Marvin & Co. Blog

Coronavirus Resources and Information Page Created

Posted on: 3/31/20 by Kevin P. O'Leary, CPA

Marvin and Company has collected various resources for you related to the COVID-19 outbreak. 

 

 

Check it out here: https://www.marvincpa.com/news-and-events/coronavirus-covid-19-information-and-resources/

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Marvin and Company Named a Top Workplace for 7th Year In-A-Row!

Posted on: 5/8/20 by Kevin P. O'Leary, CPA

Marvin and Company, P.C. has been awarded a Top Workplaces 2020 honor by The Times Union for the seventh consecutive year.

“Being recognized as a top workplace in the Capital Region for seven years in a row is a tremendous honor,” said Managing Director Kevin P. O'Leary, CPA. “This award is a testament to our employees and their passion for serving our customers.”

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Understanding Modified Rules for NOLs and AMT Under the CARES Act

Posted on: 5/8/20 by James E. Amell, CPA

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) signed into law by President Trump on March 27, 2020, includes measures designed to deliver economic and fiscal relief to businesses large and small, as well as individuals facing financial difficulties due to the coronavirus (COVID-19) crisis. 

Notable among significant business tax provisions of the CARES Act, it: 

  • Eliminates the taxable income limit for certain net operating losses (NOL); 

  • Allows businesses and individuals to carryback NOLs arising in 2018, 2019 and 2020 to the five prior tax years; 

  • Suspends the excess business loss rules related to pass through entity owners; 

  • Accelerates the refunds of previously generated corporate alternative minimum tax (AMT) credits; 

  • Modifies the business interest limitation under section 163(j) from 30 percent to 50 percent (special partnership rules apply); 

  • And fixes the “retail glitch” for qualified improvement property (QIP) as defined in the Tax Cuts and Jobs Act (TCJA), which was passed in 2017. 

In this article, Marvin and Company provides information on modified rules for certain net operating losses (NOLs) and alternative minimum tax (AMT) credits under the CARES Act.

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CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

Posted on: 5/8/20 by Kevin J. McCoy, CPA, CFF

As the number of employers and employees impacted by the novel coronavirus (COVID-19) grows each day, employers with workplace retirement plans may find that employees may be looking to those plans now more than ever to help cover financial hardships they are experiencing. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (H.R. 748) includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free. 

In this article, Marvin and Company explains those items. Further guidance will be needed from the IRS and DOL to answer many open questions about how these relief provisions are intended to work.

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Individuals: What You Need to Know About the CARES Act

Posted on: 5/8/20 by Kristin A. LeBrou, EA, CFP®

On March 6, 2020, the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 was enacted, becoming the first of three Congressional relief and stimulus acts passed in March and setting off a firestorm of administrative relief by several federal agencies including the IRS and Department of Labor. 
 
Since then, Marvin and Company has established a dedicated web page providing up-to-date insights and webinars on all novel coronavirus (COVID-19) issues impacting our clients. You can access that landing page by clicking here. This alert attempts to provide the information of most interest to Marvin and Company’s Individual Clients. 

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FASB VOTES TO DEFER THE EFFECTIVE DATE OF ASC 842

Posted on: 5/8/20 by Alan W. Clink, CPA

At its April 8, 2020, meeting, the FASB voted to defer the effective date for ASC 842, Leases (“ASC 842”), and ASC 606, Revenue from Contracts with Customers (“ASC 606”), for certain entities.  In addition, in response to concerns that the Coronavirus (COVID-19) pandemic may have on stakeholders in the United States and abroad, the FASB staff provided guidance related to several recent technical inquiries.

This article is based on our observation of the Board’s meeting, and is subject to change once the FASB updates its website for the items discussed.

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IRS PROVIDES GUIDANCE FOR IMPLEMENTING CARES ACT PROVISIONS ON QUALIFIED IMPROVEMENT PROPERTY 

Posted on: 5/8/20 by Megan Tan, CPA, CFE, CIA, FCCA

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides tax relief to individuals and businesses in an effort to support the economy.  In addition to numerous other provisions that provide cashflow to businesses, the CARES Act includes a modification to the recovery period for qualified improvement property (QIP). 

 Under the CARES Act, a 15-year recovery period is retroactively assigned to QIP placed in service after December 31, 2017.  Therefore, QIP may be depreciated over 15 years or, alternatively, qualifies for 100 percent bonus depreciation if all bonus requirements are met. 

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401(k) Cash Outs – Be Careful 

Posted on: 5/8/20 by Thomas W. Hosey, CPA

The provisions of the CARES Act are designed to provide a financial lifeline to individuals, families, and businesses struggling to meet expenses in the wake of COVID-19.  Under the Act, plan participants faced with a personal or household COVID-19 diagnosis, or “experiencing adverse financial consequences” due to the pandemic may withdraw up to $100,000 from their retirement accounts by December 31, 2020 without incurring early withdrawal penalties.  Taxes on these withdrawals can be paid over a three-year period.  The CARES Act also doubles the maximum amount for loan-related retirement account withdrawals during this time to $100,000.  

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How Nonprofits Can Remain Resilient Through COVID-19 Crisis

Posted on: 5/8/20 by Matthew W. Merriam, CPA

As the coronavirus (COVID-19) pandemic rapidly spreads throughout the U.S. and the world, nonprofit organizations are facing unprecedented challenges to their operations, staffing and fundraising. Many nonprofits serve vulnerable clients such as the developmentally disabled, the elderly, the ill and the homeless, and these organizations will be strained to continue to provide services during the crisis. Arts and cultural organizations have closed and canceled programs in response to directives to limit public gatherings. 

Like the for-profit sector, nonprofits must seek ways to address risks to their organizations, from protecting employees and managing staffing levels to stemming potential financial shortfalls. They must remain flexible and resilient to effectively navigate these uncertain times. How nonprofits respond during this crisis could determine their long-term viability. 

In this article, Marvin and Company provides action steps for nonprofit organizations to help manage finances and staffing amidst the COVID-19 pandemic. 

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Using QuickBooks’ Reminders and Calendar

Posted on: 5/8/20 by Rachel Reynolds

Now, more than ever, you need QuickBooks to track what needs to be done.

COVID-19 has transformed the entire U.S. small business landscape in just a few short months. Companies are struggling to stay afloat. We all just want to get back to “normal,” but it’s unclear when that will happen.

We’d like to help you as much as possible during these uncertain times. One of the ways we can do that is by supporting you as you keep a close watch on your income and expenses. QuickBooks is our go-to tool for that purpose, and we hope you’re making the best possible use of the software right now.

The article outlines the steps you can take to ensure that QuickBooks is working quickly and well for you using Reminders and the Calendar.

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