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 below:

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Two Earn Certified Public Accountant (CPA) Licenses

Posted on: 11/24/20 by Marvin and Company

Marvin and Company, P.C. is pleased to announce that both Jennifer A. Menard and Geordan M. Niles have successfully passed the CPA exam and completed the requirements to earn licenses as Certified Public Accountants in New York State.

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SBA Issues PPP Loan Guidance Regarding Ownership

Posted on: 11/9/20 by James E. Amell, CPA

COVID-19 has changed many aspects of conducting business today, including areas related to merger and acquisition (M&A) activities. As many buyers and sellers work to structure satisfactory M&A transactions, they are finding that one or both parties have received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief & Economic Security (CARES) Act which remain outstanding at the time of the proposed transaction.
This article summarizes SBA guidance on the treatment of outstanding PPP loans for M&A transactions and other ownership changes.

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Nonprofit In-Kind Gifts Acceptance Policy 

Posted on: 11/9/20 by Kevin J. McCoy, CPA, CFF

Given the new reporting and disclosure requirements issued recently in ASU 2020-07, Not-for-Profit Reporting of Gifts-in-Kind, now is a good time to develop or update your nonprofit’s gift acceptance policy. 

As you likely know, Schedule M (Form 990) asks if the nonprofit has a gift acceptance policy and those answering “yes” are required to attach it to their tax return. Under the newly revised standard, nonprofits must provide more information in their tax reporting presentation and disclosure of contributed nonfinancial assets that they receive from donors. These gifts-in-kind may include tangible goods and property, intangible goods such as patents and copyrights, land, buildings, vehicles, equipment, and professional and administrative services.

This article provides considerations and tips when developing a nonprofit gift acceptance policy for in-kind donations. 

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FASB Clarifies Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial 

Posted on: 11/9/20 by Carol A. Hausamann, CPA

The FASB issued ASU 2020-07, (“Update”) to clarify the presentation and disclosure of contributed nonfinancial assets, including land, buildings, and other items. The Update does not change existing recognition and measurement requirements for contributed nonfinancial assets.

The new ASU is available in this article and is effective for annual reporting periods beginning after June 15, 2021 with early adoption permitted.

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Nonprofits have Additional Time to Comply with New Lease Accounting Standards

Posted on: 11/9/20 by Alan W. Clink, CPA

In 2016, the Financial Accounting Standards Board (FASB) updated its lease accounting rules (ASC 842) and closed a diversity in practice in the previous standard. The major change is that organizations must now include lease assets and liabilities on their balance sheets. The upshot is that despite a recently granted extension that applies to private companies and nonprofits, the task of becoming compliant is urgent and challenging. Impacted nonprofits don’t have a moment to spare.

This article details the changes.

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PPP Loan Forgiveness Guidance Gives Small Borrowers Relief

Posted on: 11/9/20 by Debra L. Smith, CPA

In October, the Small Business Administration (SBA) and the Treasury Department issued an Interim Final Rule for borrowers with loans of $50,000 or less under the Paycheck Protection Program (PPP). The terms of the program have evolved since it was first introduced under the Coronavirus Aid, Relief & Economic Security (CARES) Act last spring.

This article explains the new guidance.

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Guidance on Entertainment and Meal Expenses Under TCJA

Posted on: 11/9/20 by Megan Tan, CPA, CFE, CIA, FCCA

The IRS has issued final regulations that reflect the significant changes made to the business deduction for travel and entertainment expenses under the Tax Cuts and Jobs Act (TCJA).  For most of the meals and entertainment expenses paid or incurred after 2017, the TCJA:

This article explains the new guidance.

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How Do You Create Price Levels in QuickBooks?

Posted on: 11/9/20 by Rachel Reynolds

QuickBooks allows you to create Price Levels that you can assign to customers and jobs and to individual items.

You already know that when you create a product or service record in QuickBooks, you must assign a sale price to it. But did you know that QuickBooks gives you a great deal of flexibility when to comes to pricing items you sell? The software allows you to create one or more additional Price Levels that you can access in invoices, estimates, sales receipts, credit memos, and sales orders.

There are three ways you can use these. Once you’ve created them, they’ll be available in a drop-down list in the Rate field. This means you can assign them manually to individual transactions. The second option is to assign them globally to specific customers or jobs. Once you’ve done so, that price will apply every time you create a transaction for one of them. Finally, you can create price levels for selected items.

This article shows how it works.

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QuickBooks Online’s Mobile App: The Basics

Posted on: 11/9/20 by Amy L. Ethier

QuickBooks Online is more portable than you may realize.

In this work-from-home world, millions of people are finding it impossible to get away from the “office”. But there may be times when you’re not at home or work when it would be really convenient to have access to your accounting data in QuickBooks Online. 

The site’s free companion apps make that possible. Available for both Android and iOS, the QuickBooks Online mobile app can do many of the things that you’re used to doing on your desktop or laptop. And of course, everything you do on the app is synchronized with your browser-based version, and vice versa. Both versions look and work similarly and offer a user experience that makes your mobile tasks easy to accomplish. 

Here’s a look at what you can do.

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