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Knowledge and Insights: Newsletters

Preparing For The New Overtime Pay Rule

After much anticipation, the Department of Labor recently released a new rule that will change how employers compensate employees. Effective December 1, 2016, workers who earn above the previous threshold but below the new one will qualify to receive time-and-a-half for each hour they work surpassing 40 hours a week. An estimated 4.2 million salaried…

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Retirement Planning for the Self-Employed

Self-employed individuals are notoriously busy, but that does not mean that planning for retirement should be put on the back burner. A recent survey indicated that 70% of America’s 10 million self-employed individuals are not saving regularly for retirement and 28% aren’t saving at all. It is well worth the time to explore the tax-advantaged…

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Gifting Wisely

Most of us are familiar with the concept that we can gift a certain amount of money to another person every year without gift tax consequences and that there is a limit to lifetime gifts beyond that amount that we can give away that somehow relates to estate taxes when we die.  For 2016, those…

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What’s Your Organization’s Performance Score?

Nonprofits are facing a new challenge as many donors, regulators and ratings agencies now are looking for performance reporting to be provided to them; that is, financial measurements as well as outcome and impact reporting.  Of these, financial reporting is most straightforward, as various percentages and ratios are calculated and presented in an attempt to…

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How Does Your Board Stack Up?

The members of a board of directors collectively set the direction of an organization, steering it toward a better future by setting the tone that promotes sound and ethical legal governance and financial management policies. The board is entrusted with and accountable for the leadership and governance of a nonprofit organization. However, a typical board’s work…

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Tax Scams On The Rise – Identity Theft A Major Threat To Americans

Most Americans filed their 2015 tax returns by the extended April 18th deadline this year and will do their best to forget about taxes until they’re due again in 2017. However, increasing numbers of Americans don’t have the luxury of forgetting about taxes until next year because they’ve been victims of identity theft. Since the early 2000s,…

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Surprise Audits Can Stop Fraud in its Tracks

Over the years, the Association of Certified Fraud Examiners (ACFE) has consistently estimated that occupational fraud costs the typical organization 5% of its revenue annually. In its most recent biennial report on occupational fraud, the ACFE found that the median loss caused by fraud was a whopping $145,000. Clearly, no organization can afford to ignore…

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Prevent Fraud With Stronger Consumer Profiling

When we hear the word fraud, our own personal ideas and experiences about it usually come to mind. An official definition of fraud as published by the Institute of Internal Auditors in its International Professional Practices Framework, is “… any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent…

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A Successful Business Requires Strong Governance

Begin With the Business Structure  Good governance starts with the initial organization (or reorganization) of a business. For the sake of simplicity, we’ll focus on governance issues in the context of a corporation, which is required by law to have a board of directors and officers and to observe certain other formalities. Other business structures,…

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Family Business Planning – Handing The Torch To The Next Generation

Every family business must transition control to the next generation someday. But will the next leader be another family member — or is there a better choice outside the family circle? Successful succession plans don’t happen overnight. They take years (or even decades) of preparation, mentoring and training. So if you have borrowers that are…

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