Knowledge Center

• 01.06.2012 - Revised Standard Simplifies Goodwill Testing for Impairment, Testing Goodwill for Impairment
  On September 15, 2011, Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Testing Goodwill for Impairment. This update is intended to reduce the cost and complexity of the annual goodwill impairment test by simplifying how an entity tests goodwill for impairment.
• 01.06.2012 - Cash Flow Planning: A Good Reminder During These Uncertain Times
  Many people solely consider profit when measuring the success of their business. The trouble is that profits do not necessarily coincide with their associated cash flows. The fact is, most failed businesses fail as a result of lack of cash flow. During these uncertain economic times, cash flow planning is an important exercise when running your business, regardless of the size of your operation. Trying to manage your business without a cash flow plan in today’s environment is like traveling to a new location without a map or a GPS device.
• 01.06.2012 - Payroll Tax Cut Extension
  At the eleventh hour, Congress approved a two-month extension of the employee-side payroll tax cut in the Temporary Payroll Tax Cut Continuation Act of 2011. The two-month extension, for January and February 2012, is intended to give lawmakers additional time to negotiate a full-year extension of the payroll tax cut through the end of 2012.
• 12.06.2011 - Twists and Turns to Charitable Rollovers
  A federal tax law passed late in 2010 — the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act — extended a unique planning opportunity for certain retirees. Under this legislation, an individual age 70½ or older can transfer funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution.
• 12.01.2011 - Gross Income Exclusion for the Discharge of Indebtedness on Principal Residences
  For most of the U.S., 2007 marked the beginning of the financial crisis and the rapid decline in the U.S. real estate market. During the first half of the decade, the lending market had begun issuing riskier mortgages with adjustable interest rates to individuals who could not qualify for conventional mortgages. The ease in which homeowners were able to secure these loans caused a greater demand for home ownership and home builders were constructing new houses quickly to capitalize on the high demand.
• 12.01.2011 - New Law Repeals 3% Government Withholding, Provides Hiring Credits for Veterans, and More
  On November 21, President Obama signed into law the 3% Withholding Repeal and Job Creation Act. The new law does much more than merely repeal withholding on government contractors. The new law enhances the Work Opportunity Tax Credit (WOTC) for veterans of the U.S. Armed Forces, expands the IRS' continuous levy authority, and more.
• 11.16.2011 - Final Rules for Accountable Care Organizations - Impact on Nursing Homes
  In March 2011, the Centers for Medicare and Medicaid Services (CMS) issued a proposed rule on Medicare Shared Savings Programs for Accountable Care Organizations. This rule, a product of the changes sought by the Affordable Care Act, proposed certain incentives and penalties to incentivize acute care hospitals and physicians to formally partner their efforts. The goal of such a partnership is to improve patient care while reducing costs through the formation of an Accountable Care Organization (ACO). As part of this proposed rule, federally qualified health centers, rural health centers, skilled nursing homes, home health agencies and critical access hospitals were not designated as eligible participants in ACOs.
• 11.10.2011 - How to Impress (or Retain) Your Banker
  Bankers cannot (and in current economic conditions do not have the resources) provide funds to every (or even the top five) applicant that request or want to renew a loan. Therefore, you must develop an edge to obtain or retain that loan. That edge can be provided by a well-designed presentation. Follow these guidelines and you will find that this presentation is a lot easier to prepare than you think.
• 11.10.2011 - The Power of Money
  While businesses may operate without cash or use other people’s money for brief periods of time, the old phrase “Cash is King” still applies in current times and in many ways is even more important to the success of a business now. Not only must a business be properly capitalized but the makeup of its capital and the liquidity of its capital must be appropriate to its current and planned future operations. Too little cash restricts business opportunities and too much cash creates discontent among investors and shareholders. The right amount of cash positions a business to have the resources to take advantage of market opportunities, to take advantage of financial opportunities, and to have the best opportunity to manage and/or survive the unexpected.
• 11.10.2011 - Tax Tip: Independent Contractor vs. Employee
  The IRS is aggressively attempting to reduce the "tax gap", which is the annual shortfall between taxes owed and taxes paid. Employment tax non-compliance is estimated by the IRS to account for approximately $54 billion of the tax gap. Under-reporting of FICA makes up $14 billion, under-reporting of self-employment tax accounts for $39 billion and under-reporting of unemployment tax accounts for $1 billion in lost revenue.
• 11.09.2011 - The Three Most Important Connecticut Economic Initiatives - Jobs, Jobs, Jobs
  Following a special fall session of the Connecticut General Assembly, Connecticut Governor Dannel Malloy recently signed into law tax legislation as part of a broad economic stimulus package. Among the most significant tax legislation enacted was the creation of a new jobs tax credit and revisions to the recently enacted Manufacturing Reinvestment Account program.
• 11.09.2011 - The Impact on Nursing Homes of the 2012 Office of the Inspector General Work Plan
  The Office of the Inspector General (OIG) issued its 2012 work plan in October. The 165-page document provides guidance from the Inspector General on areas which it plans on reviewing in fiscal year 2012 as part of its goal to protect the integrity of Health and Human Services programs and operations. The work plan covers all areas of healthcare including hospitals, nursing homes, home care, hospice, medical equipment providers, drug providers, Medicare contractors, insurers and public health agencies. The Inspector General uses the work plan to identify fraud, waste and abuse; create opportunities to improve program economy, efficiency and effectiveness; and hold accountable those who do not meet program requirements or who violate federal laws.

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