Marvin & Co. Blog

Marvin = Family

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

Why is Marvin like Family?

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The American Rescue Plan Extends Relief Through 2021

Posted on: 4/8/21 by Heather D. Patten, CPA

The American Rescue Plan Act of 2021 provides additional financial relief to taxpayers and businesses coping with the impact of the COVID-19 pandemic. 

President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP provides relief funding to families and individuals, state and local governments, businesses and tax-exempt organizations. Many of its key tax provisions will be available only for the 2021 tax year.

This articles explains some notable benefits for individual taxpayers and businesses.

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Do Nonprofit Employers Qualify for the Employee Retention Credit?

Posted on: 4/8/21 by Carol A. Hausamann, CPA

The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by the United States Congress on March 27, 2020. This economic stimulus bill was created in an effort to help American taxpayers who suffered economically from the fallout as a result of the coronavirus pandemic. 

The CARES Act legislation included a provision for small businesses, including nonprofit organizations, to receive employee retention credits to help ease the entity’s payroll tax burden and to help mitigate the negative impact of the pandemic on the organization’s activities. 

In this article, Marvin and Company, P.C. discusses what the Employee Retention Credit is, eligibility and how it can help your nonprofit organization. 

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Implications of ASB Topic 842 Lease Accounting Updates for Nonprofit Organizations

Posted on: 4/8/21 by Alan W. Clink, CPA

In 2016, FASB released Update No. 2016-02 Leases (ASB Topic 842), which significantly changed the way that lessees accounted for operating leases. Prior to the issuance of ASB Topic 842, lessees were not required to include assets and liabilities on their balance sheet. Now, nonpublic entities, including most nonprofit entities, must disclose this information. 

The COVID-19 pandemic has had a significant impact on nonprofit organizations and other businesses globally. The changes to the timeline for implementing ASB 842 will help to ease the reporting burden of the lease accounting standards on these organizations as they navigate the fallout of the pandemic.

In this article Marvin and Company, P.C. discusses how the new lease accounting guidance can have an impact on your nonprofit organization.  

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SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits

Posted on: 4/8/21 by Andrew A. Matthews, CPA

Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), and was effective for years ending after December 15, 2020. While the AICPA delayed the effective date by one year due to the COVID-19 pandemic, auditing firms may choose to adopt the standard on the original effective date.  Plan sponsors will need to take the time to understand SAS 136 and its effect on the audit process. 

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Functional Expense Reporting

Posted on: 4/8/21 by Thomas W. Hosey, CPA

Now that all nonprofit organizations have implemented ASU 2016-14, Not-for-Profit Entities (Topic 958):  Presentation of Financial Statements of Not-for-Profit Entities, they must report expenses by both nature and function (purpose).  Organizations also must disclose the methods used to allocate costs among program and support functions.  We’ve noticed several instances where nonprofit organizations weren’t quite meeting all the requirements.  This article provides a refresher. 

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How to Customize Sales Forms in QuickBooks

Posted on: 4/8/21 by Reshma N. Mulchandani, CPA

QuickBooks comes with perfectly usable sales form templates. But you can modify content and appearance to make them yours.

When you receive an invoice or bill in the mail or online, how much attention do you pay to the way it looks? You might think you don’t, but any communication we receive from the vendors we patronize has an effect on us. We’re probably more likely to notice it if it’s particularly good or bad. 

Any interaction you have with your customers has impact on their perception of your business. How do you want them to think about you? If you send invoices that are professional and polished, it can reflect on you positively. Unattractive sales forms that have a lot of empty, unused fields may make customers wonder about your commitment to excellence. 

Some of your customers will just glance at your invoices and pay them. But you shouldn’t miss an opportunity to make a good impression, especially when it’s as painless as customizing your sales forms in QuickBooks. This article explains how it works. 

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How to Use Tags in QuickBooks Online

Posted on: 4/8/21 by Rachel Reynolds

Where is your money coming from? Where is it going? You can use tags in QuickBooks Online to find out.

QuickBooks Online offers numerous ways to help you track your sales, expenses, and profitability. If you’re using QuickBooks Online Plus or Advanced, you can create and assign Classes to transactions to differentiate between, for example, store departments or product lines. Some of the site’s reports are designed specifically for these tools, like Sales by Class and Profit and Loss by Class.  

You can assign Categories to products and services to gain insight into your sales and inventory. There’s a different set of Categories that you’ll use when you record bills and expenses. These are important for reporting and tax purposes. You can also add a Location field to sales transactions so you can track sales by stores, sales regions, or counties, for example. 

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A Look Inside the Biden COVID-19 American Rescue Plan

Posted on: 3/8/21 by Myra M. Thorne, MBA, PHR, SHRM-CP

Marvin and Company, P.C. provides a summary of the Biden Administration’s COVID-19 American Rescue Plan (ARP), which increases and expands benefits for individuals and families, employees and renters and landlords.

The Biden Administration has provided details of the American Rescue Plan (ARP), which provides $1.9 trillion in immediate relief to individuals who continue to be adversely affected by the COVID-19 pandemic. President Biden is expected to follow up with a third stimulus bill to jumpstart economic recovery. This article provides details of the plan.

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The Long-Term Impact of Cares Act Loans and Distributions on Retirement Savings

Posted on: 3/8/21 by Alan W. Clink, CPA

The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one in five families has at least three months of liquid savings. Layoffs, furloughs and other circumstances caused by the pandemic have left many workers struggling financially, so naturally, many looked to their retirement accounts for relief. While this access has been a useful tool for many financially strained Americans, such loans and withdrawals could inflict long-term damage on their progress toward a successful retirement. 
  
Employers have an important role to play in helping to ensure that the flexibility offered by the CARES Act is used to alleviate workers’ short-term financial strains while minimizing the impact on their overall retirement strategy. Employers can do their part by carefully communicating how these withdrawals affect the amount that will be available to use in retirement and providing resources to assist in developing strategies to recuperate those funds. 

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