Marvin & Co. Blog

FASB Amends the Disclosure Requirements for Defined Benefit Plans

Posted on: 11/2/18 by Alan W. Clink, CPA

The FASB issued ASU 2018-14[1] to improve the effectiveness of disclosures for defined benefit plans under ASC 715-20.[2] The ASU applies to employers that sponsor defined benefit pension or other postretirement plans. The ASU is available here, and is effective for public business entities for fiscal years ending after December 15, 2020, and for all other entities, the effective date is fiscal years ending after December 15, 2021. Early adoption is permitted.

In this article, Marvin and Company explains the amendments in disclosing requirements for benefit plans.

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What Nonprofits Should Understand About New UBIT Provisions

Posted on: 11/2/18 by Carol A. Hausamann, CPA

The New Nonprofit Revenue Recognition Standards

Nonprofits are well aware that the Tax Cuts and Jobs Act (TCJA) of 2017 will alter the use of charitable contributions normally made to gain of charitable deductions. After all, the Act nearly doubled the standard deduction, making it much more unlikely that taxpayers will itemize their tax returns to take a deduction for such contributions. But the law also modified provisions of the unrelated business income tax (UBIT) that could directly impact the finances of tax-exempt organizations.

In addition to having an effect on nonprofit contributions, new tax reform modified the unrelated business income tax (UBIT). This articles explains what nonprofit organizations need to know.

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Getting Started with Accounts in QuickBooks Online, Part 1

Posted on: 11/2/18 by Margaret Hurlburt, CPA

QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them.

The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s account tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider. 

This article will explore these features.

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Paying Bills in QuickBooks: The Basics

Posted on: 11/2/18 by Reshma N. Mulchandani, CPA

The time-consuming part’s over once you’ve entered bills in QuickBooks. Here’s how to pay them.

Last month, we explained that the process of paying bills in QuickBooks requires two separate sets of actions. We went over what’s required to enter bills and to set up reminders so they don’t get overlooked.

This month’s article will walk you through the second step: paying the bills.

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New Hires Welcomed at Marvin and Company

Posted on: 11/2/18 by Kathleen E. Kirvin

Marvin and Company, P.C., an award-winning Capital Region accounting, auditing, taxation and management consulting firm, is pleased to announce the addition of two team members.
“Marvin and Company is excited to welcome new talent to our team with the addition of Rachel and Halle,” said Director Kevin O’Leary, CPA. “We love expanding our team. The fresh perspective new additions add to our firm is invaluable and helps us continue to provide excellent client services. We look forward to seeing these young professionals grow within our firm.”

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Marvin and Company Named a Best Place to Work by The Albany Business Review

Posted on: 10/25/18 by Kathleen E. Kirvin

We did it again and we're so proud! 
Thank you to our hard working employees for all that they do to make Marvin and Company a BEST PLACE TO WORK - it's all because of you!

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Investment Expense

Posted on: 10/8/18 by Thomas W. Hosey, CPA

The next few years will include the implementation of multiple challenging new accounting standards.  ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, makes changes to the way organizations report investment expense. This article outlines the changes, helps clarify the terminology, gives practical considerations and shares tips on what organizations need to do.

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Marvin and Company’s Next My95 Spotlight: Nicole Benner and Linda Conrad Support JDRF

Posted on: 10/5/18 by My 95

Marvin and Company’s Nicole Benner and Linda Conrad are proud to support The Juvenile Diabetes Research Foundation that supports research and funding efforts towards artificial pancreas technology.

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5 Things Nonprofits Should Understand About the Effect of Tax Reform on Charitable Giving

Posted on: 10/5/18 by Christopher L. Cimijotti, CPA

Effect of Tax Reform on Charitable Giving

The Tax Cuts and Jobs Act (TCJA) enacted in late 2017 significantly changed the federal tax code. While the changes will affect individuals and businesses of all types, the nonprofit sector needs to carefully monitor how the new law impacts their finances and operations. 

As nonprofit organizations plan for 2019, Marvin and Company provides an overview of five results of 2017 tax reform and their potential effects on charitable giving. 

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Deadline Looming for New Nonprofit Revenue Recognition Standards

Posted on: 10/5/18 by Alan W. Clink, CPA

The New Nonprofit Revenue Recognition Standards

Updated Financial Accounting Standards Board (FASB) revenue recognition guidelines will go into effect for most nonprofits beginning December 15, 2018. These new standards will require nonprofits to adjust their accounting procedures for certain transactions with their customers.

This article explains what nonprofits should know about the new revenue recognition standards including the new deadlines.

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