Marvin & Co. Blog

Marvin and Company COVID-19 Update: 3/20/2020

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

The Executive Committee at Marvin and Company has been meeting daily to develop a fluid plan that allows us to get our work done while most importantly allowing us to keep our team safe and healthy.   We wanted to let you know about the steps we are taking in order to accomplish three things – staying healthy, getting work done and complying with recently enacted laws. 

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Marvin and Company COVID-19 - Update

Posted on: 3/17/20 by Kevin P. O'Leary, CPA

At Marvin and Company, we are continuing to take concerns over COVID-19 extremely seriously and doing everything in our power to ensure the safety of our employees and clients. We have implemented a few additional firm-wide policies over the past few days.

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Marvin and Company Communication - Coronavirus

Posted on: 3/16/20 by Kevin P. O'Leary, CPA

As concerns continue to rise, we want to share information about how we're handling this situation and its influence on life and business operations at Marvin and Company. The health and well-being of our team members, families, clients, and communities is of the utmost importance to Marvin and Company. 

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Marvin Continues to Grow

Posted on: 3/2/20 by Marvin and Company

Marvin and Company, P.C. continues to grow and is pleased to announce the addition of new seasonal and permanent staff.

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IRS Expands Mandate to Increase Electronic Tax Filing

Posted on: 3/2/20 by Reshma N. Mulchandani, CPA

Although the major majority (92%) of tax returns are filed electronically, the IRS is seeking full conversion to e-filing. Two sections of The Taxpayer First Act of 2019 (TFA) extend that mandate by requiring more businesses, partnerships and nonprofit organizations to e-file.

If your business or organization is not yet filing tax returns electronically, you should be aware of these changes and the pertinent deadlines to comply.

In this article, Marvin and Company discusses the changes by the IRS on requiring more companies, partnerships and nonprofit organizations to file their tax returns electronically.

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New Opportunities For Workplace Retirement Plans Under The SECURE Act

Posted on: 3/2/20 by Alan W. Clink, CPA

The information in this alert is dependent on tax policies at the time they are published. The subject matter in the “Covering long-term part-time employees in 401(k) plans” section of this alert was updated February, 2020.

By now, most employers know that the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law on December 20, 2019, as part of a federal budget and spending bill (H.R. 1865). Some of the SECURE Act changes in the law are most beneficial to smaller employers, while other provisions address changing workforce demographics, such as longer life expectancies and long-term part-time employees in what is often called the “gig” economy.

Whether you currently offer your employees a retirement plan (or are planning to do so), you should consider how these new rules may affect your workplace retirement savings program (or your decision to create a new one). This tax alert summarizes some of the planning opportunities under the SECURE Act for employer-sponsored retirement plans with broad applicability.

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Test Your Cyber Systems in 7 Steps

Posted on: 3/2/20 by John J. Unser

Many nonprofits consider themselves unlikely targets for cybercrime, however this couldn't be further from the truth. The reality is that your organization is a treasure trove of data and often has fewer resources and less cyber expertise to put protections in place. In short, you may be the perfect target for bad actors.

Ignoring or underestimating cyber threats could result in an attach that could cripple your ability to pursue your mission. The average cost of a data breach in the U.S. is $7.91M, according to Forbes and Statista. For many nonprofits, even a fraction of those costs could make it impossible to keep the lights on. Assessing your cyber risk is literally mission critical, and it goes far beyond a compliance audit.

What steps can you take to thoroughly test your systems for cyber risk? This article suggests seven steps.

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GASB Proposes Guidance to Address the Phaseout of Interbank Offered Rates

Posted on: 3/2/20 by Heather R. Lewis, CPA

Many governments have entered into agreements, including interest rate swaps and other derivative instruments, where variable payments made or received depend on an interbank offered rate (IBOR). One of the most commonly used reference rates, the London Interbank Offered Rate (LIBOR), is expected to cease to be used as an international benchmark by the end of 2021, prompting governments to amend or replace agreements in which variable payments made or received depend on LIBOR.

This articles explains the proposed statement.

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2020 Outlook: Trends Shaping the Employee Benefits Landscape

Posted on: 3/2/20 by Myra M. Thorne, MBA, PHR

Employee benefits have become a strategic priority for organizations. With unemployment at historic lows and as more workers choose to become part of the gig economy, employers are struggling to find and keep top talent. As the war for talent intensifies, organizations of all sizes are realizing that their employee benefit options can be a strategic advantage—or disadvantage.
As we head into 2020, plan sponsors are thinking about how to offer benefits that resonate with a multi-generational workforce and remain competitive in an evolving marketplace—while staying within the organization’s budget. Here, we review some of the most important trends that are shaping the employee benefits landscape in 2020.

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FASB Simplifies Accounting and Financial Disclosures for Business Income Taxes

Posted on: 3/2/20 by Karl F. Newton, CPA

The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2019-12 with the goal of reducing the complexity of Generally Accepted Accounting Principles (GAAP) for business income tax reporting. It applies to ASC 740, Income Taxes, and aims to also improve the usefulness of information provided to users of financial statements.
This guidance will significantly impact financial reporting for all businesses and entities that follow GAAP.

As part of its ongoing initiative to simplify and improve accounting standards, FASB has issued new guidance focused on ASC 740, Income Taxes. Marvin and Company explains what business owners need to know.

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Marvin University

The Marvin University professors are here to help your organization. see our list of upcoming educational events and download past sessions.

Community Involvement

We not only provide professional services to the not-for-profit industry, we provide our own time and resources.
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