Marvin & Co. Blog

Marvin = Family

Posted on: 1/8/21 by Marvin and Company

Why is Marvin like Family?

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Biden Administration Unveils Tax Blueprint as Part of American Jobs Plan

Posted on: 5/10/21 by James E. Amell, CPA

The Biden administration on March 31, 2021, unveiled a jobs and infrastructure plan, the American Jobs Plan, to address the nation’s pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years. To pay for these expenditures, the plan also includes a proposed overhaul of the corporate tax system that would increase the corporate tax rate and the global minimum tax, eliminate federal tax benefits for fossil fuel companies, and strengthen enforcement against corporations.

While the proposed spending would be spread out over eight years, the tax increases would continue for 15 years.

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The 7 Most Common Nonprofit Accounting Mistakes and How to Avoid Them

Posted on: 5/10/21 by Thomas W. Hosey, CPA

The accounting function of a nonprofit organization is a crucial part of the operations of the entity. As a nonprofit, part of your mission is to bring good to the community and the world at large. One important aspect of running a nonprofit is ensuring that your books and accounting are in order to help retain your nonprofit status. Accounting for nonprofits can be complicated. 

In this article, Marvin and Company, P.C. provides tips to help nonprofit organizations avoid the 7 most common accounting mistakes.

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What is Unrelated Business Income and How Does it Impact Nonprofit Organizations?

Posted on: 5/10/21 by Kevin J. McCoy, CPA, CFF

As a nonprofit organization, you were founded with a benevolent purpose to pursue a mission to aid your community through charitable, education and other types of endeavors. To help achieve this mission, your organization engages in fundraising and other income-generating activities in order to support the organization’s purpose. The tax law typically provides nonprofit entities with a tax-exempt status, meaning that they do not ordinarily have to pay taxes on the monies that they earn. 

This does not, however, apply to all of the earnings that a nonprofit can make. Depending on the type of income a nonprofit organization earns, they may be subject to taxation, known as unrelated business income. 

In this article, Marvin and Company, P.C. explores those activities and what they mean for your nonprofit.

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Provider Relief Funds – Reporting and Audit Requirements

Posted on: 5/10/21 by Christopher J. Healy, CPA, CGFM

When Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act, it established the Provider Relief Fund (PRF) to support American families, workers and healthcare providers in the battle against COVID-19.

Through the CARES Act and supplemental funding from the Coronavirus Response and Relief Supplemental Appropriations (CRRSA) Act, the U.S. Department of Health and Human Services (HHS) is in the process of distributing $178 billion to hospitals and healthcare providers on the front lines of the coronavirus response and relief efforts. Qualified providers of healthcare, services and support may receive PRF payments for healthcare-related expenses or lost revenue due to COVID-19. While these distributions do not need to be repaid to the U.S. government, assuming providers comply with the terms and conditions established by HHS, these funds come with unique compliance, reporting and audit requirements that recipients must adhere to once they attest to the receipt of these funds.

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How to Protect Your Data in QuickBooks

Posted on: 5/10/21 by Reshma N. Mulchandani, CPA

Your QuickBooks company file is gold. Keep it safe from fraud and intrusions.

After the unprecedented year we’ve just experienced, the last thing you need is to have your accounting data compromised or stolen. It would be impossible to reconstruct your QuickBooks file from scratch, and you can’t afford to have a hacker steal any of your funds.

There are numerous steps you can take to protect yourself from threats, both internal and external. QuickBooks itself offers some safeguards. Strong company policies can also help safeguard against data theft or destruction. And some of your security guidelines should just come from using common sense.

This article takes a look at what you can do.

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How Do You Manage Downloaded Transactions in QuickBooks Online?

Posted on: 5/10/21 by Rachel Reynolds

Downloading them is the easy part. QuickBooks Online lets you work with downloaded transactions in numerous ways.

QuickBooks Online was built to import transactions from your online financial institutions. You can enter them manually but downloading them saves an enormous amount of time and minimizes errors. It also makes reconciliation much easier, since you can see which transactions have cleared without calling the bank or waiting for a printed statement.
 
Once they’re in QuickBooks Online, your transactions are stored in a list, waiting for you to further define and categorize each one. This article takes a look at how you can work with them to make sure your records are as thorough as possible.

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The American Rescue Plan Extends Relief Through 2021

Posted on: 4/8/21 by Heather D. Patten, CPA

The American Rescue Plan Act of 2021 provides additional financial relief to taxpayers and businesses coping with the impact of the COVID-19 pandemic. 

President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP provides relief funding to families and individuals, state and local governments, businesses and tax-exempt organizations. Many of its key tax provisions will be available only for the 2021 tax year.

This articles explains some notable benefits for individual taxpayers and businesses.

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Do Nonprofit Employers Qualify for the Employee Retention Credit?

Posted on: 4/8/21 by Carol A. Hausamann, CPA

The Coronavirus Aid, Relief and Economic Security (CARES) Act was passed by the United States Congress on March 27, 2020. This economic stimulus bill was created in an effort to help American taxpayers who suffered economically from the fallout as a result of the coronavirus pandemic. 

The CARES Act legislation included a provision for small businesses, including nonprofit organizations, to receive employee retention credits to help ease the entity’s payroll tax burden and to help mitigate the negative impact of the pandemic on the organization’s activities. 

In this article, Marvin and Company, P.C. discusses what the Employee Retention Credit is, eligibility and how it can help your nonprofit organization. 

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Implications of ASB Topic 842 Lease Accounting Updates for Nonprofit Organizations

Posted on: 4/8/21 by Alan W. Clink, CPA

In 2016, FASB released Update No. 2016-02 Leases (ASB Topic 842), which significantly changed the way that lessees accounted for operating leases. Prior to the issuance of ASB Topic 842, lessees were not required to include assets and liabilities on their balance sheet. Now, nonpublic entities, including most nonprofit entities, must disclose this information. 

The COVID-19 pandemic has had a significant impact on nonprofit organizations and other businesses globally. The changes to the timeline for implementing ASB 842 will help to ease the reporting burden of the lease accounting standards on these organizations as they navigate the fallout of the pandemic.

In this article Marvin and Company, P.C. discusses how the new lease accounting guidance can have an impact on your nonprofit organization.  

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