Important items to note in the not-for-profit industry, including an update on the DOL's New Overtime Rule.
The Tax-Exempt and Government Entities division of the IRS issued its FY 2017 Work Plan at the end of September 2016, which builds upon the agency’s 2016 priorities and its mission to work smarter with fewer resources.
Marvin and Company, P.C. is pleased to announce the promotion of Alan W. Clink, CPA from Principal in the firm’s Audit and Assurance Department, to Director.
The FASB recently issued ASU 2017-02 to clarify when a not-for-profit entity (NFP) that is a general partner or a limited partner should consolidate a for-profit limited partnership or similar legal entity once the amendments in Accounting Standards Update No. 2015-02, Amendments to the Consolidation Analysis, become effective. The ASU becomes effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period.
When former President Obama signed the “21st Century Cures Act” into law late last year, smaller employers – those not subject to the Affordable Care Act – were given much more flexibility with regard to the health care benefits they offer to their employees. However, the Act, which has both a retroactive and prospective application, could also cause these employers to limit their health program costs. Here is a summary of what the legislation contains and its effect on smaller employers and their employees.
Of course, taxes are a major concern when you work full time for a living. Unfortunately, you may also have to pay federal income tax on a portion of the Social Security benefits you receive during the year—even though you’ve paid Social Security tax all the years you have been working.
There is a two-tier approach to taxing Social Security benefits. Unlike many other provisions in the tax code, the thresholds for the tiers are not indexed for inflation and remain on the relatively low side. The following is a brief summary of the main rules.
The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. These private collection companies will work on accounts where taxpayers owe money but the IRS is no longer actively pursuing the debts.
You know how much time QuickBooks Online already saves you. Customer, vendor, and item records need never be entered again once they’re created for the first time. There’s another way QuickBooks Online can reduce the time you spend on accounting chores: recurring transactions. If you have invoices, bills, and other transactions that occur on a regular basis, you can save all or part of their data to use again. You can even choose to have them dispatched automatically. Here's how.
In light of several nonprofit failures in recent years, it has become even more vital for members of nonprofit boards to exercise the duty of due care as described above by understanding how their organization communicates its financial results and operations. Members of nonprofit boards tend to come from the for-profit world, where financial reporting is quite different. In this article, we have highlighted some of the financial reporting differences between nonprofit and for-profit entities to help board members understand and fulfill their fiduciary responsibilities.
As organizations look to implement ASU 2014-16 and meet its requirements, they must account for how these changes may impact how they collect information. This article will highlight three of these areas.