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A hybrid DAPT can offer the asset protection you need
Asset protection is a vital part of estate planning. Indeed, you want to pass on as much of your wealth to family and friends as possible. This can be achieved only if you shield your assets from frivolous creditors’ claims and lawsuits. One option available is to establish a domestic asset protection trust (DAPT) in…
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A general look at generative AI for businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives. One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content, when prompted.…
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Auditing WIP today
External auditors spend a lot of time during fieldwork evaluating how businesses report work in progress (WIP) inventory. Here’s why this warrants special attention and how auditors evaluate whether WIP estimates seem reasonable. Valuing WIP Companies may report various categories of inventory on their balance sheets, depending on the nature of their operations. For companies…
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Auditing revenue recognition
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is recognized when it’s earned. With accrual-basis accounting, that typically happens when goods or services are delivered to the customer,…
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Board committees can help members make time for critical work
For many not-for-profit organizations, maintaining a full and active board of directors is challenging. If your board holds frequent meetings, has high attendance expectations and requires members to do considerable “homework,” you may have trouble recruiting and retaining people. Qualified individuals generally are busy with work, family and other activities and may not have spare…
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5 strategies to cut your company’s 2023 tax bill
As another year ends with interest rates and markets in flux, one thing remains certain: Reducing your company’s tax bill can improve your cash flow and your bottom line. Below are five strategies — including some tried-and-true and others particularly timely — that you can execute before the turn of the new year to minimize…
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4 ways to make an incentive trust more effective
Estate planning isn’t just about sharing wealth with the younger generation. For many people, it’s equally important to share one’s values and to encourage their children or other heirs to lead responsible, productive and fulfilling lives. One tool for achieving this goal is an incentive trust, which conditions distributions on certain behaviors or achievements that…
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8 key features of a customer dispute resolution process for businesses
No matter how carefully and congenially you run your business, customer disputes will likely happen from time to time. Some of the complaints may be people looking to negotiate a discount, “game the system” or even outright defraud you. But others could be legitimate complaints arising from mistakes on your company’s part, technological glitches or, perhaps…
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6 tips for lowering energy costs to boost profits
Earth Day (April 22) is a good time to evaluate what your business can do to protect the planet’s natural resources for the next generation. “Green” initiatives can demonstrate your company’s commitment to responsible business practices — as well as lower your monthly bills. For many small and midsized businesses, utilities and fuel are significant monthly…
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Are your volunteers risking legal and tax liability?
Comprehensive risk management is one of the primary responsibilities of not-for-profit leaders. You probably regularly consider and act to mitigate risk to your facilities and assets and your staffers and clients. What about your volunteers? Even though the federal Volunteer Protection Act of 1997 provides some protection, volunteers face the real risk of being sued…
