Marvin & Co. Blog

Year-End Accounting Update Summary - What is on the Horizon?

Posted on: 2/22/18 by Heather R. Lewis, CPA

All entities, including nonprofit organizations, are facing the daunting task of addressing a slew of changes as a result of numerous Accounting Standards Updates (ASU) being issued by the Financial Accounting Standards Board (FASB). 

This article provides a summary of the upcoming standards, as of this point in time, that entities need to be aware of and actively working to implement.
 

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IRS Issues 2018 Work Plan for Tax-Exempt Organizations 

Posted on: 2/22/18 by Margaret Hurlburt, CPA

The Tax Exempt and Government Entities (TE/GE) division of the IRS recently issued its FY 2018 Work Plan, which builds upon the agency’s ongoing mission to refine, realign and improve its education and examination methods. In 2017, the agency implemented data analytics and knowledge management strategies to target organizations with a high likelihood of noncompliance, and the 2018 plan continues this practice. Facing budget cuts and a declining workforce, the agency reiterated its mission, first stated in last year’s work plan, of transparency, efficiency and effectiveness.

For nonprofits preparing for 2018, now is the ideal time to review the work plan and develop a strategy in case of an IRS audit.

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Tracking Time in QuickBooks, Part 2

Posted on: 2/22/18 by Margaret Hurlburt, CPA

If your company sells services, you can track the time spent providing them in QuickBooks.

We’ll be continuing the two-part series we started last month.

Last month, we learned about getting QuickBooks ready for time-tracking by activating it in Preferences. We also created a record for a service item. This month, we’ll actually use that record in the two ways you’ll be using it in QuickBooks: to pay employees for their hourly work and to bill customers for services.

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Getting Ready for Payroll in Quickbooks Online

Posted on: 2/22/18 by Reshma N. Mulchandani, CPA

Taking on your company’s payroll with QuickBooks Online? Knowing what you’re up against ahead of time will make your setup tasks much easier.

Payroll is probably the most complex element of small business accounting. Not only are you directly responsible to your employees, but you also have to make sure you’re handling everything related to benefits and payroll taxes correctly.

Whether you’re switching from a manual system to QuickBooks Online, or you’ve just hired your first employee, you’ll soon discover that the site can make your payroll-related tasks much more organized and accurate – speeding up the process tremendously.

But before you start getting ready for your first payroll run, have you finished all the set up work to insure everything runs smoothly?

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Marvin and Company Adds System Engineer to IT Team

Posted on: 2/22/18 by Kathleen E. Kirvin

Marvin and Company, P.C., one of the Capital Region’s leading accounting, auditing, taxation and management consulting firms, is pleased to announce the expansion of its exemplary staff with the addition of one new team member in the IT Department.

“Marvin and Company is excited to welcome Cory to our staff,” said Director Kevin O’Leary, CPA. “As we continue to expand, this internal growth enhances the quality of services we have to offer and reinforces our commitment to meeting the needs of our client base and community.”

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Tax Director Kevin O’Leary Featured in Albany Business Review Table of Experts on Federal Tax Reform

Posted on: 2/2/18 by Kevin P. O'Leary, CPA

The Albany Business Review hosted five executives, including Marvin and Company Tax Director Kevin P. O'Leary, CPA, to discuss the new federal tax act. The discussion was moderated by Elaine Phelan, a professional specialist in taxation at Siena College.

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Business Owners…Save the date

Posted on: 1/30/18 by Kevin J. McCoy, CPA, CFF

What will tax reform mean for your business?

Join Marvin and Company Directors Kevin J. McCoy, CPA, CFF and Kevin P. O'Leary, CPA along with UBS Financial Services Executive Director Hal Dursema for an informative breakfast where business strategies and the tax reform act will be discussed. 

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Corporate Tax Reform - Summary of New Laws Taking Effect

Posted on: 1/30/18 by Kevin P. O'Leary, CPA

Introduced as the Tax Cuts and Jobs Act, the “Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal year 2018,” P.L. 115-97, was signed into law by the President on December 22, 2017.  While the individual and pass-through (e.g., S corporation) provisions are generally phased out in less than a decade, the tax cuts for C corporations are permanent changes to the Internal Revenue Code.  The reduced tax rate of 21 percent, from 35 percent, is certain to increase the popularity of corporations. The benefits increase the longer earnings are retained and deferred from additional tax (e.g., no dividends or stock dispositions).  S-to-C corporation conversions have been made more taxpayer-friendly in an effort to ensure C corporations are not only more competitive internationally under the new law, but also domestically.  The key topics in the new law covered below include: 1) corporate tax rate reduction and the alternative minimum tax (AMT) repeal, 2) capital contributions and dividends to corporations, 3) debt versus equity (section 385) and the new limitation on deducting interest expense, 4) corporate net operating losses (NOLs), 5) bonus depreciation and full expensing, 6) section 199A deduction for qualified business income earned from S corporations, 7) electing small business trusts (ESBTs), and 8) S-to-C corporation conversions.

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Seven Steps for Tax Return Season

Posted on: 1/30/18 by Thomas W. Donovan, CPA

Preparing to file 2017 returns
One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. This article shares seven practical suggestions to help you spring into action.

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Marvin and Company Adds New Team Members and Promotes Eight

Posted on: 1/30/18 by Kathleen E. Kirvin

Marvin and Company, P.C., one of the Capital Region’s leading accounting, auditing, taxation and management consulting firms, is pleased to announce the expansion of its exemplary staff with the addition of two new team members, three new tax interns, and several staff promotions.

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