Marvin & Co. Blog

Marvin = Family

Posted on: 1/8/21 by Marvin and Company

Why is Marvin like Family?

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Marvin Promotes Seven and Celebrates Four Staff Anniversaries

Posted on: 1/19/21 by Marvin and Company

Marvin and Company, P.C. is excited to announce the promotion of seven employees and congratulates four employees for their recent anniversaries. All these staff members provide unique skills to our clients. They go above and beyond for their coworkers and clients and we could not be happier to have them on our team.

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IRS Helps All Taxpayers Combat Tax Return Identity Theft

Posted on: 1/19/21 by Heather D. Patten, CPA

Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns. According to a 2019 U.S. Government Accounting Office report, the IRS estimates it unwittingly paid at least $110 million in fraudulent tax refunds in 2017. The growing problem of tax identity theft affects both taxpayers and tax professionals who prepare returns for their clients.
 
To help fight fraudsters, the IRS created the Identity Protection PIN (IP PIN) to prevent fraudsters from obtaining a tax refund using a stolen Social Security number. It is a six-digit number that is similar to two-factor authentication to require two sources of identification and authorization to file a tax return. Initially, the IP PIN program was available only to professional tax preparers and victims of identity theft, but now the IRS is expanding the program to all taxpayers who apply for it.

This articles explains how the IRS is expanding its Identity PIN Program to all taxpayers to help eliminate tax refund fraud schemes.

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Tax Law Changes May Impact a Business Owner’s Decisions on Choice of Entity

Posted on: 1/19/21 by Kevin J. McCoy, CPA, CFF

Business owners who are trying to decide which legal entity is appropriate for their companies must factor in several tax considerations in light of the 2017 Tax Cuts and Jobs Act (TCJA), the 2020 Coronavirus Aid, Relief and Economic Securities (CARES) Act and the potential for new tax legislation in 2021.

This article advises business owners who are considering converting to a C corporation to factor in many considerations under both longstanding and recent tax law legislation.

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Federal Funding Terms Demystified

Posted on: 1/19/21 by Christopher J. Healy, CPA, CGFM

With the Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, many entities are receiving federal funding for the first time. The federal agencies distributing the funds have various terms and conditions related to the appropriate funds, and certain funds may be subject to audits by independent auditors.

Reading through the copious articles and opinions on what this audit could entail, you may see terms such as Yellow Book Standards, Uniform Guidance or Single Audits, which may or may not be defined, as they are commonly known among entities that have historically received funding from governmental agencies.

This article will help define these concepts for entities new to federal funding.

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Guidance for Single Audits Provided in OMB Compliance Addendum

Posted on: 1/19/21 by Heather R. Lewis, CPA

Practitioners who perform single audits received some deadline relief along with important information needed to complete their engagements.

New guidance on single audits was issued on December 22, 2020 by the Office of Management and Budget (OMB) in the form of an addendum to the 2020 OMB Compliance Supplement.

This article advises how to move forward with the new guidance.

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Qualified Charitable Distributions (QCDs) are a HOT topic these days

Posted on: 1/19/21 by Thomas W. Donovan, CPA

When planning your IRA withdrawal strategy, you may want to consider making charitable donations through a QCD. 

This opportunity has been in play for a decade or so and was made a “permanent” provision in the tax laws under the PATH Act in 2015.  

A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met. 

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What is the Private Nonprofit Sector Going to Look Like in the New Post-COVID Environment?

Posted on: 1/19/21 by Thomas W. Hosey, CPA

Only one thing about COVID seems certain: uncertainty. That has been more than adequately demonstrated since the pandemic erupted. It also seems that the virus will not go away anytime soon. 

This article summarizes some of the specific effects the nonprofit sector is experiencing such as remote work environments, remote learning, absence of large gatherings, less travel and the like.

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Should You Charge Late Fees? QuickBooks Can Help

Posted on: 1/19/21 by Reshma N. Mulchandani, CPA

Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments.

Have your customers been submitting payments later than usual these last several months? It wouldn’t be surprising. Many businesses are struggling to pay bills these days. Still, you need to get paid – and on time. Tardy receivables have a negative impact on your own cash flow.

We’ve discussed ways to encourage prompt payment in past columns. For example, you can start accepting credit/debit cards and direct bank transfers, make sure invoices go out immediately after a sale, or offer a premium like a small one-time discount for paying on time 12 months in a row to name a few.

You can also assess finance charges on remittances that come in after the due date. QuickBooks provides the tools to allow this. This article explains it all.

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How To Create Recurring Transactions in QuickBooks Online

Posted on: 1/19/21 by Rachel Reynolds

QuickBooks Online saves time and improves accounting accuracy in numerous ways. One example is its support for recurring transactions.

It’s easy to get distracted when you’re doing dull, repetitive accounting work. That distraction leads to errors sometimes. So, besides the time you’re spending on work that could be automated, you have to tack on additional time to chase down your mistakes.
 
QuickBooks Online already reduces repetitive data entry by saving your lists of customers, vendors, products, etc., and making them accessible when you’re creating transactions. But it does more to save time and minimize errors by allowing you to create recurring transactions. Enter a transaction like an invoice or bill once, and QuickBooks Online memorizes it for future use!
 
Here’s how it works.

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