As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared.
The FASB issued an exposure draft proposing a one-year delay of the effective date for the new revenue recognition standard that it issued jointly with the IASB in 2014. Under the proposed amendments, the revenue recognition standard would take effect in 2018 for calendar year-end public entities.
ALBANY, NY (June 3, 2015) — Marvin and Company, P.C., one of the Capital Region’s leading accounting, auditing, taxation and management consulting firms, is pleased to announce several staff promotions.
This is the time of year that many of our readers are thinking of selling their home and perhaps buying a new one. Many of you are anticipating the old days of the tax law and are expecting a big tax bill when you sell your home, but that is not necessarily the case anymore.
Despite recent proposals to scale back benefits, Section 529 plans remain a tax-favored way for parents to set aside funds for college. Here are the answers to several key questions on the subject:
The Form 990 plays an important part in communicating your nonprofit organization’s mission and accomplishments to the world, and is also a key means for promoting your organization. Filing the Form 990 satisfies your tax compliance requirements, but it is also a public document distributed widely and manipulated by third parties on an ever-increasing basis.
With increased attention from the IRS in the areas of foreign operations and investments/holdings, it is important to review your situation to determine whether you will need to comply with the FBAR disclosure requirements. The report is due at the end of June and it must be received, not postmarked, by the end of the month.
Ever wonder how your customers heard about you? Want to know what vendors offer the best terms? Or maybe keep track of employee information like birthdays, last raise or their spouse’s name? With QuickBooks Custom Fields, you can keep track of these and many other pieces of information. Information you can use in reports and search for.
Our next webinar titled: " Annual Government Accounting Update, Focusing On School Districts" is scheduled for May 20th. Those interested in “what’s new” in the government accounting and compliance sphere are encouraged to participate in this complementary webinar.
Thanks to the internet, privacy has been on the wane over the last few years. We assume that our addresses and phone numbers are public information, thanks to sites like Switchboard and 411.com. We hope that our dates of birth are private (though the number of birthday wishes on Facebook makes that doubtful), and we assume that our Social Security numbers are hard to get.