Marvin & Co. Blog

IRS Responds to States’ Workarounds on New SALT Deduction Limitations

Posted on: 10/5/18 by Daniel J. Litz, CPA

The Internal Revenue Service recently responded to workarounds developed by various states to counter the state and local tax deduction limitations brought in by the 2017 Tax Cuts and Jobs Act. Proposed regulations were issued providing taxpayers guidance on the strategies certain states pursued and the availability of contribution deductions when tax credits are received.

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How Nonprofits Can Use Internal Audits to Mitigate Risk

Posted on: 10/5/18 by Kevin J. McCoy, CPA, CFF

Nonprofits Can Use Internal Audits to Mitigate Risk

Whether it’s to comply with state laws or provide contributors with financial statements, internal audits are critical for nonprofit organizations to verify the accuracy of their records, prevent the misuse of funds or assets and even identify strategies for improving operations.

In this article, Marvin and Company explains why internal audits are critical for nonprofits, and how they can identify fraud risks.

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How to Enter Bills in QuickBooks

Posted on: 10/5/18 by Reshma N. Mulchandani, CPA

It's not as much fun as creating invoices, but the bills must be paid. Here's how QuickBooks helps.

We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via the U.S. Mail, however you may also be getting some through email. Others don’t come at all: You might get a reminder email, but you have to go to the vendor’s site to make a payment.
 
How do you keep track of it all so you don’t miss any due dates? You could record them on a calendar, but you’d still have to go back to the actual bill to retrieve the amount. But where is it? Is it online, in your email inbox, in a file folder, or hanging on the wall?
 
QuickBooks can organize this unpleasant process, saving time and helping you avoid confusion. This article explains how it works.

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Customer Statements: When, Why, and How

Posted on: 10/5/18 by Amy L. Ethier

If your business relies on invoices to get paid, there may be times when you need to create and send statements.

You enter into an informal contract with a customer when you send an invoice. You expect that you will receive payment in a timely fashion for goods or services you’ve sold.
 
That probably works most of the time. But what happens when it doesn’t, when you’ve sent a reminder and are still waiting? And what do you do when a customer orders frequently and is confused about what’s been paid and what hasn’t?
 
If you’re using QuickBooks Online, you can easily send a statement, a list of sales transactions, credits, and payments. This articles explains the three types.

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The State Income Tax Consequences of Wayfair

Posted on: 9/6/18 by James E. Amell, CPA

C Corporation or S Corporation? It All Depends.
While the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc. directly affects the state and local sales/use tax collection obligations of remote sellers, the importance of Wayfair to state corporate income taxes cannot be overlooked. This Alert examines some of the state income tax consequences.

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How to Protect Your Company From Embezzlement

Posted on: 9/6/18 by Kevin J. McCoy, CPA, CFF

If your entity does not have the proper internal controls in place, you could be leaving your entity vulnerable to employee theft. While no one wants to think it can happen to them, employee theft does occur and it can result in a great cost to your entity.
 
You can minimize the risk of falling victim to fraud by first understanding why employees at all levels embezzle.

In this article, Marvin and Company, P.C. provides four tips that can help business owners and management decrease the chance of embezzlement occurring at their entities.

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New Association Health Plans (AHPs) Provide Affordable Health Care Alternative to Smaller Employers

Posted on: 9/6/18 by Heather D. Patten, CPA

Smaller employers will soon be able to offer their employees more affordable health care coverage than what is available under the Affordable Care Act (ACA). Under the ACA provisions, employers with over 50 “full-time equivalent” employees were required to purchase health coverage for their employees that would meet ACA’s requirements. This coverage was very wide-ranging in terms of the benefits provided, and as a result was viewed as expensive by employers.
 
However, in June, the Department of Labor issued a final regulation (29 CFR 2510.3-5) which will allow smaller employers to provide health care coverage for their employees at a lower cost than they would have paid for coverage that would qualify under the Affordable Care Act (ACA). These programs are called Association Health Plans (AHPs) and can begin operations as early as Sept. 1, 2018.

In this article, Marvin and Company, P.C. provides an overview of a new regulation which will allow smaller employers a more affordable health care coverage option for their employees.

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ASC 606 and Revenue Recognition: Effect on Multinational Operations

Posted on: 9/6/18 by Andrew A. Matthews, CPA

The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, which supersedes the existing revenue recognition accounting rules.  The new guidance is applicable for public business entities for periods beginning after December 15, 2017.  All other reporting entities using U.S. generally accepted accounting principles (GAAP) must adopt ASC 606 for fiscal years beginning after December 15, 2018. Early adoption was/is permitted.
 
As multinational companies re-express their GAAP revenue amounts, intercompany transactions that are directly or indirectly dependent on revenue will be re-expressed as well. This will create potential challenges for firm’s accounting and tax departments, as they analyze and document the modified results on these transactions and defend against scrutiny of changes in taxable profit levels and related book/tax differences. In this alert, we analyze potential direct and indirect transfer pricing effects from restatements of revenue. 

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Transportation Fringe Benefits Are Now UBI - Effective Jan. 1, 2018

Posted on: 9/6/18 by Heather D. Patten, CPA

Does your tax-exempt organization provide transportation and parking benefits to employees? If so, you may have another commuter headache: a new tax. Under the Tax Cut and Jobs Act of 2017 (the Act), a provision was added to the Internal Revenue Code that is likely to require many tax-exempt organizations to pay unrelated business income tax (UBIT). Certain costs of qualified transportation, including transit passes, qualified parking and more, will now be taxed as unrelated business income at 21 percent.

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Podcast: 7 Steps to Revenue Recognition Readiness

Posted on: 9/6/18 by Alan W. Clink, CPA

The Financial Accounting Standards Board’s (FASB) new revenue recognition standard (ASC 606) is a significant change that affects nonprofits of all types and sizes. While the deadline for public companies has already passed, many nonprofits and private companies have until Jan. 1, 2019 to implement the new standard. Meanwhile, entities with a June 30, 2018 year-end have until July 1, 2019.

What prompted the new guidelines, and how can nonprofits prepare? We had the opportunity to answer these questions in a recent New York Nonprofit (NPN) Media podcast with Aimee Simpierre.

This article provides a summary of the podcast’s top questions and answers.

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