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Offering our expertise, guidance and thought leadership on issues and topics that affect organizations. This section delivers articles to help simplify the complexities businesses face in an ever expanding and changing environment.

Back to the Future: Rely on Financial Statements to Make Decisions for the Future

Financial statements regularly slide over your desk and pass through board members’ hands, providing a wealth of financial data on your nonprofit’s most recent month, quarter or year. The big question is whether your organization is analyzing the RIGHT timely data to make business decisions and plan for the organization’s future?

Brace Yourself for the Next Wave of Practice Consolidation

In the health care reform law, downward pressure on physician reimbursements and the need for capital are all driving an anticipated next wave of physician practice consolidation. Although some doctors have avoided these problems by accepting employment with a hospital, many others are exploring the option of merging with or acquiring other physician practices.

Employee Theft: Don’t Take Chances with your Practice

At a time when reimbursement rates are being squeezed, what you don’t need is someone surreptitiously removing money from your practice. Yet, that’s exactly what some staff members are doing to the practices that employ them.

Down for the Count: Detecting Inventory Fraud

Like any type of employee scam, inventory fraud can lead to losses that can go undetected for long stretches of time. Many companies are particularly vulnerable to such fraud, though, because of risks that are inherent in the way they do business.

Powering Down: Reduce Operational Costs by Conducting an Energy Audit

For individuals, finding ways to reduce energy consumption is usually a choice — resulting from a decision to be more environmentally conscious, an effort to save a few dollars each month, or both.

Payroll Tax Relief Extended Through Year End

In December, Congress was able to pass only a two-month extension of payroll tax relief — on the condition that Senate and House conferees be appointed to work on a full-year extension. That conference committee now has negotiated an agreement, and the Middle Class Tax Relief and Job Creation Act of 2012 will extend through December 31, 2012, the 2010 Tax Relief act provision that reduced the employee portion of the Social Security tax on earned income from 6.2% to 4.2%.

Treasury and IRS Release Proposed Regulations on Foreign Asset Reporting

The U.S. Department of Treasury and the IRS have issued sweeping proposed regulations implementing information reporting and withholding tax provisions for foreign financial institutions (FFIs). Although the proposed regulations are targeted at FFIs, they drive home the need for individual taxpayers with foreign accounts to be vigilant about compliance with their own reporting obligations.

Revenue Recognition Overhaul Nears Final Phase

Companies will see significant changes in codes and disclosure rules

All authoritative guidance on revenue recognition is about to change, and the impact will be felt in every business category from software to construction to real estate franchisers. The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are currently completing a joint project that will replace the huge body of existing revenue recognition standards with a new single model.

Congress Repeals 3% Withholding, Provides Tax Incentives for Hiring Veterans

There’s no question that the struggling economy has had a negative impact on the value of many businesses and investments. But it also influences the business valuation. On Nov. 16, Congress passed legislation repealing a controversial law that would have required federal, state and local government entities with total annual expenditures of $100 million or more to withhold 3% of certain payments for goods and services to government contractors and vendors.

2012 Tax Calendar

To help ensure you don’t miss any important 2012 deadlines, we’ve provided this summary (attached PDF document) of when various tax-related forms, payments and other actions are due. Note that the April 15 deadlines have been extended to April 17 this year because of a District of Columbia holiday.