During the latest Financial Managers Association (FMA) annual conference at the Otesaga Resort Hotel, Joanne Howard presented on behalf of the Office for Persons with Developmental Disabilities (OPWDD). Joanne disclosed that OPWDD currently has a request for proposal for Consolidated Fiscal Review (CFR) compliance audits.
How to avoid underpayment penalties - 2016 taxes are done, but it is already time to pay attention to your tax liability for 2017. You may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired. The next due date for quarterly installments is June 15, 2017. The first one was April 18, 2017.
While it may seem difficult to comprehend the notion of stealing cash from a nonprofit organization, people with ill intentions do it all the time, and smaller nonprofits are especially prone to this devious practice. This is partly because cash is more difficult to trace than stealing through other disbursement schemes. Additionally, smaller nonprofits often suffer from a lack of financial oversight, which makes this practice a realistic concern.
Say you currently have a direct ownership interest in a privately held company. Or, perhaps your company granted you stock options, stock appreciation rights, or some other type of stock-based compensation. Whatever the circumstances may be, you may consider yourself fortunate; but do you really know what your business interest is worth?
The FASB recently issued ASU 2017-06 to clarify the presentation and disclosure requirements for an employee benefit plan’s interest in a master trust. The ASU is available here, and becomes effective for plan years beginning after December 15, 2018.
Beginning with fiscal years ending June 30, 2017, the first of the two Other Postemployment Benefit (OPEB) standards from the Governmental Accounting Standards Board (GASB) becomes effective.
GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans replaces GASB Statements Nos. 43 and 57 for reporting of OPEB plans and mirrors the requirements of GASB Statement No. 67, Financial Reporting for Pension Plans. The good news is that most everything you learned in implementing the pension standards will apply to implementing the OPEB standards. There are, however, a few exceptions which will be discussed herein.
The Winter BDO Nonprofit Standard Newsletter took a more in-depth look at certain changes under Accounting Standards Update (ASU) 2016-14, Not‑for‑Profit Entities (Topic 958): Presentation of Financial Statements of Not‑for-Profit Entities and the implementation considerations.
In this issue, we will examine two additional areas of the ASU: Expense reporting and reclassification upon expiration of donor-imposed restrictions.
With tax filing season underway, the IRS is beginning to identify areas of potential noncompliance and, for nonprofits, a common culprit is employment tax issues.
The IRS has emphasized employment tax compliance during its tax-exempt audits for many years. The IRS has stated that this employment tax focus will continue into 2017. In the IRS’ Tax Exempt and Government Entities FY 2017 Work Plan, which details its priorities and mission for the coming year, the IRS disclosed that more than 25 percent of closed audits had a “primary issue” related to employment tax. At the end of June 2016, 1,323 audits involved primarily employment tax issues, out of a total 4,984 closed examinations. The IRS continues to include employment tax issues within its list of high-risk areas of noncompliance.
It’s one of your more pleasant tasks as a QuickBooks user: receiving payments from customers. Here’s how it works.
QuickBooks was designed to make your daily accounting tasks easier, faster, and more accurate. If you’ve been using the software for a while, you’ve probably found that to be true. Some chores, of course, aren’t so enjoyable. Like paying bills. Reconciling your bank account. Or anything else that has the potential to reduce the balance in your checking accounts.
The process of receiving customer payments is one of your more enjoyable responsibilities. You supplied a product or service that someone liked and purchased, and you’re getting the money due you.
Depending on the situation, you’ll use one of multiple methods to record customer payments. This article looks at some of your options.
They're one of the rewards you get for your conscientious accounting work: reports. Are you using them to make better business decisions?
What do you see when you log on to QuickBooks Online? Your most important business numbers represented by real-time charts. Profit and loss. Income and expenses. Sales. And all of your account balances.
This is a great way to start your workday. You know where you stand financially, and you know what areas of your company file need attention, fast.
But QuickBooks Online’s home page only tells part of the story. You also need more in-depth, customizable reports. In the short term, reports help you further determine any necessary accounting work. Long-term, they’ll provide insight to help you make smarter decisions as you plan for your company’s future.