Knowledge and Insights: Newsletters

I am happy to report that once again, Kyle, Lovepreet and I visited Washington, D.C. to attend the American Institute of CPA’s Annual Not-for-Profit Conference, held each summer.  While there, we packed in a lot of continuing education, discussions with peers, time with clients, and samples of new ethnic foods.  The three of us participated…

In the health and human services sector, the years-long transition in the provider claims payment system – from contracted cost to fee-for-service reimbursement – is nearly complete.  One question that provider agencies now directly billing Medicaid are asking is: “When will we start seeing recovery audits?”  While recovery audits within waivered services in the State…

“Oh great, an audit!” When the word audit is seen or heard by most people working in any type of organization, it usually invokes a negative response.  They view the term as an unpleasant event that may be disruptive or unsettling to their normal course of business.  To add to the displeasure, audits generally are…

Expansion and growth present both excitement and challenges for a company. During such periods, new systems are introduced, processes are redesigned and refined, and employees are trained in the changes. Management may find that what worked before may not be effective or efficient anymore. These changes lead to an increased demand on the company’s internal…

There are many things for you to consider as you think about the future of your business ownership: When is the right time to move on? How much money will I need? How do I even sell this business? These questions dovetail into an important decision you’ll try to make early in the process of…

It is a well-publicized fact that HIPAA enforcement has been on the rise in recent years.  The Office for Civil Rights (OCR) has now released its annual report, which confirmed that 2018 was a record year for HIPAA enforcement activities. The OCR settled ten (10) cases in 2018, with fines and penalties totaling nearly $29…

New Jersey taxpayers may see a deduction for charitable giving for 2019 on the NJ-1040!  On March 25, 2019, the Senate voted in favor of Bill No. S2179 that would allow a charitable deduction for individual taxpayers for contributions made to qualified New Jersey-based charitable organizations.  Creating this tax write-off for New Jersey residents could…

18-year-olds are granted many privileges upon their birthday. It’s like turning a switch and the world considers them an adult.  This new found status can be exciting and a little scary. Eighteen-year-olds can own property outright, vote in an election, serve on a jury, get married, get a tattoo, gamble, and enter into binding contracts…

On April 17, 2019, the Internal Revenue Service issued proposed regulations and further guidance related to Qualified Opportunity Zone (QOZ) investments. The Tax Cuts and Jobs Act signed into law by President Donald Trump on December 22, 2017, introduced Subchapter Z of the Tax Code, which established the QOZ program.  Under this program, Federal income…

The Population Reference Bureau report, “Aging in the United States,” examines recent trends and disparities among adults ages 65 and older, and how baby boomers born between 1946 and 1964 will reshape America’s older population.  The number of Americans ages 65 and over is expected to exceed 98 million by 2060, increasing their share of…