E-ssential Insights
General Business/Management Strategies
Service leaders focus on employee loyalty
Servant leaders are not motivated by wielding power over people. Rather, they are concerned with the needs of their employees and are dedicated to solving employees’ problems, removing work-related obstacles, and building loyalty to the company.
Oops, need to change your income tax return?
Do you need to correct your income or add deductions or credits to your recently filed income tax form? If so, you can file again using an amended tax return. Here are eight points the IRS wants you to know about amending your federal income tax return.
The high price of sleep-deprived employees
A recent study found that 50 million to 70 million Americans suffer from chronic sleep disorders that adversely affect their daily functioning and health. Employers bear much of the burden of sleep deprivation in the form of lower productivity and higher healthcare costs.
Wealth Advice/Estate Planning
One in four pessimistic about retirement
The percentage of workers who are "not at all confident" that they will have a comfortable retirement rose to 27 percent in an annual retirement confidence survey. Workers are now more pessimistic about their retirement situation than they have been in the past 20 years.
Five airline headaches to avoid
Airline disasters have ruined vacations and business trips for many travelers. While you can't avoid every airline nightmare, you can take steps to minimize the chance of one happening on your vacation.
Student loans mean adult responsibilities
The number of college graduates who owe large sums of money for their college loans has been a hot topic lately. Some borrowers seem shocked when they start receiving the bills after graduation. Before your child takes out a loan, some money management education might be in order.
Family Business/Succession
Top talent having more success negotiating salary
Good news for job seekers with skills that are in demand. Nearly 40 percent of executives interviewed said they would be more willing to negotiate salary with top candidates, according to a new study by Robert Half International.
Would a board of directors help your family business?
An independent board of directors can bring valuable perspectives to a family business. But how do you go about forming one - and what could a board bring to your company to strengthen it for the future?
Networking takes extra effort for family businesses
One advantage of a nonfamily company is that managers usually come from different spheres of influence, giving the business a broader network. Family businesses often need to purposefully cultivate a network of acquaintances and contacts who can introduce prospective customers.
Physician Services
Medical practice bankruptcies: What to know
Among the nearly 1.38 million bankruptcies filed in the United States in 2011 were a number of physicians and group medical practices. This trend is spurred by the rising cost of technology, decreasing reimbursements and uncertainty about the effects of healthcare reform.
Should you lease your practice to a hospital?
Private practice physicians face lower reimbursement rates, greater compliance requirements and pressure to adopt costly technology. Many consider selling to a hospital, but that isn't the only option. Doctors who want to remain independent may prefer to lease their practice.
'Special' audits reserved just for healthcare providers
Increasing healthcare costs and an aging population have the Centers for Medicare & Medicaid Services scrambling for ways to save money – not the least of which is recovering payments improperly made to hospitals, physicians and other providers.
Manufacturing
Do you have too many products in development?
Does your company come up with innovative ideas that never seem to make it through the development stage? According to a new study, the main reason good product ideas fail is that development resources are stretched too thin because of too many other projects in development.
Requiring high school diploma could violate ADA
The Equal Employment Opportunity Commission recently issued an informal statement of opinion that employers who require a high school diploma for a job, without clear business necessity, may be violating the Americans with Disabilities Act (ADA). Learn more here.
Help shiftworkers, help the company
Shiftwork is hard on people. Shiftworkers are more likely to suffer stress and injuries on the job. Here are some steps you can take to reduce the negative impact of shiftwork. They will help your employees - and your company.
Construction
Learn to LEED in green building
With more buyers asking for environmental features in their homes, the green movement is seeing solid growth. In addition to environmental concerns that are driving this trend, are health concerns, such as allergies, asthma and chemical sensitivities.
Loan process revised for small businesses
If your company is like many in this economy, your cash reserves have been tapped to the limit. How can you take on projects that require working capital for labor and materials? Fortunately, the Small Business Administration is stepping up to address the credit shortfall.
Energy saving incentives still in effect
Many of the tax credits and incentives for energy efficiency originally enacted as part of the American Recovery and Reinvestment Act have expired. The focus now is on energy-saving tax provisions that remain in effect for builders or owners of residential and commercial buildings.
Nonprofit Organizations
Would college interns help your nonprofit?
Does your nonprofit organization have a college internship program? If not, you might want to consider establishing one. Whether it’s accounting, program development, marketing or direct client assistance – a college intern can provide a desperately needed extra pair of hands.
Spreadsheet can help in analyzing budget
A spreadsheet can help to identify exactly what is funded – or not funded – in your organization. This tool can show you how much is needed to cover staff positions and costs, as well as help you plan a funding strategy.
Due diligence vital before joining new nonprofit
Due diligence can be costly and time consuming, but it's well worth the investment when it comes to merging with another nonprofit. Your organization will take on the debts, liabilities, contractual obligations and claims against the new group, so proceed cautiously.
Valuations
Does your practice have a business plan?
You may not think of it that way, but your law practice is a business. As such, you need a business plan that envisions the firm’s future so you can properly operate your business to reach your goals. Here are the components of a good business plan.
Do you know how much your law firm is worth?
The price actually paid for a law firm may differ from its value. This can be due to many factors. Understanding how the value of your practice is determined can help you plan for the time when partners begin to retire - and help you implement strategies to increase your firm's value.
Five ways a CPA can help your law practice
Are you using a CPA to assist you with your practice management needs or litigation support issues? Here are five ways you can involve your CPA in litigation and practice management matters to help you realize greater profit and have a healthier practice.
Washington Tax Update
Job hunting? Don't overlook tax deductions
With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions.
Health savings account limits released for 2013
The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible contributions to health savings accounts. In general, an "eligible individual" is a person covered under a high-deductible health plan.
Like-kind exchange questioned by Tax Court
An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the case ended up in Tax Court.
When is a partnership not a partnership?
Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her estate planning, Lockett created Mariposa Monarch, LLP (MM), an Arizona limited liability partnership. The partnership agreement named Lockett's sons, Joseph and Robert, as general partners and Lockett, Joseph, Robert and the trust as limited partners. So, was this a partnership?
It's enough to scream about
An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the sale. But the artist himself apparently tangled with the tax authorities.