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Marvin & Co. Blog
The State Income Tax Consequences of Wayfair
C Corporation or S Corporation? It All Depends.
While the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc. directly affects the state and local sales/use tax collection obligations of remote sellers, the importance of Wayfair to state corporate income taxes cannot be overlooked. This Alert examines some of the state income tax consequences.
How to Protect Your Company From Embezzlement
If your entity does not have the proper internal controls in place, you could be leaving your entity vulnerable to employee theft. While no one wants to think it can happen to them, employee theft does occur and it can result in a great cost to your entity.
You can minimize the risk of falling victim to fraud by first understanding why employees at all levels embezzle.
In this article, Marvin and Company, P.C. provides four tips that can help business owners and management decrease the chance of embezzlement occurring at their entities.
New Association Health Plans (AHPs) Provide Affordable Health Care Alternative to Smaller Employers
Smaller employers will soon be able to offer their employees more affordable health care coverage than what is available under the Affordable Care Act (ACA). Under the ACA provisions, employers with over 50 “full-time equivalent” employees were required to purchase health coverage for their employees that would meet ACA’s requirements. This coverage was very wide-ranging in terms of the benefits provided, and as a result was viewed as expensive by employers.
However, in June, the Department of Labor issued a final regulation (29 CFR 2510.3-5) which will allow smaller employers to provide health care coverage for their employees at a lower cost than they would have paid for coverage that would qualify under the Affordable Care Act (ACA). These programs are called Association Health Plans (AHPs) and can begin operations as early as Sept. 1, 2018.
In this article, Marvin and Company, P.C. provides an overview of a new regulation which will allow smaller employers a more affordable health care coverage option for their employees.
ASC 606 and Revenue Recognition: Effect on Multinational Operations
The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, which supersedes the existing revenue recognition accounting rules. The new guidance is applicable for public business entities for periods beginning after December 15, 2017. All other reporting entities using U.S. generally accepted accounting principles (GAAP) must adopt ASC 606 for fiscal years beginning after December 15, 2018. Early adoption was/is permitted.
As multinational companies re-express their GAAP revenue amounts, intercompany transactions that are directly or indirectly dependent on revenue will be re-expressed as well. This will create potential challenges for firm’s accounting and tax departments, as they analyze and document the modified results on these transactions and defend against scrutiny of changes in taxable profit levels and related book/tax differences. In this alert, we analyze potential direct and indirect transfer pricing effects from restatements of revenue.
Transportation Fringe Benefits Are Now UBI - Effective Jan. 1, 2018
Does your tax-exempt organization provide transportation and parking benefits to employees? If so, you may have another commuter headache: a new tax. Under the Tax Cut and Jobs Act of 2017 (the Act), a provision was added to the Internal Revenue Code that is likely to require many tax-exempt organizations to pay unrelated business income tax (UBIT). Certain costs of qualified transportation, including transit passes, qualified parking and more, will now be taxed as unrelated business income at 21 percent.
Podcast: 7 Steps to Revenue Recognition Readiness
The Financial Accounting Standards Board’s (FASB) new revenue recognition standard (ASC 606) is a significant change that affects nonprofits of all types and sizes. While the deadline for public companies has already passed, many nonprofits and private companies have until Jan. 1, 2019 to implement the new standard. Meanwhile, entities with a June 30, 2018 year-end have until July 1, 2019.
What prompted the new guidelines, and how can nonprofits prepare? We had the opportunity to answer these questions in a recent New York Nonprofit (NPN) Media podcast with Aimee Simpierre.
This article provides a summary of the podcast’s top questions and answers.
Marvin University: Tax Reform Update
Marvin and Company, P.C. will host the next webinar in its complimentary series titled: “Tax Reform Update” on Wednesday, September 19 from noon to 1 p.m. Your guide for this webinar will be Victoria A. Reilly, EA.
Not Using QuickBooks Online? What You’re Missing Out On
If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.
How long would it take you to determine:
- What your total expenses for this quarter are?
- Whether or not your business is profitable as of today?
- How much you’ve sold every month this year?
- Which invoices are overdue?
If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.
That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balances that provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.
Extend QuickBooks’ Usefulness with Add-Ons
Maybe QuickBooks does everything you need. But if you outgrow parts of it, don’t worry, you’ll have options.
What do you do when an application you’re using stops meeting your growing needs in a specific area? You can: a.) find a workaround, b.) switch to different software, or, c.) resign yourself to living without that feature.
QuickBooks offers a fourth option: d.) find an integrated add-on app that will work for you. There are hundreds of them available, so it’s likely you’ll find one that will do just what’s needed. They fall into several categories, ranging from billing and invoicing to Customer Relationship Management (CRM) to inventory management to time-tracking. They have special versions designed to work with QuickBooks, and they require a monthly subscription fee.
We’ll look at three of the most popular in this column. If you’ve never worked with integrated applications before (and even if you have), we recommend that you let us help get these set up and running for you since their operations can be confusing at first.
Marvin and Company Adds Two Full-Time Employees and Welcomes Back Several Interns
Marvin and Company, P.C., an award-winning Capital Region accounting, auditing, taxation and management consulting firm, is pleased to announce the expansion of its exemplary staff with the addition of two team members and welcomes back several interns.
