Marvin & Co. Blog

IRS Audits: What Could They Mean for Unrelated Business Income?

Posted on: 12/23/15 by Marvin and Company

Most exempt organizations are well aware that the IRS conducts random audits. But in light of its limited resources, particularly for the Exempt Organizations Division, the agency is increasingly focusing its examinations on areas it believes will yield a high return for its efforts.

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Watch Out for the Itemized Deductions Trap

Posted on: 12/23/15 by Christopher L. Cimijotti, CPA

Reduction affects high-income taxpayers

Remember when you could claim itemized deductions on your tax return with no restraints? Those good old days are long gone. Under the Pease rule—named for the Ohio congressman who initially introduced the concept a quarter of a century ago—upper-income taxpayers may lose some bang from their bucks.

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Nonprofits, Don’t Get Caught by Phishing Schemes

Posted on: 12/23/15 by Amy L. Jordan

What are phishing schemes?

These deceptive messages can take the form of emails, phone calls or websites, and are designed to steal funds from an organization by tricking an employee into divulging confidential personal or business information such as a user name, password, bank account number, Social Security number or Employer Identification Number (EIN).

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IRS Increases De Minimis Safe Harbor Expensing Threshold

Posted on: 12/23/15 by Daniel J. Litz, CPA

The IRS recently issued a notice increasing the deductible amount for purchases of certain tangible property from $500 to $2,500. As a result, small businesses will be able to immediately deduct many amounts spent to acquire, produce or improve tangible property that would otherwise need to be spread over a period of years through annual depreciation deductions.  

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James E. Amell featured guest on LookTV’s Look Today

Posted on: 12/21/15 by James E. Amell, CPA

James E. Amell, CPA, Director, was a featured guest on LookTV's LookToday discussing the rising interest rates and how it affects us locally.

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Do You Employ Students? Do You Pay Them Minimum Wage?

Posted on: 11/20/15 by Debra L. Smith, CPA

During 2014 a new tax credit was enacted into New York State law that seemed to fly below the radar. The applicable tax credit rate for 2014 was $0.75 per hour and increased to $1.31 per hour for each hour worked in 2015. The rate is set to increase to $1.35 per hour for 2016.

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Reaping Rewards of a Business Plan

Posted on: 11/20/15 by James E. Amell, CPA

How can you get your business off to a good start in 2016? There are no guarantees, but it certainly helps to plan ahead. Specifically, you should draw up a business plan before year-end to put into motion on January 1. If you have developed a plan in prior years, you can refer to it when developing a new one, but you do not necessarily have to be wedded to what you have done in the past.

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Tangible Property Regulations: Expense it or Capitalize it?

Posted on: 11/20/15 by Kevin P. O'Leary, CPA

In late 2013, the IRS issued regulations regarding the deduction and capitalization of expenditures related to tangible property. These regulations, which took effect Jan. 1, 2014, affect the tax treatment of real estate companies that make acquisitions, upgrades, remodels and repairs. 

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How Do I Choose an Employee Benefit Plan Auditor?

Posted on: 11/19/15 by Alan W. Clink, CPA

If your employee benefit plan requires an audit, one of your most important actions is to hire an independent and qualified public accountant. The choice of an auditor should be made with attention and care. In this article we provide questions you might want to ask in your auditor selection process.

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Get Ready for 2016: QuickBooks Can Help

Posted on: 11/19/15 by Margaret Hurlburt, CPA

We’ll be ringing in the New Year soon. Will you have wrapped up your 2015 finances by then?

There’s something very satisfying about turning our calendars to January. It always feels like a fresh start. We resolve to develop new, better ways of using our work and leisure time. We reflect on what we accomplished in the last 12 months, and we look forward to achieving even more in the next 12.

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