Marvin & Co. Blog

Four Pass CPA Exam

Posted on: 3/12/19 by Marvin and Company

Marvin and Company, P.C., an award-winning Capital Region accounting, auditing, taxation and management consulting firm, is pleased to congratulate Sean M. Daley, CPA, Charles C. Smith, CPA, Mark J. Quackenbush and Timothy M. Parkes for passing all four parts of the CPA examination.

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Final Regulations of Section 199A

Posted on: 3/7/19 by Kevin P. O'Leary, CPA

On January 18, 2019, the Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued widely-anticipated final regulations concerning the deduction for qualified business income under Section 199A (the QBI Deduction). The final regulations were posted on the IRS website. This article outlines the final regulations of section 199A.

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How the Wayfair Supreme Court Case Will Affect Nonprofits

Posted on: 3/7/19 by Thomas W. Hosey, CPA

As a follow up to last month's article, in this article we explain the effect of the Wayfair Supreme Court case on nonprofit organizations, and what they need to understand about sales tax collection requirements.

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Tax Reform Error Jeopardizes Deduction for Qualified Investment Property

Posted on: 3/7/19 by Marvin and Company

In this article we explain why congressional action is needed to address an omission in the Tax Cuts and Jobs Act that changes bonus depreciation for qualified investment property (QIP) from a 15-year depreciable life to a 39-year depreciable life.

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Release of 2018 Draft Form 990-T and Instructions

Posted on: 3/7/19 by Karl F. Newton, CPA

The 2018 Internal Revenue Service draft Form 990-T and Instructions were released in October 2018. Due to the tax reform provisions in the Tax Cuts and Jobs Act of 2017, the form and instructions include several necessary revisions.

This article summarizes these significant provisions.

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IRS Issues Final Regulations Regarding the Qualified Business Income Deduction

Posted on: 3/7/19 by Marvin and Company

In this article, we explain the IRS final guidelines for qualified business income, including definitions, aggregation rules, reporting rules, wage calculations and the safe harbor for rental real estate.

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Functional Expense Classification

Posted on: 3/7/19 by Thomas W. Hosey, CPA

ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, makes significant changes for nonprofit entities, which includes functional expense reporting. 

ASU 2016-14 requires all nonprofit organizations to present an analysis of expenses by their functional and natural expense classifications (with the exception of external and direct internal investment expenses that are netted against investment return).  The guidance requires the financial statements to present the information either on the face of the statement of activities, as a schedule in the notes to the financial statements, or in a separate financial statement.  The amendments in ASU 2016-14 are effective for annual financial statements issued for fiscal years beginning after December 15, 2017 (i.e calendar year 2018).

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Six Key Tax Planning Opportunities for 2019

Posted on: 3/7/19 by Kevin J. McCoy, CPA, CFF

It is never too early to plan.  More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes.  Additional guidance and regulations have been issued nearly every month—indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability.  Read on for six top planning opportunities and considerations businesses should review as part of their 2019 strategy.

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Manufacturers Should Adopt the New Revenue Recognition Standards 

Posted on: 3/7/19 by Alan W. Clink, CPA

Like many businesses, you may have put off the changes required to align with new revenue recognition accounting standards. The standards, set by the Financial Accounting Standards Board (FASB), are effective this year for annual reporting periods, and in 2020 for interim periods. There is still time to comply, but manufacturing companies should act now to avoid time-intensive adjustments during a year-end audit or review.

This articles explains why now is the time for manufacturers to adopt the new revenue recognition accounting standards.

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Why It’s Critical for Nonprofit Leaders to Plan for Retirement 

Posted on: 3/7/19 by Heather R. Lewis, CPA

Nearly every industry is preparing for the inevitable transition of baby boomer executives to retirement. Experts in nonprofit leadership transition predict nearly 80,000 executive directors will transition from their current roles by 2020. To break it down even further, more than 70 percent of nonprofit senior living CEOs are expected to retire in the next 10 years, according to a CFO Hotline report by Ziegler.

Not having a viable succession plan in place for key leadership can have a serious impact on an organization and its ability to sustainably function. A sudden or unexpected shift in leadership leads to great disruption for the organization, and many nonprofit boards simply fail to consider retirement planning.

This articles shares insights on why nonprofits must have a viable succession plan in place for their key leaders, especially in light of the mass exodus of baby boomers.

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