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Marvin & Co. Blog
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Why is Marvin like Family?
Happy Holidays from Our Family to Yours
Happy Holidays
Please note - our offices will be closed Dec. 24 through Jan. 3, reopening Jan. 4
Happy Holidays 2020
Holiday message from the Marvin and Company team
Documenting Late 401(K) Plan Deposits Due to COVID-9
Plan sponsors have a fiduciary obligation to ensure that participant 401(k) contributions (including participant loan repayments) are deposited into participant accounts as soon as reasonably possible. The COVID-19 pandemic, however, has caused many issues for plan sponsors trying to remit those deposits on time. The Department of Labor (DOL) has provided relief for plan sponsors who have been late remitting employee contributions to their service providers because of the pandemic, but plan sponsors still have an obligation to accurately document what caused the delay.
Year End Financial Planning Checklist
With the end of 2020 coming into focus, we have many areas of uncertainty to navigate on the healthcare, economic, and political fronts. As we encourage our clients to continue thinking and acting long term, there are pockets of near-term financial planning opportunities to consider as the calendar rolls toward year-end.
What we do have certainty around are historically low personal and corporate income tax rates. Regardless of the election results, the country has large, underfunded obligations that include the Social Security Trust Fund, Medicare, and a national debt which has further ballooned this year. At some point in time, all these elements will need to be addressed. Though no one can predict what our nation’s tax policy will be in future years, we do know the tax rates will change with the possible sunsetting of the Tax Cuts and Jobs Act (TCJA) at the end of 2025, if not before then. Therefore, it is inevitable that tax rates only have one direction to go in the coming years.
With these factors in mind, we highlight a few of the common themes, answer some frequent questions, and summarize steps which could be taken by the end of 2020.
Is Your Organization Audit Ready?
In October, the Small Business Administration (SBA) and the Treasury Department issued an Interim Final Rule for borrowers with loans of $50,000 or less under the Paycheck Protection Program (PPP). The terms of the program have evolved since it was first introduced under the Coronavirus Aid, Relief & Economic Security (CARES) Act last spring.
This article explains the new guidance.
New to QuickBooks? Try These 5 Activities
QuickBooks can be overwhelming when you first start using it. Here are five ways to familiarize yourself with some of its features to get you up and running in no time.
Tackling any new piece of software can be daunting. Add a complex process like accounting to the mix, like QuickBooks does, and you may feel apprehensive about your ability to learn how to use it.
But QuickBooks was designed for small businesspeople, not for accountants nor technical wizards. It uses familiar language and forms, and it works like other Windows programs. That doesn’t mean, though, that you’ll be able to just jump in and start completing your accounting tasks.
Here are five steps you can take to start familiarizing yourself with QuickBooks that will get you up and running in no time. We’ll assume that you’ve already created your company file. If you need help with this critical first step, let us know.
5 Resolutions QuickBooks Online Users Should Make for 2021
New year, new challenges, and the potential for new successes.
A painful year is drawing to a close. We’ll still be dealing with COVID-19 and a struggling economy in early 2021, but there’s hope on the horizon. There’s a lot you can’t control about the difficulties facing our country, but you can take control of your corner of it, especially in terms of how you manage your finances.
If you’re already using QuickBooks Online, you know how it’s solved the paperwork confusion of the past. But are you taking advantage of all of its capabilities? As you turn your digital calendar to January, consider expanding your use of the website to set yourself up for success in the new year.
Here are five features to explore if you haven’t already.
Marvin University: Meet and Eat, Dec. 16 at 12pm
Join us for a lunchtime chat with friends from Marvin and Co., BSK, Phillips Lytle LLP and Hogson Russ LLP about all things business and tax coming out of a pandemic and heading into an uncertain new year.
Marvin and Company, P.C. will host the next event in its complimentary series as an interactive zoom call titled: "Meet and Eat: A Lunchtime Chat with Friends", Wednesday, December 16, from noon to 1 p.m. Executives, individuals and business owners are encouraged to participate in this FREE interactive zoom call.
Two Earn Certified Public Accountant (CPA) Licenses
Marvin and Company, P.C. is pleased to announce that both Jennifer A. Menard and Geordan M. Niles have successfully passed the CPA exam and completed the requirements to earn licenses as Certified Public Accountants in New York State.
