Publications
- Alerts
- Articles
- Business Surveys
- Construction Edge
- Insurance Edge
- Legal Talent
- Manufacturing Edge
- Not-for-Profit Edge
- SEC Edge
- Strategy Insights
- Surviving the Upturn
- Tax Highlights
Article Keywords
- China
- Economic Stimulus Act
- FAS 157
- FIN 48
- SALT
- Section 529
- audit and assurance
- construction
- corporate finance
- economy
- education expenses
- education tax benefits
- energy-efficient credit
- fair value
- fin48
- fraud
- insurance
- international
- international tax
- legal staffing
- manufacturing
- not-for-profit
- public company
- recession resources
- selling your business
- state and local tax
- strategic planning
- tax
- tax planning
- tuition
Recently Published
Alerts
- Congressional Inaction Creates Estate Planning Mess
- NAIC Adopts Temporary Changes to SSAP 10
- Surviving the Upturn... Be "The Other"
Articles
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Business Surveys
- Survey of Chicago Area Business Leaders, September 2009
- Survey of Advisors to Family-Owned Businesses
- Survey of Chicago Area Business Leaders, February 2009
Construction Edge
- Managing Indirect Costs Calls for a Keen Eye ... and a Plan
- An Escalation Clause Can Help Curtail Materials Cost Woes
- Four Ways Dishonest Employees Can Steal Your Money
Insurance Edge
- Risk-Focused Exams for Reinsurance: What's Going On?
- SSAP 43R-Revised Loan-Backed and Structured Securities
- Insurance SAS 70: A Move Toward Action in Governance
Legal Talent
- Varying Rates for Contract Attorneys: Caveat Emptor!
- Top 10 Reasons to Hire Temporary Help in a Down Economy
- Five Organizational Tips for Staffing a Document Review Project
Manufacturing Edge
- Excess Capacity - Tax Advantage or Disadvantage?
- The Federal Government to the Rescue: Five-Year NOL Carryback
- Review Your Capital Assets for Possible Impairments
Not-for-Profit Edge
- Effective Dashboards for Not-for-Profit Boards
- Nonprofits Need Innovative Thinking to Survive the “New Normal”
- Online Donation Portals Ease Contributions, Receipt Process
Articles
Excess Capacity - Tax Advantage or Disadvantage?
In the December 2009 Manufacturing Edge, Brian Wiedenhoeft wrote the article “Excess Capacity: Accounting, Pricing and Production Issues,” which discussed the accounting implications of allocating overhead when production is below normal. A capacity-based fixed overhead allocation allows, for book purposes,...
read moreThe Federal Government to the Rescue: Five-Year NOL Carryback
From businesses to practitioners, it appears that all are praising the change to Net Operating Loss (NOL) carryback provisions in the Worker, Homeownership, and Business Assistance Act of 2009 (the New Act), signed into law November 6, 2009. The change...
read moreReview Your Capital Assets for Possible Impairments
As we put the recent recession in our rearview mirror and look ahead to the anticipated greener pastures of 2010 and beyond, it may be appropriate to review your company’s capital assets (land, buildings, machinery, and equipment) for potential impairments.U.S....
read moreEnsuring Timely and Accurate Financial Reporting for Your Foreign Subsidiaries
Make sure you have all the components in place for accurate, and timely, financial reporting from your foreign subsidiary.Recently we were asked to help a company set up the financial reporting infrastructure for a foreign subsidiary it had recently acquired....
read moreIssues Surrounding the Treatment of Business Combinations
In December of 2007, the Financial Accounting Standards Board (FASB) issued Statement No. 141(R), Business Combinations. This standard is now referred to as ASC 805 given the recently introduced FASB Codification. These rules have generated a significant level of discussion...
read moreAre We Coming Out of a Recession? Is it Time to Take the M&A Plunge?
The U.S. stock market is soaring, commodity prices are on the rise, and there are signs that consumer confidence is growing. The positive news is countered with growing bank failures, indications that banks are still not lending, persistent unemployment, and...
read moreEffective Dashboards for Not-for-Profit Boards
If you have ever attended a board meeting, you have likely seen your fair share of those big three-ring binder “board books” which contain all the information needed for the meeting. The volume of financial information that the board is...
read moreCurrent Environment Provides Perfect Moment for Gifting Carried Interests
A carried interest in a recently formed private equity or hedge fund is one of the most favorable assets for shifting wealth to future generations at little, or perhaps zero, gift tax cost.Here’s why:The valuation analysis of a carried interest...
read moreNonprofits Need Innovative Thinking to Survive the “New Normal”
With 2009 in the rear-view mirror and the economy showing some signs of recovery, many charitable organizations are not doing enough to weather what is expected to be a tough 2010. Too much complacency: that is the consensus Ian Wilhelm...
read moreRecovery Act Reminders for 2009
Nora Stapleton, Tax Partner at Blackman Kallick, shares her expertise on the American Recovery and Reinvestment Act (ARRA) in the October issue of the Journal of Accountancy. The article, Recovery Act Reminders for 2009 summarizes some of the most prominent points readers...
read more抓住收购与兼并美国公司的时机
众所周知，中美两国在政治经济贸易等方面关系良好，目前在商业投资方面出现了新的趋势：一方面，一些美国企业有意向出售自己的资产或销售渠道，而中国方面由于政府鼓励企业进行海外投资以及充裕的中国资本，越来越多的中国公司开始投资美国企业，而且目光不仅仅局限于那些价值数十亿美元的技术型企业和石油公司。
read moreUnderstand Your Employee Retention and Hiring Advantages...and Seize Them -- Now
Post from the Strategic Service Group's Strategy Insights Blog » In their article, “Winning Back a Wary Workforce,” BusinessWeek, July 13–20, 2009, Jack and Suzy Welch put into strong words what so many of us in business today know...
read moreBusiness Valuations
Most contractors are missing a critical piece of information – the value of their company. This information is necessary to reach the right conclusion when planning your future. Without a firm understanding of the value of your business it will...
read moreIllinois Enacts Uniform Prudent Management of Institutional Funds Act on June 30, 2009
The Uniform Prudent Management of Institutional Funds Act (UPMIFA) was signed by Governor Pat Quinn on June 30, 2009 and is effective immediately.UPMIFA replaces the Uniform Management of Institutional Funds Act (UMIFA) approved in 1972. UMIFA provides uniform, fundamental rules...
read moreFAS 157: New Reporting Requirements for Employee Benefit Plan Investments
In September 2006, the Financial Accounting Standards Board (FASB) released Statement No. 157, "Fair Value Measurements" (FAS 157), which defines fair value, establishes a framework for measuring fair value and expands financial disclosures about fair value measurements. FAS 157 is...
read moreHow can accurate financial statements improve your firm's sale price?
When it comes time to sell your business, the condition of your financial statements can play a significant role in how your business is perceived by potential buyers and in how much a buyer is willing to pay. If you're...
read moreWhat should you do when a customer files bankruptcy?
What's your best course of action if a customer files bankruptcy? First, consider the size of the debt. If it's a small amount, it may not be worth the trouble to do much other than make sure your claim is...
read moreStart Positioning Your Business Now for the Day You Sell It
Even if you don't plan to sell your business for the next 10 years, positioning it now for sale can help you get top dollar and favorable tax treatment when you do sell. Here are some ways you can prepare...
read moreIs the Window of Opportunity for Selling a Business Closing?
Today"s economic environment offers a very favorable market for business owners interested in selling their companies. But because the economy runs in cycles, the key factors creating this seller"s market: low interest rates, availability of credit, abundant private equity funding...
read moreYour Banking Relationship Is Changing ... Are You Prepared?
The ongoing credit crisis, and now the economy in general, are continuing to take a major toll on the banking industry. Many now think the problems in the banking sector are becoming worse than previously predicted, and the list of...
read more2009—What’s Hot and What’s Not?
Sara Gentry, Esq., Legal Recruiting Associate, Legal Staffingsgentry@BlackmanKallick.com, 312-980-2915With the first month of 2009 complete, here are the trends we're seeing so far:What's HotLaw firm mergers/dissolutionsIP Law—This area is going strong and even growing at some firms!Joining Obama's administration—Lawyers and...
read moreNew Year's Resolutions—Ours and Yours
Happy New Year! Generally the new year is flourishing with innovative ideas, fresh business, new cases and new hires. While we hope that the majority of these things still ring true in the new year, we recognize that in this...
read moreFAS 124: Guidance on How to Report Gains/Losses on Endowments
The ongoing credit and liquidity crisis in the United States and throughout the global financial system has resulted in substantial volatility in financial markets and the banking system. These and other economic events have had a significant adverse impact on...
read moreVarying Rates for Contract Attorneys: Caveat Emptor!
You Might Get What You Pay For!Jill Elden Rorem, Esq., Senior Manager, Legal Staffingjrorem@BlackmanKallick.com, 312-980-2997So, you're in charge of hiring contractors for a document review assignment and your superior has given you the daunting task of identifying the right agency....
read moreHow to Approach Strategic Acquisitions During Downturns
Mark W. Robertson, CPA, CFF, CIRA, CM&AAPractice Leader, Transaction and Lender Support Services mrobertson@BlackmanKallick.com, 312-980-3263 Why Buy the Farm When You Can Buy the Most Productive Cow?Values are falling and the need for liquidity is forcing the sale of businesses...
read moreAre You Prepared for the New 403(b) Regulations?
If you are a 403(b) plan sponsor, you’re probably aware that new regulations will go into effect on Jan. 1, 2009. Now is the time to review your organization’s 403(b) plan to be sure you are in compliance. If your...
read moreDonors Forum Issues the “Illinois Nonprofit Economy Report”
The Donors Forum, an association of grantmakers, recently released its latest research, the Illinois Nonprofit Economy Report: Implications for the Nonprofit Community. The report contains economic and employment information, as well as recommendations and implications for not-for-profit leaders, grantmakers, legislators...
read moreChanges to the Model Audit Rule and the Impact on Insurance Companies
With the advent of the new Model Audit Rule, Sarbanes-Oxley-like provisions will now impact the internal control requirements of many insurance companies. Insurance companies will need to spend considerable time and resources in an effort to comply. Additionally, the changes...
read moreEmergency Economic Stabilization Act of 2008 Extends Charitable Giving Provisions
On Oct. 3, President Bush signed H.R. 1424, the Emergency Economic Stabilization Act of 2008 (the Act) into law. This 451-page bill establishes a $700 billion Treasury fund to purchase troubled assets from financial institutions.The Act also includes 41 pages...
read moreTop 10 Reasons to Hire Temporary Help in a Down Economy
Jill Elden Rorem, Esq., Senior Manager, Legal Staffingjrorem@BlackmanKallick.com, 312-980-2997Why buy when you can rent?In tight times, it's good to order à la carte when you might not need the full meal.Your client will appreciate the lower hourly rate when times...
read moreChina’s Booming Consumer Economy: An Opportunity for American Businesses
Not long ago, when American business leaders thought about doing business with China, their focus was on sourcing product or moving manufacturing operations offshore. But China’s fast-growing economy has opened up a whole new market for U.S. companies. This issue...
read moreExpanding Internationally? Start with a Strong Strategic Plan
Launching a venture in a foreign country is just like starting any enterprise—it’s complicated and challenging. However, an international expansion has the added challenges of navigating a different culture and business environment.Companies that decide, "We’ve got to be in China"...
read moreCould a “China Plus One” Strategy Work for Your Firm?
China remains the most popular destination for foreign industrial investment in the world, attracting almost $83 billion last year," says an article in the June 18, 2008 New York Times. "But a growing number of multinational corporations are pursuing a...
read moreHow Can an IC-DISC Save on Taxes When Doing Business Abroad?
One way to tap into foreign markets without going overseas could be through the use of an interest charge domestic international sales company (IC-DISC).Before you start doing business in a foreign country, it pays to understand that nation’s tax laws. American...
read moreNew Form 990 Instructions Released For Tax-Exempt Organizations
On August 19 2008, the IRS issued instructions for the redesigned Form 990, "Return of Organization Exempt From Income Tax," which it released in December 2007. Because the complex new form is designed to enhance transparency and promote tax compliance,...
read moreFive Organizational Tips for Staffing a Document Review Project
Have you been given the enormous undertaking of putting together a document review? Whether you are an attorney, a paralegal or an administrator, this task can be daunting. These helpful tips will help unravel the mystery of the perfect document...
read moreFASB Issues Final FSP on Endowments
On August 6, 2008, the Financial Accounting Standards Board (FASB) issued FASB Staff Position (FSP) FAS 117-1, "Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act,...
read moreThinking of Sending Your Next Document Review Offshore? You Might Just Get What You Pay For
You Might Just Get What You Pay ForJill Elden Rorem, Esq., Senior Manager, Legal Staffingjrorem@BlackmanKallick.com, 312-980-2997We all know that contract attorneys have become a critical part of litigation. Blackman Kallick and other agencies have been providing professionals on a contract...
read moreWhat Can You Demand from Your Recruiter?
Jill Elden Rorem, Esq., Senior Manager, Legal Staffingjrorem@BlackmanKallick.com, 312-980-2997Staffing is a tricky business. The future of your business is built by the intelligence and ability of the people you hire. You must make certain that when you hire, you do...
read moreUnderstanding Unrelated Business Income
The primary purpose of the unrelated business income tax (UBIT) is the prevention of unfair competition by tax exempt organizations.It is essential for associations to determine if a trade or business is being conducted regularly and that such trade or...
read moreThinking About Hiring a Coach—Why Only in Sports?
Suzanne M. Lane, JD, MBA, Senior Manager, Strategic Servicesslane@BlackmanKallick.com, 312-980-3301It's springtime in Chicago—a time of year when Mother Nature provides us with glimpses of the highly coveted summer yet to come. Chicagoans, in particular, are famous for taking advantage of...
read moreGenerational Growth in Uncertain Times
The Executives' Club of ChicagoWilliam Wrigley Jr. PresentationApril 29, 2008Timing is everything. William Wrigley Jr., Executive Chairman of Wm. Wrigley Jr. Company (Wrigley) spoke on April 29, 2008, as part of the Executives' Club of Chicago CEO Breakfast Series. Mr....
read moreUpdate on New Form 990—Follow-Up from March 2008 Round Table
TimelineFinal draft of Form 990 released in December 2007Draft instructions released April 7, 2008Available for comments through June 1, 2008Final instructions to be published at the end of 2008New Form 990 effective for 2008 calendar years or fiscal years beginning...
read moreWork on Your Business, Not Just in It …
Why the Time Is Right for an Advisory Board
Barry S. Cain, JD, CMC, Managing Director, Strategic Servicesbcain@BlackmanKallick.com, 312-980-2976David Spitulnik, Director, Strategic Services dspitulnik@BlackmanKallick.com, 312-980-3339A recent article in the Wall Street Journal titled “Board of Advisers Can Help Steer Small Firms to Right Tack” describes how the owners of...
read moreIllinois Legislative Update
During the seven-month period from August 2007 to January 2008, the governor signed three tax bills into law, which will affect businesses. The original bill (Public Act 095-0233) was signed into law on August 16, 2007. Again in January 2008,...
read moreOperating Reserves
Erratic cash flows, loss of a key employee, litigation—all of these events have the potential to adversely affect an association's operations. When these types of events occur, an association can be caught off-guard and unprepared to manage the financial impact...
read moreIRS Releases New Version of Form 990
On December 20, 2007, the Internal Revenue Service issued a new version of Form 990, the tax return charities and other tax-exempt organizations are required to file annually. The new version of the form will be utilized for 2008 returns...
read moreHave You Gone Global? Can You Afford Not To?
Does your company do business overseas? Have you explored your opportunities in China, Europe or Latin America? This article explores how midsize businesses are expanding internationally—and offers food for thought if you've ever considered a foreign venture.In today's global economy,...
read moreCould a Chinese Firm Buy Your Company?
Are you wondering why there has been an increase in the number of Chinese companies purchasing American businesses? Could you benefit from this trend and increase the value of your business, even if you’re not planning to sell right now?Stella...
read moreInternational Financial Reporting Standards: IASB and FASB Work Toward Convergence
If your business is part of an international group of companies, you may have experienced the challenge of converting your financial statements between USGAAP (U.S. generally accepted accounting principles) and the accounting standards required in a foreign country. This is...
read moreThe Kiddie Tax Revisited
Income shifting (i.e., transferring assets into your children's names or gifting assets to them) has long been an effective way to save taxes and set up savings plans for college or other expenses. In 1986, Congress enacted the "kiddie tax,"...
read moreNew, Improved Research and Development (R&D) Credits Available
Since 1981, a research tax credit has been available to encourage R&D activities in the U. S. Although the credit has been extended 11 times, it has never been made permanent. In 1996, the alternative incremental research credit was enacted. The...
read moreHow to Protect Your Financial Identity and Credit
According to the Federal Trade Commission, several million people are victims of identity theft each year, generating losses estimated in the tens of billions of dollars. Several states, including Illinois, California, New York and Florida, have passed laws that will...
read moreNew Rules Clarify, Modify the Domestic Production Deduction
The Domestic Production Deduction (DPD) was passed as part of the American Jobs Creation Act of 2004 and became effective for years beginning on or after Jan. 1, 2005. Congress mandated that the Treasury Department provide guidelines within 90 days...
read moreWill a Strategic Buyer Always Pay More?
Stella Y. Su, MBA, CPA, ABVSenior Manager, Corporate Finance Consultingssu@BlackmanKallick.com, 312-980-2912Traditional wisdom says that a strategic buyer will be willing to pay more for your company than a financial buyer. This might have been true once, but business owners today...
read moreAre You Sure Your Kids Will Want the Family Business?
You're a parent who owns a family business. Admit it. If you started the company, didn't you entertain thoughts early on of one or more of your children eventually coming into the business? If your parent or grandparent founded the...
read moreDomestic Production Deduction FAQ
What is the Domestic Production Deduction? Part of the American Jobs Creation Act of 2004. An incentive to encourage manufacturing and other production activities in the U.S. using American employees. What types of entities may qualify? The domestic production deduction...
read moreHow you can benefit from the new domestic production deduction
On Oct. 22, 2004, President Bush signed into law the American Jobs Creation Act of 2004, which has more than 600 provisions. One of the biggest provisions is the domestic production deduction. In January 2005, the Treasury Department issued its...
read moreEvaluating the Noncash Issues in Selling Your Business, Part 2 of 2
Stella Y. Su, MBA, CPA, ABVSenior Manager, Corporate Finance Consultingssu@BlackmanKallick.com, 312-980-2912Part 1, "What’s Actually Included in the Offer Price for Your Business?" addressed the financial aspects of valuing an offer to buy your business. Part 2 deals with legal and...
read moreWhat’s Actually Included in the Offer Price for Your Business? Part 1 of 2
Stella Y. Su, MBA, CPA, ABVSenior Manager, Corporate Finance Consultingssu@BlackmanKallick.com, 312-980-2912If a potential buyer approached you today with an offer to buy your company, what steps would you take to evaluate that offer? In this issue and the next, we’ll...
read moreIt's Never too Early to Think About Selling Your Business
Stella Y. Su, MBA, CPA, ABVSenior Manager, Corporate Finance Consultingssu@BlackmanKallick.com, 312-980-2912If you own a business, chances are you have been approached by companies or individuals interested in acquiring your company. Getting an offer out of the blue can cause emotional...
read more10 ways to take advantage of troubled times
By Patrick F. McNally, MBA, CPA, ABVPartner in Charge, Corporate Finance Consulting pmcnally@BlackmanKallick.com, 312-980-2934Any change is an opportunityFor those who are prepared, the current recession represents an opportunity. If things are going along and nothing has changed, you have to work...
read moreHow to Value a Closely-Held Business, Part 2 of 2
Stella Y. Su, MBA, CPA, ABV Senior Manager, Corporate Financessu@BlackmanKallick.com, 312-980-2912Valuation adjustments and applicationsPart 1 of "How to Value a Closely Held Business" explored several approaches to valuing your company. In Part 2, we’ll look at adjustments to the values you...
read moreHow to Value a Closely-Held Business, Part 1 of 2
By Stella Y. Su, MBA, CPA, ABVSenior Manager, Corporate Financessu@BlackmanKallick.com, 312-980-2912 In the article, "Should you sell your business during troubled times," which appeared in the Fall 2001 issue of Corporate Finance Edge, we discussed whether you should sell your business...
read more
Follow BlackmanKallick on Twitter