Marvin & Co. Blog

How to Create and Use Vendor Records in QuickBooks Online

Posted on: 5/8/20 by Timothy M. Parkes, CPA

Keeping your supplies coming in may be difficult right now. Be sure you know your vendors and track their records carefully.

Your company counts on its supply chains to keep operations running smoothly. When it falters, you can have trouble creating and shipping products. Problems may even crop up that have a negative effect on your internal business needs.

We don’t have to tell you that COVID-19 has interrupted supply chains. The pandemic has been catastrophic for many small businesses because of this, and because income has been suddenly and sharply reduced. Some financial help is available, and we hope you’re able to take advantage of it during these extraordinarily difficult times.

It’s perhaps more important than ever to carefully track your income and expenses, and we hope you’re using QuickBooks to do so. Among the software’s financial management tools is the ability to maintain thorough records of those vendors that make up your supply chain.

This articles explains how this all works.

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New “CARES Act Funding, 3.5” Signed

Posted on: 4/24/20 by Kevin P. O'Leary, CPA

The new “CARES Act Funding, 3.5” has been signed by the US Senate and now the US House of Representatives. This bill still awaits the President’s signature. Once the President signs the bill, the Small Business Administration and the Department of Treasury will give guidance on when both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program will reopen. 

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Unemployment Benefits – What you Need to Know

Posted on: 4/16/20 by Myra M. Thorne, MBA, PHR

As layoffs and furloughs reach record highs, companies are struggling to assist their employees through the unemployment process. Marvin and Company would like to offer our clients some resources on the unemployment claims process, please note that this information from the DOL is current as of 4/16/2020.

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Economic Stimulus Payments

Posted on: 4/13/20 by Amy L. Ethier

As part of the CARES Act, U.S. citizens could be receiving a check (or direct deposit) soon for as much as $1200 per individual filer ($2400 for married filing joint filers) and $500 per child.   These payments are intended to help offset the negative financial impact that the COVID-19 pandemic has had on families across the U.S.  Payments will be reduced by $100 for every $5 over the phaseout start range. 

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Posted on: 4/13/20 by Kevin P. O'Leary, CPA

On April 9,2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month.  This article gives an overview of the extensions granted.

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Cares Act Provides Covid-19 Impact Relief For Nonprofits

Posted on: 4/6/20 by Thomas W. Hosey, CPA

On March 27, 2020, the House passed and the president signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act. It marks the largest economic relief package in our nation’s history.

Much of the CARES Act involves tax and related relief for businesses and individuals but does have some relief for nonprofits as well. In addition, several revenue-raising provisions from the Tax Cuts and Jobs Act (TCJA) limiting business deductions are being temporarily rolled back or modified.

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Pandemic Workplace Preparedness Plan

Posted on: 4/6/20 by Myra M. Thorne, MBA, PHR

As the coronavirus (COVID-19) rapidly spreads within the U.S., how do business leaders ensure continuity during this pandemic? Employee, customer and vendor safety is paramount, but as more activities are canceled and face-to-face meetings aren’t advised, how can business leaders take steps to continue serving their customers? While many employers are encouraging employees to work from home, that’s not always possible for industries like manufacturing, retailing and many others.

During these times, it is essential that you have a business continuity plan. This articles outlines five steps you can take to ensure ongoing operations.

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Reducing the Risk of Fraud in Benefit Plans

Posted on: 4/6/20 by Alan W. Clink, CPA

Benefits leaders spend a lot of time understanding the complex rules that govern plans, and often less time making sure controls are in place to protect against fraud. Unfortunately, thieves who understand how benefit plans operate can work undetected—sometimes for a long period of time—and cause massive disruption to organizations and plan participants.

This articles explains the proposed statement.

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What Plan Sponsors Need to Know About DOL Enforcement

Posted on: 4/6/20 by Matthew W. Merriam, CPA

Being selected for a Department of Labor (DOL) audit is not exactly a prize most plan sponsors want or intend to win. Often, plan sponsors think service providers/third party administrators (TPAs) will take the blame when compliance issues arise. But plan sponsors are ultimately the party responsible for plan administration and operation. Plan sponsors who don’t realize this can suffer devastating consequences and become a statistic on the DOL’s annual enforcement report.

This article explains the in and outs of  DOL’s Employee Benefits Security Administration (EBSA) Audits.

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How to Back Up and Move a Company File in QuickBooks 

Posted on: 4/6/20 by Rachel Reynolds

Your QuickBooks company file is gold. Make sure you know how to back it up and restore it properly. 

You may not think of your QuickBooks company file as being portable. It lives safely on the hard drive of your desktop and/or laptop computer. You wouldn’t want it to be anywhere else, right?
However, the most common reason businesses move these critical files is because they’ve purchased a new computer or they may also want to share their data. QuickBooks allows you to create a backup file that you can save to a USB drive or CD, or to another folder on your company’s network. Once it’s available at its destination computer (where a copy of QuickBooks has already been installed), you (or another recipient) will be able to restore it.

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