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Recently Published
30 Second Ideas
- Taxpayers Beware: IRS Impostor Faxes
- You’ve Got Two More Days to File Your Tax Return
- 2012 Standard Mileage Rates
Accounting Updates
- New Consolidation Standards — Who Put the VIE in Related-Party Lease Arrangements?
- Proposed Changes to Revenue Recognition Standards — Only One Proud Standard Rather than Dozens
- Proposed Changes to Lease Accounting Standards — The Classic Cookie-Cutter Standard Is Likely to Be Retired
Alerts
- Defined Value Clause Win for Taxpayer — Wandry v. Commissioner
- Optimize iCOLI Policies to Benefit Your Company
- Beware: New Form 8938 - Statement of Foreign Financial Assets
Articles
- Middle-Market Manufacturing M&A Quarterly Review — Manufacturing-Sector Update, May 2012
- Middle-Market Manufacturing M&A Quarterly Review — Multiples, May 2012
- Industry Snapshot: Metal Fabrication
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
Healthcare Edge
- Specialty Snapshot: Medical and Diagnostic Laboratories
- Cash Balance Plans For Professional Practices
- Using Your iPad for Business: Greater Portability, Flexibility, and Organization. Fewer Trees.
Insurance Edge
- Preparing Your P & C Insurance Company for an IRS Audit Before It Comes
- Using Your iPad for Business: Greater Portability, Flexibility, and Organization. Fewer Trees.
- Optimize iCOLI Policies to Benefit Your Company
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
- Using Your iPad for Business: Greater Portability, Flexibility, and Organization. Fewer Trees.
- A Year-End Planning Checklist for Every Manufacturing Company and Distributor
- Goodwill Impairment Testing — Simplification May Be Possible
Market Update
- Middle-Market Manufacturing M&A Quarterly Review — Manufacturing-Sector Update, May 2012
- Middle-Market Manufacturing M&A Quarterly Review — Multiples, May 2012
- Industry Snapshot: Metal Fabrication
Not-for-Profit Edge
- Benefits of Conducting a Fraud Risk Assessment — Part Three
- Data Security Breach — This Is Not Just for Dot.com Companies
- New Developments: OMB A-133 Audits and Fair Value Measurements
Quick Links & Good Ideas
- Quick Links and Good Ideas, January 2011
- Quick Links and Good Ideas, November 2010
- Quick Links and Good Ideas, September 2010
Strategy Insights Blog
- Measuring the Success of Your Strategy, Starts with Asking the Right Seven Questions
- Leadership Lesson from the Military: Put Away Your Iron Fist and Empower Your Troops
- The New Digital Reality: Your Brand Is No Longer in Your Own Hands
February 2012
Form 8937 — Creates New Rules for Reporting of Organizational Activities That Affect the Basis of Securities
The IRS has recently released Form 8937, along with its instructions requiring issuers of “specified securities” to prepare this form soon after certain “organization activities” occur. January 17, 2012, marked the form's first due date. A “specified security” refers to...
read moreIllinois NLD Suspension: What This Means If You Are Thinking of Selling
Net loss carryovers are an integral component of tax planning. States all have different rules regarding net loss deductions, and these rules are constantly changing. Over the past few years, Illinois has had varying net loss deduction (NLD) rules. Historically,...
read moreSSAP 101 and SSAP 10R: Are Insurance Companies Leaving Surplus on the Table?
There have been constant changes in the area of tax accounting for insurance companies over the last several years. These changes have required insurers to evaluate all of the changes made by Statement of Statutory Accounting Principles (SSAP) 10R and...
read moreForm 990 — Identifying Your Target Audience
Many tax-exempt organizations rightly worry about scrutiny from the Internal Revenue Service (IRS). A small minority of tax-exempt organizations are scrutinized by an IRS audit on an annual basis. A tiny minority of those audited lose their exemption. So, while...
read moreTaxpayers Beware: IRS Impostor Faxes
Recently there have been reports of phony faxes requesting wages, social security numbers, and other personal information on behalf of the IRS. These communications bear IRS and U.S. Department of the Treasury logos and look much like official correspondence. However,...
read moreSpecialty Snapshot: Mental Health Professionals
There are more than 100,000 mental health professionals across the U.S. with combined annual revenues of approximately $10 billion. Service revenues consist primarily of patient care services, and also include pharmaceutical sales and fees for lab tests. Within each specialty,...
read moreMedical Malpractice Insurance Premiums: How Is My Insurance Company Determining My Premium?
Medical malpractice news, debate, and discussion are not new to Illinois. In 2010, the Illinois state supreme court struck down legislation that limited the noneconomic damages to be awarded in malpractice suits. Craig Tobin, from Tobin & Munoz, notes the...
read moreIs It Time to Enhance Your Annual Report?
In an economic climate where everyone is trying to stretch their dollar, what you have to say and how you say it in your annual report could make a difference in the eyes of your donors. There is so much...
read moreBenefits of Conducting a Fraud Risk Assessment — Part Two
Read "Benefits of Conducting a Fraud Risk Assessment — Part One" Read "Benefits of Conducting a Fraud Risk Assessment — Part Two" Read "Benefits of Conducting a Fraud Risk Assessment — Part Three" Fraud is a risk to every...
read moreHigher Education Tax Benefits
In a tough economy with rising tuition costs, deciding how to pay for your child's higher education expenses can seem daunting. To help reduce the total costs associated with higher education, we have listed opportunities that may be available to...
read moreChanges to Accounting for Accrued Medical Malpractice Claims and Expenses
The accounting related to recording malpractice claims and the related insurance recoveries recently changed with Accounting Standards Update 2010–24, Health Care Entities: Presentation of Insurance Claims and Related Insurance Recoveries, which made significant alterations to current practices. Prior to the...
read moreBeware: New Form 8938 - Statement of Foreign Financial Assets
Effective for tax years starting after March 18,2010, individual U.S. taxpayers (as well as bona fide residents of American Samoa and Puerto Rico) are required to include Form 8938, “ Statement of Specified Foreign Financial Assets”, in their income tax...
read moreYou’ve Got Two More Days to File Your Tax Return
For Tax Season 2012, the due date for “April 15 returns” for Tax Year (TY) 2011 is April 17, 2012. April 15 falls on a Sunday in Tax Season 2012, which under most circumstances would push the due date to...
read more1099-MISC Requirements for Landlords
In the past couple of years Congress has been active in modifying filing requirements for informational returns, especially 1099s. All of these changes have left informational return filing requirements misconstrued, especially in the case of landlords on their individual tax...
read moreWhere Do You Live? The Illinois Tax Edition
And why does it matter? It seems that Illinois residents have been asking this question more often since Illinois increased its individual income tax to five percent. How does Illinois define a resident? Illinois defines "resident" as: (A) an individual...
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