Marvin & Co. Blog

Form 990, Schedule B and the Public Disclosure Requirement

Posted on: 11/28/18 by Thomas W. Hosey, CPA

Schedule B, Schedule of Contributors, is required to be filed by public charities (and private foundations) if they report contribution revenue in excess of certain dollar amounts.  

In this article, Marvin and Company provides information on state reporting requirements for public charities (and private foundations).

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Reduce the Potential for Payroll Fraud

Posted on: 11/28/18 by Kevin J. McCoy, CPA, CFF

Your payroll clerk must be one of your most trusted employees. After all, they are the one with the most responsibility for all of your company’s bank accounts. Your payroll clerk also has access to your employees’ personal information, such as bank account specifics, Social Security numbers and compensation. Unfortunately, these “trusted” employees are usually the ones who are involved in an embezzlement. 

In this article, Marvin and Company provides internal controls that companies can implement to reduce the occurrences of payroll fraud.

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Are Grants Subject to Revenue Recognition?

Posted on: 11/28/18 by Alan W. Clink, CPA

Nonprofits received long-awaited clarification on a key accounting question from the Financial Accounting Standards Board. As discussed in the article “Updates to FASB Proposed Guidance for Contributions” appearing in our June Educator, the FASB released a final accounting standards update (ASU), Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. The ASU aims to standardize how grants and other contracts are classified across the sector, as either an exchange transaction or a contribution.

Classifying grants as either a contribution or exchange transaction is the first step in implementing revenue recognition. The clarified guidance in ASU 2018-08 aims to help nonprofits complete that first step in a consistent way across the sector.

In this article, Marvin and Company outlines a practical example of the process to evaluate a grant under the new ASU.

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Identifying and Overcoming Common Nonprofit Challenges

Posted on: 11/28/18 by Christopher J. Healy, CPA, CGFM

Nonprofit organizations are uniquely shaped by their mission, history, size, program goals and  community. But leaders of these organizations—whether a CFO at a global health services charity, a CIO of an education endowment or the executive director at a museum—share a common goal of advancing their organization’s mission. To drive forward progress, it’s essential that leaders understand where their organization sits in relation to its peers on objective measures of performance.

This articles explains what nonprofit organizations need to know when facing common problems.

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Getting Started with Accounts in QuickBooks Online, Part 2

Posted on: 11/28/18 by Margaret Hurlburt, CPA

We covered a lot of ground last month, but there are still some things to know about working with transactions you import from your banks.

We explored QuickBooks Online’s Banking features last month, including the site’s ability to work with related transactions as groups.

This month, we’ll look at the process of setting up rules to automatically classify transactions as they come in from your banks. We’ll also provide a brief overview of the Chart of Accounts.

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Need to Create Estimates? How QuickBooks Can Help You with This.

Posted on: 11/28/18 by Reshma N. Mulchandani, CPA

Estimates can be effective sales tools – if they look professional and offer attractive prices. Here’s how to create them using QuickBooks.

You don’t need to be a car repair shop or an HVAC technician to present prospects and customers with estimates. In fact, there may be many times when an unexpected estimate—or bid, or proposal—will land you a job you didn’t necessarily expect.

Of course, the bottom line is the meat of your estimate, the price you’re willing to accept for your work performed. It’s your job to determine that. But let QuickBooks do what it does best: provide intuitive, efficient tools for creating and modifying estimates.

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Marvin University: Estate and Gift Tax Update

Posted on: 11/2/18 by Christopher L. Cimijotti, CPA

Marvin and Company, P.C. will host the next webinar in its complimentary series titled: “Estate and Gift Tax Update” on Wednesday, November 14th from noon to 1 p.m. Individuals planning for their estates and advisors interested in estate planning are encouraged to participate in this FREE webinar.

Your guide for this webinar will be Christopher L. Cimijotti, CPA, Principal

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What Business Owners Should Understand About the Section 199A Deduction

Posted on: 11/2/18 by Kevin P. O'Leary, CPA

The Tax Cuts and Jobs Act of 2017 (TCJA) made comprehensive changes to the tax code. It’s not surprising that the IRS is in the process of making clarifications to these changes, including proposed regulations for the complex Section 199A deduction.
 
This is an important deduction against income tax of up to 20 percent of qualified business income (QBI) from a domestic business operated as a sole proprietorship, partnership, S-corporation, trust or estate.

This article explains how the Section 199A deduction works under new tax reform, including income thresholds and calculations..

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House Has Passed Legislation on Tax Reform 2.0-Senate is up Next

Posted on: 11/2/18 by Michael J. Brunell, CPA/PFS

The House of Representatives passed three new bills collectively referred to as Tax Reform 2.0 on September 28.  These bills were introduced by House Republicans as a follow-up to the Tax Cuts and Jobs Act (TCJA) legislation passed last year.  Some of the bills must still receive at least 60 votes in the Senate, which most commentators consider an unlikely outcome.   
 
This article summarizes the main points of the newest tax reform bill.

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Costs of Business Meals While Entertaining Customers and Clients Are Still Partially Deductible According to IRS Notice 2018-76

Posted on: 11/2/18 by Heather D. Patten, CPA

Welcomed guidance has been issued by the IRS that confirms businesses can generally continue to deduct 50 percent of the cost of business meals, including those incurred while meeting with or entertaining customers and clients.   However, pursuant to changes made by tax reform, the cost of the entertainment itself can no longer be deducted for 2018 and beyond even when business discussions are conducted.    

In this article, Marvin and Company explains how business meals can still be deductible.

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