Marvin & Co. Blog

One Year Later, Effects Of Wayfair Still Unraveling

Posted on: 8/2/19 by Daniel J. Litz, CPA

Back in June 2018, the U.S. Supreme Court issued a sales tax decision overturning a physical nexus standard in favor of an economic one.  The ruling paved the way for states to enact provisions requiring out-of-state businesses to collect its state sales tax even without a physical presence. The business world continues to learn more about this decision and related tax and nontax implications.  

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The Credit for Small Employer Health Insurance Premiums

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

Certain small employers may be eligible for a refundable credit.  An eligible small employer has been permitted (for tax years beginning after 2009) to claim this credit under certain circumstances based on annual premiums paid to provide health insurance to its employees.  Eligible tax-exempt small employers may not know about the credit because of how it must be claimed or because they have never had a need to engage advisors that could have alerted them to the credit. 

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Final Regulations Limit Federal Charitable Contribution Deductions In Connection With Receipt Of State Tax Credits

On June 13, 2019, the IRS and Treasury Department issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations. The final regulations generally retain the proposed regulation issued in August 2018 with certain clarifying and technical changes.

This article gives a summary of the final regulations.

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How Organizations Can Dispel the Myth of Nonprofit Overhead

Posted on: 8/2/19 by Carol A. Hausamann, CPA

Overhead costs are commonly regarded as a measure of a nonprofit organization’s effectiveness and fiscal sustainability. In the eyes of the public, too much overhead denotes instability.

Among online charity raters, CharityWatch gives poor ratings to nonprofits with 40 percent or higher overhead rates, which can be quite problematic given that donors look for seals of approval from these types of evaluators before giving. 

This article shares strategies to help nonprofit organizations implement strategic practices that help promote financial transparency.

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FASB Simplifies Accounting For Goodwill & Certain Identifiable Intangible Assets For NFPs

Posted on: 8/2/19 by Karl F. Newton, CPA

The FASB issued ASU 2019-06[1] to simplify how a non-profit entity accounts for goodwill and certain identifiable intangible assets by permitting the use of two private company options. The new ASU is available here, and becomes effective immediately.

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Using QuickBooks’ Bill Tracker

Posted on: 8/2/19 by Margaret Hurlburt, CPA

If your business pays a lot of bills, you need an efficient system for staying current with them. QuickBooks’ Bill Tracker provides that.

Bill-paying may be your least favorite accounting activity. You definitely know how those checks and online payments affect your account balances, but it’s more than that. Staying up to date with your bills and paying them on time (but not too early) takes a supreme organizational effort.
 
If you’re using a manual bookkeeping system, you know how difficult it is to keep up. QuickBooks offers several options for helping you with this. You can set reminders and/or put the due dates on your calendar. If you’re using QuickBooks 2016 or later, you have access to another tool: Bill Tracker.

This article explores some that you may have missed.

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Need Advanced Time-Tracking? Connect QuickBooks Online to An App

Posted on: 8/2/19 by Reshma N. Mulchandani, CPA

You can track the hours employees work in QuickBooks Online. But if your time-tracking needs are complex enough, you’ll need an integrated app.

If your company has a staff and sells services, you know better than anyone that time is money. It’s critical that you track every minute that employees work, as well as those that can be billed to customers. QuickBooks Online offers dedicated tools that let you do just those tasks.
 
But QuickBooks Online has limitations in that area, and you may need more versatile time-tracking than it provides. There’s a solution for that: add an integrated add-on application. Several are available that go above and beyond in the area of employee time management. If you’re interested in exploring these online solutions, we can help you both find and get started with the right one.

This article explains how we can help.

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Marvin and Company Welcomes New Hires and Interns and Announces Promotions

Posted on: 8/1/19 by Marvin and Company

Marvin and Company, P.C. is pleased to welcome Derek M. Holden to our audit department as an Assurance Associate, Christianna M. Halek, a former tax intern, has joined the audit department as an Assurance Associate, Kristian G. Quackenbush, a former tax intern, has returned as a summer tax intern and Taylor N. Friedman, a former tax intern, has returned as an audit intern. We are also excited to announce that Veronica L. Maheux, CPA has been promoted to Assurance Supervisor and Geordan M. Niles has been promoted to Assurance Associate Level 2. 

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3 Ways to Secure the Financial Sustainability of Your Nonprofit

Posted on: 7/8/19 by Christopher J. Healy, CPA, CGFM

To be a sustainable nonprofit organization, its leaders must know how to deliver affordable programs and services in alignment with the enterprise’s fundraising revenue. In this article, Marvin and Company, P.C. provides three approaches to secure greater sustainability.
 

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Deadline Approaches for Remedial Amendments for 403(b) Plans

Posted on: 7/8/19 by Alan W. Clink, CPA

Maintaining compliance for 403(b) retirement plans historically has been challenging given the lack of historical regulatory oversight, guidance from the Internal Revenue Service (IRS), and non-profit organizations’ limited resources. But the IRS has taken steps to address this, including publishing a list of providers offering pre-approved prototype plans and creating a remediation period ending in March 2020 for sponsors to self-correct non-compliant plan documents.

This article provides background on 403(b) compliance, remediation, operation mistakes and how to capitalize on the remediation window.

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