Marvin & Co. Blog

IRS Attempts to Clarify Section 199A Qualified Business Income Deduction in FAQs

Posted on: 8/29/19 by James E. Amell, CPA

Just before the onset of this year’s tax filing deadline, the IRS re-examined Section 199A, the 20 percent deduction for pass-through businesses that was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA). As a result, the IRS’ list of frequently asked questions (FAQs) was amended to include guidance for the IRS Section 199A – Qualified Business Income Deduction FAQ website. This adjustment expanded the page from 12 to 47 questions, with one inclusion in particular – the treatment of the self-employed health insurance deduction for an S corporation shareholder – surprising many.

In this article, Marvin and Company shares insights on the latest revisions to Section 199 A – Qualified Business Income Deduction – and how that impacts businesses and organizations.

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Strategies to Diversify Your Approach to Nonprofit Fundraising

Posted on: 8/29/19 by Matthew W. Merriam, CPA

Over a one-year period, it is common for nonprofits to lose 96 donors for every 100 donors gained, according to a study by the Urban Institute regarding fundraising effectiveness. As a result, the nonprofits involved in the study needed to raise roughly an additional $4.7 billion to help cover the $4.3 billion lost to donor attrition.
 
This is a typical scenario for many organizations that become overdependent on a small number of donors and consequently risk losing funding for their programming and services. The most successful nonprofits are careful not to rely on a single fundraising project to raise all of the money needed for operation.

In this article, Marvin and Company explores the value-diverse fundraising strategies.

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Reinventing Retirement Benefits To Drive Millennial Engagement

Posted on: 8/29/19 by Myra M. Thorne, MBA, PHR

Attracting and retaining millennials, the largest segment of today’s workforce, is a priority for companies in one of the tightest labor markets in history. One way to do this is to re-evaluate the company’s benefits—particularly the retirement plan—so that they better align with millennials’ needs and priorities.
 
Like all generations, millennials—defined as those born between 1981 and 1996, according to the Pew Research Center—may have different career and financial goals than previous generations. While some of these generational differences may be exaggerated, it’s still important for employers to understand the priorities of their younger workers and offer benefits that these employees will value and appreciate.

This article shares ideas to drive engagement..

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What Plan Sponsors Need to Know About DOL Enforcement and Red Flags

Posted on: 8/29/19 by Alan W. Clink, 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 will take the blame when compliance issues arise. But plan sponsors are ultimately responsible for plan administration and operation. Plan sponsors that don’t realize this can suffer devastating consequences and become a statistic on the agency’s annual enforcement report.

This article explains what you should know about DOL audits.

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FASB Issues ASU 2019-03, Updating The Definition Of Collections

Posted on: 8/29/19 by Karl F. Newton, CPA

The Financial Accounting Standards Board (FASB or the Board) issued Accounting Standards Update (ASU) 2019-03, Updating the Definition of Collections, to address the issue that the definition of the term collections in the Master Glossary of the FASB Accounting Standards Codification (ASC) was not fully aligned with the definition used in the American Alliance of Museums’ (AAM) Code of Ethics for Museums (the Code).

This ASU was issued to improve the definition of collections in the Master Glossary by realigning it with the definition in the Code. The ASU also makes a technical correction to ASC Topic 360, Property, Plant and Equipment, to clarify that the accounting and disclosure guidance for collections applies to business entities, as well as nonprofit entities, that maintain collections.

This article explains the differences in the two definitions.

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Presentation of Restricted Cash and Cash Equivalents in the Statement of Cash Flows

Posted on: 8/29/19 by Thomas W. Hosey, CPA

Historically there has been diversity in practice among nonprofits with regard to presentation of restricted cash and cash equivalents in the statement of cash flows.

To address this diversity, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016‑18, Statement of Cash Flows (Topic 230): Restricted Cash. As a result of this ASU, a nonprofit will be required to present the total change in cash, cash equivalents, restricted cash and restricted cash equivalents for the period covered by the statement of cash flows. Thus, cash flows that directly affect restricted cash will be presented in the body of the statement of cash flows regardless of how they are classified in the statement of financial position and the timing of the establishment and release of the restrictions.

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Audit Committee Self-Assessment

Posted on: 8/29/19 by Margaret Hurlburt, CPA

What is the audit committee self-assessment?
This is a tool designed to assist the audit committee in evaluating how well the audit committee is executing their responsibilities. Please refer to BDO’s Effective Audit Committees for Nonprofit Organizations audit committee self-assessment section to ensure that governance responsibilities are adequately aligned with the charter and are being fulfilled appropriately.

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5 Things You Should Know About the Chart of Accounts in QuickBooks Online

Posted on: 8/29/19 by Margaret Hurlburt, CPA

QuickBooks Online doesn’t require deep knowledge of accounting principles. Still, there are concepts you should understand.

You probably didn’t expect you’d have to become an accounting expert when you started your business. You knew you’d have to deal with recording income and expenses – maybe track your inventory and process a payroll. But you may not have understood just how complex financial bookkeeping could be.
 
That’s why you decided to use QuickBooks Online, or are at least considering it. The service is an expert on accounting, and it simplifies the process. It knows exactly how you have to document transactions to stay compliant with the rules that accountants and other businesses follow. This is good practice, and it’s absolutely necessary if, for example, you ever have to apply for financing.
 
This article explains the Chart of Accounts and why it's important.

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New York Latest State Requiring Businesses to Adopt Reasonable Cybersecurity Safeguards to Protect Private Information

Posted on: 8/13/19 by John J. Unser

New York Governor Cuomo signed the SHIELD Act into law on July 25, 2019. The law amends the existing data breach notification law and adds new cybersecurity requirements. 

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Marvin University: Business and Personal Income Tax Update, 8/21 at Noon 

Posted on: 8/2/19 by Thomas W. Donovan, CPA

Marvin and Company, P.C. will host the next webinar in its complimentary series titled: “Business and Personal Income Tax Update” on Wednesday, August 21st.  The session will cover current regulatory updates and changes in the industry.

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