Marvin & Co. Blog

Time is running out to comply with New York State’s “Stop Hacks and Improve Electronic Data Security” (SHIELD) Act. Ensure your organization is in compliance or face potential fines and penalties.

Posted on: 2/5/20 by John J. Unser

To meet the March 21, 2020 deadline, companies should take necessary steps to ensure that they are in compliance with the new SHIELD Act.

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Marvin And Company, P.C. Names New Director

Posted on: 1/31/20 by Reshma N. Mulchandani, CPA

Marvin and Company, P.C., an award-winning Capital Region accounting, auditing, taxation and management consulting firm, is pleased to announce that Reshma N. Mulchandani, CPA has been named a Director and Shareholder. Mulchandani is the youngest female director in the firm’s 97-year history.  Mulchandani joined the firm in 2015.

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Marvin Promotes Seven, Hires Three and Welcomes Interns/Seasonal Staff

Posted on: 1/31/20 by Kathleen E. Kirvin

Marvin and Company, P.C. is pleased to announce the promotions of seven individuals; the hiring of three; and to welcome new interns as well as seasonal staff.

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Seven Steps for Tax Return Season 2019

Posted on: 1/31/20 by Thomas W. Donovan, CPA

It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2019 return professionally prepared, but you still have some work to do.

In this article, Marvin and Company seven practical suggestions to help you spring into action. 

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Understanding How the New Tax Form W-4 for 2020 Impacts Your Business

Posted on: 1/31/20 by Heather D. Patten, CPA

If you’re familiar with Form W-4, be aware that the IRS recently finalized the 2020 version of Form W-4, Employee’s Withholding Certificate. This new version officially replaces the prior version.

So, what’s changed? There are several of note, including new ways to calculate federal income tax withholding. Unless current employees wish to make adjustments to their withholdings, they will not need to complete the new form. However, all new employees hired January 1, 2020 and after must complete it.

The IRS’ goal in releasing the new form is to provide greater accuracy, simplicity and privacy for employees while streamlining processes for employers and payroll processors. Employers are encouraged to inform their employees about the changes in the new form.

In this article, Marvin and Company shares information about the new Form W-4 released by the IRS for 2020, including specific changes, whether employees should complete it and procedures for completing it. 

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Technology Trends That Help Nonprofits Optimize Fundraising and Operations

Posted on: 1/31/20 by Thomas W. Hosey, CPA

As the cost of new technology continues to decline, most nonprofits can reap its benefits. 

In this article, Marvin and Company shares insights on new technology trends that are helping nonprofits improve their fundraising efforts and optimize their operations to better serve their target constituents.

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Changes in Overtime Rule May Present Challenges for Employers

Posted on: 1/31/20 by Myra M. Thorne, MBA, PHR

In 2019, the Department of Labor (DOL) issued final regulations related to the Fair Labor Standards Administration (FLSA) about the classification of employees who are entitled to overtime pay when they work hours in excess of 40 per week. Effective January 1, 2020, millions of additional employees are eligible for overtime pay, making it critical for business owners to understand the changes.

In this article, Marvin and Company explains how changes made by the Department of Labor to overtime pay eligibility for employees working more than 40 hours may affect your business.

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FASB Issues Proposed Standard Related to Reference Rate Reform

Posted on: 1/31/20 by Alan W. Clink, CPA

A recent topic of concern is whether the nonprofit organization’s policy on background checks should also apply to board As a result of concerns regarding the structural risks of interbank offered rates (IBORs) and, in particular, the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation.

Since these rates appear in many contracts and hedge transactions, questions have been raised regarding the accounting challenges for these transactions. To address these concerns, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU or Update) on Sept. 5, 2019 entitled Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.

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Dealing with Deposits in QuickBooks

Posted on: 1/31/20 by Reshma N. Mulchandani, CPA

Where do the payments you receive in QuickBooks go? The software provides tools for managing deposits.

Recording payments, whether they come in to comply with an invoice you sent or are issued as sales receipts, is one of the more satisfying tasks you do in QuickBooks. The sales cycle is almost complete, and you’re about to have more money in the bank – once you document the payments as bank deposits.
 
Unless you use QuickBooks Payments, which moves your company’s remittances into an account automatically, you’ll have to deal with your deposits twice. First, you’ll have to make out a deposit slip for the bank. You’ll also need to record the deposit in QuickBooks itself.
 
Fortunately, the software makes this easy for you. This article explains how it works.

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5 Things You Need to Know About Sales Taxes in QuickBooks Online

Posted on: 1/31/20 by Amy L. Ethier

The most important thing you need to know about sales tax is that administering it correctly can be challenging.

If you sold only one type of product to customers in one city, collecting and paying sales tax would be easy. But most businesses have a wider reach than that.
 
QuickBooks Online offers tools that allow you to set up sales tax rates and include sales tax on sales forms. Further, it calculates how much you must pay to state and local taxing agencies.
 
This is one of the most complicated areas in QuickBooks Online because you may have to deal with numerous taxing agencies. If you’re not already working with sales taxes, we strongly recommend you let us help you get everything set up correctly from the start. Taxing agencies can audit your recordkeeping and you want to make sure it is set up correctly.
 
That said, this article offers five things you should know.

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