Marvin & Co. Blog

Marvin and Company’s Next My95: Supporting the Double H Ranch

Posted on: 5/30/18 by Marvin and Company

Jennifer A. Menard, Senior Assurance Associate is proud to support the Double H Ranch with her “My95” donation. Double H Ranch provides camp to children with life threatening illnesses at no cost to the families. It is so important that kids are allowed to be kids, and the Double H Ranch provides that opportunity to children who otherwise may not be able to have that experience.

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New Law Revives Six Key Tax Breaks

Posted on: 5/30/18 by Heather D. Patten, CPA

Extensions retroactive to 2017 tax year

The biggest news in tax circles is, of course, the Tax Cuts and Jobs Act (TCJA) enacted late last year. But the TCJA isn’t the only important new tax legislation. With little fanfare, the Bipartisan Budget Act (BBA), a government spending measure, extended about 30 tax provisions that had expired at the end of 2016.
 
Generally, the extenders in the BBA are retroactive to 2017 but expire again after just one year. Although many provisions are industry-specific, this article contains six items that may have broad appeal.

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Major Changes to the Child Tax Credit

Posted on: 5/30/18 by Debra L. Smith, CPA

The recently enacted Tax Cuts and Jobs Act (TCJA) has major changes for personal income tax returns.  One of the more beneficial changes for individuals under the new legislation are related to the child tax credit, or CTC.

This article gives an overview of those changes.

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Roth Recharacterizations: Back to the Future

Posted on: 5/30/18 by Michael J. Brunell, CPA/PFS

How to undo conversion to a Roth

When it comes to taxes and finance, there is usually no going back in time. However, a notable exception may apply if you converted a traditional IRA into a Roth last year. In effect, you can undo a conversion as if it never happened.
 
This article discusses how the “recharacterization” technique can be utilized on your extended deadline 2017 tax returns

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Preparing for the Leases Accounting Standard: A Tool for Audit Committees

Posted on: 5/30/18 by Alan W. Clink, CPA

The new lease accounting standard begins to take effect in January 2019. In an environment laden with significant new accounting guidance and disclosure requirements, a new tool issued by the Center for Audit Quality aims to assist audit committees in their oversight of the lease standard implementation by providing an overview of the standard and questions audit committees should be asking.

This article shows how this new tool can ensure a successful implementation.

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Six Tax Reform Issues Impacting Nonprofit Organizations

Posted on: 5/30/18 by Carol A. Hausamann, CPA

The Tax Cut and Jobs Act of 2017 will have a profound impact on tax-exempt organizations. Even those that don’t report unrelated trade or business income or pay their executives over $1 million may still be affected.

This article states the top six tax reform-related issues nonprofits will need to address.

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Survival Tips for the New Era of Fundraising

Posted on: 5/30/18 by Christopher J. Healy, CPA, CGFM

For nonprofits looking to stand out in an increasingly crowded giving landscape, experimenting with new giving models and integrating new technology into your current campaigns could help you stand out from the crowd. If the bulk of your fundraising budget is still directed toward age-old direct mailing campaigns, consider diversifying and exploring a few of the following emerging trends.

This article discuses actions you can take to make your Fundraising campaign majorly successful.

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Is Your Not-For-Profit Financially Fit?

Posted on: 5/30/18 by Carol A. Hausamann, CPA

The Tax Cut and Jobs Act of 2017 will have a profound impact on tax-exempt organizations. Even those that don’t report unrelated trade or business income or pay their executives over $1 million may still be affected.

This article states the top six tax reform-related issues nonprofits will need to address:

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How do You Read and Understand Nonprofit Financial Statements?

Posted on: 5/30/18 by Margaret Hurlburt, CPA

The answer to the question is a complex one, but each individual statement is equally important especially when used in conjunction with the footnotes. However; before we jump into explaining why each statement is important we must first understand why nonprofit (NFP) organizations are different from their for-profit brethren.

This article outlines the different types of financial statements and how to better comprehend them.

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Board Designations

Posted on: 5/30/18 by Thomas W. Hosey, CPA

The next few years will include the implementation of multiple challenging new accounting standards, one of which is ASU 2016-14, Not-for-Profit Entities (Topic 948).  One of the enhanced disclosures required by ASU 2016-14 relates to governing board designations.  This includes situations in which the board delegates decisions about designations to the non-profit organization’s management.  

This article discusses what board designations will look like under the new accounting standards.

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