace today seems to be what singles bars and fitness clubs were in earlier decades -- a good place to meet someone for a romantic relationship. But workplace intrigues bring certain risks -- both when relationships blossom and after they go bad. One of these is an increased risk for fraud.

Mapping: It worked for McDonald's
You can make a difference in your business by working on your business processes. Ray Kroc, the founder of McDonald’s, recognized that creating an operation with consistent, repeatable processes would provide a model that could be easily replicated with greater profitability and control. Mapping is the key.

Nonprofit Organizations

Could HIRE Act help your nonprofit?
If you’re thinking of taking on new employees this year, the HIRE act could bring big savings to your nonprofit organization. For any new hire who has been unemployed for the past 60 days, a tax credit is available to employers for their 6.2 percent portion of the new employee’s Social Security tax.

Healthcare credit: Does your nonprofit qualify?
As part of the healthcare reform act, small tax-exempt organizations may be eligible for a credit worth up to 25 percent of healthcare premiums they pay employees in 2010. The credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010.

How to start a street canvassing campaign
A street canvassing program can do wonders for your organization if it is implemented properly. The environmental organization Greenpeace is a shining example. Since reinstating its street canvassing program in 2006, Greenpeace has doubled its membership to more than 300,000 in the United States, growing even during the recession.

Physician Services

Financial statements reveal business health
Financial statements provide information about the medical practice’s performance as a business. There are several types of financial statements: Three important ones are discussed here.

New staff? Have attorney review paperwork
Recruiting a new staff member? As you've probably discovered, many rules and regulations govern physician recruitment. It pays to have all physician employment agreements drafted or reviewed by an experienced healthcare attorney for conformity with employment and compliance regulations. And all transactions with hospital involvement should be carefully reviewed by legal counsel for all parties.

Recruiting involves art of negotiation
Deciding on a candidate for a professional position with your medical practice is only one piece of the puzzle. Next comes the negotiation phase. Knowing when to negotiate terms and when not to can help you find a candidate who fits your practice.

Wealth Advice and Financial Planning

Estate tax roars back in 2011
Just over the horizon is the return of the federal estate tax. With the estate tax repeal at the beginning of this year, even the largest estates can currently pass to heirs free of estate tax. But a beefed up estate tax is scheduled to return in 2011.

Money in your pocket? Consider your options
You have money left over after paying current expenses. Should you invest it with an eye to income, or should you use it to pay off interest-bearing debt? Here are some of the factors to consider.

New credit card rules may help you rein in debt
The Federal Reserve Board recently enacted rulings to protect consumers from creative practices of credit card companies. The rulings also provide more complete information to consumers on their debt situation so that they can make better informed decisions.

Valuations

'LLC member' doesn't mean limited partner
The IRS has continued to litigate – and lose – cases in which it argues that members of a limited liability company should be treated in the same manner as a limited partner when applying the passive activity loss rules.

Show your firm's value when marketing
To a client, all law firms initially appear the same. To land a new client, your presentations need to be geared toward setting your firm apart from other firms. What is most important?

Increasing your firm's profits the R.E.A.L. way
Keeping your head above water as an attorney these days requires more than just legal skills. You’ve got to sell yourself and offer better service. During this turbulent time, it may benefit your firm to install a R.E.A.L. management action plan.

Washington Tax Update

Tax planning tip of the week

What’s new from the IRS

What else is new from the IRS

What’s new from the Courts

What’s new from Congress

It bears repeating

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