As a family office leader, you likely receive large volumes of financial data from multiple third parties, including your investment accounts. This data is critical for reporting tax return information as well as making investment decisions. Suppose you are using multiple logins to access your documents and can’t easily provide your advisors and colleagues the information they need. In that case, you may be draining valuable time and resources better spent on growing your business. You also may be relying on dated quarterly investment performance data because you are using multiple spreadshee ..read more

High-net-worth (HNW) families have a wide range of commitments and interests vying for their attention, time, and money. For this reason, it's essential that family offices have access to comprehensive financial reporting systems that accurately capture financial data across multiple legal entities, businesses, investments, and charitable activities. A robust financial reporting system provides accurate information for sound decision-making and ensures family members that their assets are safeguarded and their obligations are being met ..read more

Business owners who received the Paycheck Protection Program (PPP) loans under the CARES Act were ineligible for the employee retention credit (ERC), one of the COVID-19 relief provisions included in the original CARES Act. Both are wage-based, and lawmakers limited businesses to one or the other. The second-largest stimulus legislation package approved by Congress in late December makes it possible for employers to benefit from both programs—with some limitations. The new law also enhances several other aspects of the ERC ..read more

In a year that has tested our healthcare system to the brink, one of the bright spots has been a rapid increase in the use of telehealth in many regions across the country. While telehealth is not new, its availability has been spotty at best, with many providers and insurers not entirely on board. By necessity, COVID-19 has changed this. As more Americans were urged to stay home, especially the elderly and immunocompromised, there was a growing concern that healthcare conditions were being overlooked, potentially leading to serious repercussions. Providers also lost revenue as patient visits ..read more

Even in “normal” times, achieving and maintaining a good inventory turnover ratio (ITR) is a balancing act. Manufacturers don’t want to have to restock too often, but they also don’t want inventory piling up, or worse yet, becoming obsolete. The COVID-19 pandemic has raised many concerns about the supply chain and the need to adjust inventory levels. Depending on their business, some manufacturers have increased their safety stock to guard against further supply chain disruptions, moving toward a just in case (JIC) inventory system—at least for the time being. However, just in time (JIT) inve ..read more

Dental service organizations (DSOs) are growing in popularity as a model for U.S. dental practices. DSOs contract with dental practitioners to take over critical business management and professional support functions so that dentists can focus primarily on patient care. Dentists who work in DSOs function as employees or independent contractors ..read more

Long before COVID-19 entered the picture, the IRS and Treasury were still issuing guidance for provisions in the Tax Cuts and Jobs Act (TCJA), the comprehensive tax reform which took full effect for the tax year 2018. Once the pandemic spread to the U.S., the IRS turned its focus to issuing rules on Congress' comprehensive legislation to address critically needed assistance to individuals and business owners. The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to the TCJA, many of which benefit taxpayers. The following summary highlights some of the significant provisio ..read more

After months of deliberation, Congress has reached an agreement on a second stimulus to provide relief to businesses and individuals adversely affected by the COVID-19 pandemic. The $900 billion pandemic relief is the second largest federal stimulus after the Coronavirus Aid, Relief, and Economic Security (CARES Act), approved in March. Several aid packages under the CARES Act are set to expire on December 31. Congress combined the new COVID-19 relief bill with the $1.4 trillion federal government spending bill that will fund government programs through September 30, 2021 ..read more

One of the most significant goals of the Patient Protection and Affordable Care Act (ACA) is the volume-to-value transition (VVT) from a fee-for-service model to a value-based healthcare system. The shift is intended to trigger a series of cost-reduction initiatives to improve the quality of patient care and patient experience. The ACA encouraged the formation of Accountable Care Organizations (ACOs), which enable changing payment incentives as providers transition to outcome-based reimbursement ..read more

As the anchor of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) has been instrumental in providing $525 billion in much-needed forgivable loans to U.S. businesses in 2020. The Small Business Administration (SBA) acted swiftly to provide loans to roughly five million businesses adversely affected by the COVID-19 pandemic. IRS rules regarding the process to receive loan forgiveness have required several rounds of clarifications, and many business owners remain uncertain about which forms to use, the covered period, how to calculate loan for ..read more