Marvin & Co. Blog

Marvin and Company Announces Merger with Mengel Metzger Barr & Co. LLP, Effective January 1, 2023

Posted on: 9/20/22 by Kevin P. O'Leary, CPA

Marvin and Company is tremendously excited to announce that we will be merging with Mengel Metzger Barr & Co. LLP (MMB) headquartered in Rochester, NY, with additional offices in Elmira and Canandaigua effective January 1, 2023.

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Tax Planning: Net Operating Losses

Posted on: 12/13/22 by Megan Tan, CPA, CFE, CIA, FCCA

Taxpayers have an opportunity to utilize net operating losses (NOLs) generated on their personal and corporate tax returns generated in tax year 2022 by utilizing losses from prior years and carrying forward the current year losses.  The usage of the loss carryover is subject to certain limitations.

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Roth 401(k) Remains Underutilized Despite Potential Benefits

Posted on: 12/12/22 by Daniel J. Litz, CPA

A well-designed Roth 401(k) may be an attractive option for many plan participants, and it is important for plan sponsors considering such a feature to design the plan with the needs of their workforce in mind. It is also critical to clearly communicate the differences from the pre-tax option, specific timing rules required, and the tax-free growth it offers. Additionally, plan sponsors should be mindful of potential administrative costs and other compliance requirements in connection with allowing the Roth option.

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2022 Year-End Tax Planning for Businesses

Posted on: 12/8/22 by Brian D. Foster, CPA

The past few years have been a roller coaster for many businesses, especially many small businesses ruined by the COVID-19 pandemic. High inflation and rising interest rates have created great uncertainty among businesses and consumers alike.

The information presented in this article relies on the most recent tax laws and regulations, which can be subject to change with rather short notice. As you prepare your company’s 2022 taxes, you should consult with an experienced financial professional for advice tailored to your specific needs.

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2022 Year-End Tax Planning for Individuals

Posted on: 12/7/22 by Debra L. Smith, CPA

Planning for your 2022 federal tax obligations might seem like an overwhelming task. Inflation and rising insurance rates make tax planning more important than ever. Numerous changes are coming in 2023 with regard to tax rates, tax brackets, deductions and other issues. How you prepare for 2022 will affect what happens when your 2023 taxes come due. Now is a great time to start planning. The following is an overview of what you need to know and what you might expect.

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Plan Sponsor Alert: Digital Assets’ Potential Benefits and Risks

Posted on: 12/6/22 by Andrew A. Matthews, CPA

Digital assets such as cryptocurrencies and non-fungible tokens (NFTs) are growing and disrupting the way consumers and businesses pay, bank, and invest. To help plan sponsors better understand digital assets and evaluate whether plan offerings focused on digital assets are a potential fit for their organization, we examine how the federal government is assessing the benefits and risks that cryptocurrencies pose to consumers, investors, and businesses.

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5 QuickBooks Online Tasks You Should Do Before January 1

Posted on: 12/6/22 by Rachel Reynolds

It’s probably your busiest month of the year. But there are things you can do to make your return from the holidays less stressful.

December always goes by so quickly. Seems like you’ve just finished Thanksgiving dinner and it’s time to ring in the New Year. You could probably spend the entire month on your personal obligations. But it’s also the end of the year, which means your busiest period if you’re a retailer. Even if you’re not, you probably have sales goals to try to meet. And you may have employee issues that need to be addressed before the calendar turns over.

We don’t expect that you’ll necessarily be able to wrap absolutely everything up by New Year’s Eve. You may be waiting for your customers and employees to do their part. But here are five things you can do amidst all of your other personal and professional plans that will help you get a jump on January.

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IRS Warns About Fraudulent and Improper Employee Retention Credit “Help”

Posted on: 12/5/22 by James E. Amell, CPA

On October 19, 2022, the IRS issued a warning to employers about employee retention credit claims. Essentially, third parties are reaching out to employers and claiming they meet the Employee Retention Credit (ERC) requirements, even when they might not qualify.

The third parties will often charge a large upfront fee or a fee that is contingent on the employer receiving the credit. They often do not tell employers that the business’s wage deductions claimed on their federal income tax return must be reduced by the amount of the credit. These third parties are also taking aggressive, inappropriate stances on whether employers qualify. Both these concerns can land an employer in hot water with the IRS.

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Get Paid Faster In 2023: Use These QuickBooks Tools

Posted on: 12/2/22 by Reshma N. Mulchandani, CPA

Start 2023 off right. Let QuickBooks help you improve your cash flow by bringing in customer payments faster.

Have you had a chance to analyze how your cash flow fared in 2022? It being December, you’re probably caught up in a lot of year-end tasks. But once the holidays are over and we’ve turned the calendar page to 2023, you’ll be playing catch-up early in January. So now is a good time to start thinking about how you can accelerate your receivables next year.

Make plans to improve that in 2023. Here are four ways QuickBooks can help you get paid faster.

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FASB ASU and Nonfinancial Assets: What Nonprofit Organizations Need to Know

Posted on: 11/9/22 by Andrew A. Matthews, CPA

The Financial Accounting Standards Board issued the ASU 2020-07 in September 2020. This topic was specifically targeted at nonprofit entities (Topic 958). It was supposed to increase transparency related to nonfinancial assets. Specifically, it asked nonprofits to provide more information about nonfinancial assets received and recognized by an entity. 

So, why does ASU 2020-07 matter for nonprofits? There will be some reporting requirement changes related to disclosure for most entities. We address the highlights in this article.

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