Marvin & Co. Blog

Cost Efficiencies in Preparing for Your Audit: Webinar Slated for Wednesday 10/18

Posted on: 9/22/17 by Rachel Reynolds

The next webinar in our series: “Cost Efficiencies in Preparing for Your Audit” will be Wed., October 18 from noon to 1 p.m.  Agency accountants, bookkeepers, and clerks are encouraged to attend to learn about things you can do to better prepare for your financial statement audit, review or compilation engagements.

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Resumes-Cover Letters-Interviews: HR Manager, Myra Thorne, participates in panel discussion at The College of Saint Rose

Posted on: 9/19/17 by Myra M. Thorne, PHR

Marvin and Company, P.C was thrilled to have our HR Manager, Myra Thorne, participate in a panel discussion with the pre-internship class in the Huether School of Business at The College of Saint Rose.

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Fraud Concerns for Management and Auditors Webinar Slated for 9/13 at Noon

Posted on: 8/30/17 by Kevin J. McCoy, CPA, CFF

Our next webinar titled: "Fraud Concerns for Management and Auditors is scheduled for September 13th. CFOs, CEOs and Auditors are encouraged to participate in this complementary webinar from noon to 1 p.m., hosted by Marvin and Company, P.C. and led by certified forensic accounting professional Kevin J. McCoy, CPA, CFF.

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What is a Vendor Credit, and How Do You Record One?

Posted on: 8/30/17 by Margaret Hurlburt, CPA

Whether you're getting a vendor credit for a refund or a return, you can record it in QuickBooks Online.
When you’re dealing with your company’s vendors, you’re probably accustomed to money flowing in one direction: theirs. Maybe you send them purchase orders and they send you invoices. Or they send you bills and you pay them. Or you walk into a store and buy something your business needs.

Sometimes, though, vendors owe you money. Probably the most common scenario is a return of merchandise, products that you’ve sent back to the supplier for any of a variety of reasons. You may be issued a credit of some kind simply because you’ve been a loyal customer, and a vendor wants to reward you. You might also get a rebate for an item you bought.

In these cases, you’ll enter a Vendor Credit in QuickBooks Online, which you can apply the next time you buy something from that supplier. Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately. We can help if this happens.

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Using QuickBooks’ Income Tracker

Posted on: 8/30/17 by Amy L. Jordan

QuickBooks provides numerous ways to learn about your company’s health. Income Tracker is one of the most effective.

You can get an enormous amount of useful information from QuickBooks’ reports – especially if you customize them to isolate the precise data you want. Reports included with the software range from the very simple, like Open Invoices, to output that’s exceptionally complex, like Trial Balance and Profit & Loss.

Warning: Standard financial reports like Trial Balance are easy to run in QuickBooks, but very difficult to understand and analyze. You should, though, be aware of what they’re telling you at least once a quarter – even once a month in some cases. We can help with this.

Sometimes, especially first thing in the morning as you’re planning your day, you just want to cut to the chase and get a quick overview of your company’s finances. That’s where QuickBooks’ Income Tracker comes in. It not only provides that overview, but it also contains links to related screens where you can do the work that’s needed there.

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IRS Focused on Charitable Donation Substantiation Compliance

Posted on: 8/30/17 by Thomas W. Hosey, CPA

Recent Tax Court cases have demonstrated the Internal Revenue Service’s (IRS) increase in strict compliance with the substantiation requirements for charitable donations.

This article reviews sample cases that illustrate the importance for nonprofit organizations to ensure that written acknowledgement letters they provide contain all the necessary requirements to substantiate a charitable donation.

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Board Governance: A Board Member’s Perspective

Posted on: 8/30/17 by Carol A. Hausamann, CPA

A nonprofit’s governing body is integral to the success and effectiveness of the organization. Boards play an instrumental role in setting strategy and overseeing the use of an organization’s assets to carry out its mission. The overall strength of a nonprofit board depends on the contributions of each individual board and committee member. That said, what exactly does it take to excel as a board member?

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Understanding the Factors that Determine Your Taxable State of Residency

Posted on: 8/30/17 by James E. Amell, CPA

Numerous tax aspects to consider
Marvin and Company, P.C. shares insights on how to determine where you legally reside from a taxable standpoint.

Traditionally, it’s been easy for most people to identify their taxable state of residence. You own a home, you live in that home, and that’s where your residency, well, resides. Yet today, many employees work remotely or commute across state lines. Some wealthy individuals also own vacation homes. So how do state tax departments determine where your home actually is?

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Entering a Roth Through the Back Door

Posted on: 8/30/17 by Heather D. Patten, CPA

Is this retirement strategy right for you?
The door to Roth IRAs is closed to some high-income taxpayers because of annual limits imposed on contributions. However, you may be able to use a “back-door” method that is perfectly legal. This technique may help you preserve more assets for your eventual retirement.

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New York State Paid Family Leave Program

Posted on: 8/9/17 by Reshma N. Mulchandani, CPA

Marvin University's “New York State Paid Family Leave Program” pre-recorded webinar session is now available for download.

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Marvin University

The Marvin University professors are here to help your organization. see our list of upcoming educational events and download past sessions.

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