Marvin & Co. Blog

Contributions 101

Posted on: 3/4/11 by Marvin and Company

Sorry for not having posted in a while but the 3/15 deadline for Corporations is my worst deadline of them all. Attended a great charity event last night for the Colonie Senior Service Center at the Century House and it got me thinking about the rights and wrongs as they relate to charitable contributions. These types of events are wonderful and really make a tremendous impact on these organizations - last night I bet you they sold about 350 tickets to the event and the atmosphere was electric - congrats to Bill and Kristin Hoblock for putting on a tremendous event.

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A little bit more on the Business Climate Survey and a little tax heads-up

Posted on: 2/23/11 by Kevin J. McCoy, CPA, CFF

Here is a nice 2 minute video about the survey results as described by Marvin and Company's Managing Director Kevin McCoy.

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Great article for non-profits…

Posted on: 2/22/11 by Kevin P. O'Leary, CPA

Joanne Berry, Executive Director of the NYS Society of CPA's wrote a great editorial in last month's edition of The CPA Journal, in which she dives into the path that the CPA-non-profit relationship may be on.

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25th Annual Business Climate Survey Released

Posted on: 2/21/11 by Kevin J. McCoy, CPA, CFF

Kevin McCoy, CPA and director, Marvin and Company, PC discussed highlights from the 25th Annual Business Climate Survey Friday, Feb. 18, 2011 at the University at Albany.

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Where do ‘my’ business concerns rank?

Posted on: 2/20/11 by Kevin P. O'Leary, CPA

For the past 25 years Marvin and Company has been taking the business pulse of the capital district and beyond, asking business owners what their major concerns were in the upcoming year as well as following up on 2010 and what kind of successes/challenges there were.

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Taking my show on the road…

Posted on: 2/20/11 by Kevin P. O'Leary, CPA

The Troy Record has asked me to do a presentation on personal tax tips and such on March 8th from 6:30pm - 8:30pm. We will talk about things that did and did not come out of the December 17th, 2010 legislation as well as discuss our opinions as to where we think things might be headed. We will also discuss some common questions we get from clients as well as common errors we see on self-prepared returns. We'll also touch on some topics about IRS audits/inquiries and deciding on whether or not you should have someone prepare your return for you.

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Conflicts of interest policies for non-profits

Posted on: 2/15/11 by Kevin P. O'Leary, CPA

Don't get too far into your fiscal year having not updated your conflict of interest policy. Each board member, officer and/or highest paid employee if in a management position should be signing to the fact that no conflicts are outstanding or if they are, then they disclose the circumstances for the rest of the board to discuss. The 990 and the 1023 both ask about an organization's conflict of interest policy so I would strongly recommend your organization having one especially if you are a 501(c)(3) and receive contributions.

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Repairs and Maintenance…

Posted on: 2/14/11 by Kevin P. O'Leary, CPA

This time every year I am always asked from my business clients what can be expensed and what should be capitalized. I am linking a nice article about what the IRS looks for with regards to their R&M audits and thought it would be a good read for those of you who are nervous about your approach. One thing to think about also is with section 179 and Bonus depreciation available (sorry to get tax-y on you) you might want to consider capitalizing the asset and then use one of these accelerated methods to write most of the asset or all of it off in the first year. As always any questions please shoot me an email. Thanks, Kev-http://www.journalofaccountancy.com/Web/20113719.htm

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Get your calendars out Non-Profits!!!

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

I have the pleasure of sitting on the panel for the Tech Valley Not For Profit Business Council's March event which will focus on tax implications and tax issues facing non-profits. The event is scheduled for March 17th from 1130-2 at the Italian American Community Center and to sign up go to the Albany Chamber Website at www.acchamber.org for event details.

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2011 Retirement Limits - Start Planning Now!!!

Posted on: 2/5/11 by Kevin P. O'Leary, CPA

I know it's only February but thinking about retirement limits and retirement goals should be going on at all times. Here are the limits as they relate to 2011:

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