Assessing the S corp
- ByPolk & Associates
- Aug, 23, 2018
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The S corporation business structure offers many advantages, including limited liability for owners and no double taxation (at least at the federal level). But not all businesses are eligible, and S corps may not be quite as attractive from a tax perspective as they once were. The C corp tax rate is now only 21%, while the top individual rate is 37%, so double taxation may be less of a concern. On the other hand, S corp owners may benefit from the new qualified business income (QBI) deduction, which can be equal to as much as 20% of QBI. Contact us for details.
6 ways to get more value from an IT consultant
- ByPolk & Associates
- Aug, 23, 2018
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IT consultants are many things, but they’re not magicians. To get the most value from a consulting arrangement, businesses should consider these six steps: 1) Spell out your needs in a formal project scope document. 2) Appoint an internal contact. 3) Before the consultant arrives, prepare his or her work area and ensure everything works properly. 4) On the first day, roll out the welcome wagon, providing introductions and orientation. 5) Maintain contact during the project with regular meetings. 6) Conclude the engagement courteously and clearly.
6 Considerations for Cost-Effective Redesign in Multifamily
- ByPolk & Associates
- Aug, 21, 2018
- Real Estate
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With multifamily development on the rise, many owners turn to renovations to pull ahead and remain competitive in a crowded market. David Nischwitz of Fogelman Properties explores some new redevelopment trends to consider.
Top 4 Multifamily Interior Design Trends
- ByPolk & Associates
- Aug, 21, 2018
- Real Estate
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With the increase in home décor/renovation shows and influencers on social media, more people are being exposed to high-end design, which is what they are expecting in multifamily communities.
What to expect in the next generation of healthcare finance technologies
- ByPolk & Associates
- Aug, 21, 2018
- Health Care
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AI, Blockchain and visualization are coming to help hospitals make the move to value-based care.
Understanding Healthcare Cloud Migration for Cost Benefits
- ByPolk & Associates
- Aug, 21, 2018
- Health Care
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Planning a healthcare cloud environment based on an organizations unique needs and resources is vital to achieving full cost benefits and advantages of the cloud.
Polk & Associates Expands Reach and Strengthens Team With Strategic Merger
- ByPolk & Associates
- Aug, 16, 2018
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New merger bolster expertise, experience and industry-specific knowledge in key core competencies Bingham Farms, MI – August 1, 2018 – Polk & Associates (POLK) announces today a strategic merger that bolsters core and expands practices such as Valuation Services, Audit and Assurance, Business Acquisition, Estate and Succession Planning and Tax Planning & Compliance services. Founded […]
Keep an eye out for extenders legislation
- ByPolk & Associates
- Aug, 14, 2018
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The pieces of tax legislation garnering the most attention these days are the Tax Cuts and Jobs Act signed into law last December and the possible “Tax Reform 2.0” that Congress might pass this fall. But what happens with “extenders” legislation is also important. It affects whether the above-the-line deduction for tuition and related expenses, the mortgage insurance premium deduction and the exclusion from gross income for mortgage loan forgiveness will be available for 2018. Contact us with questions about these breaks and whether you can benefit.
Choosing the right accounting method for tax purposes
- ByPolk & Associates
- Aug, 14, 2018
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The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method (which is simpler than the accrual method) available to more businesses. Now the IRS has provided procedures for obtaining automatic consent to change accounting method under the TCJA. If you’re eligible for both methods, consider whether switching would be beneficial. The cash method is typically preferable, but in some cases the accrual method is advantageous. We can help you make this decision and execute the change if appropriate.
Contemplating compensation increases and pay for performance
- ByPolk & Associates
- Aug, 14, 2018
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Once a business establishes its compensation structure, it must then contemplate the efficacy of linking pay raises to performance. Some believe you shouldn’t use compensation to motivate employees because workers might focus only on money, not quality. Nonetheless, the pay-for-performance model is still widely used. To help prevent employees from perceiving merit increases as an entitlement, communicate clearly about what contributes to pay increases and refine your performance review process so it’s transparent and understandable. Contact us for more info.