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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Marvin University: Top Not-for-Profit Accounting and Auditing Issues Facing CPAs - September 16 at Noon 

Posted on: 9/10/20 by Thomas W. Hosey, CPA

Marvin and Company, P.C. will host the next webinar in its complimentary series titled: "Top Not-for-Profit Accounting and Auditing Issues Facing CPAs" Wednesday, September 16 from noon to 1 p.m. Tom specializes in and provides a substantial amount of accounting and auditing services to public charity not-for-profit organizations, including financial statement audits, single audits, and return preparation.

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Tips for Nonprofit Capital Campaign Fundraising During COVID-19

Posted on: 9/10/20 by Carol A. Hausamann, CPA

As the pandemic stretches on, many nonprofit organizations are wondering whether to begin or continue a capital campaign. As you decide how best to execute your organization’s mission during these uncertain times, you and your board must determine whether it makes sense to undertake capital expenditures on new buildings, facilities, programs and major equipment. 

This articles advises nonprofits to proceed with capital campaign fundraising programs during COVID-19 with care and thoughtful attention to donors.

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COVID-19 and Privacy: What do Nonprofits Need to Know?

Posted on: 9/10/20 by Thomas W. Hosey, CPA

In May 2020, The Big Payback held its annual fundraising drive in Middle Tennessee. For those unfamiliar, The Big Payback is a 24-hour, online giving event created to increase philanthropy in the 40 counties of Middle Tennessee. While many nonprofits are seeing shrinking donation pools, The Big Payback 2020 saw an almost 10% increase in 2020 donations compared with last year’s record haul, despite the challenging economic conditions wrought by the novel coronavirus (COVID-19) pandemic.

In the midst of the most significant health crisis in a century, to say nothing of the accompanying economic effects, who has time to worry about privacy?
This article provides some insights as to why owners should have an accurate valuation of their business. 

The article outlines privacy issues to know about.

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Federal Reserve Proposes Expanding Main Street Lending Program to Nonprofit Organizations

Posted on: 9/10/20 by Karl F. Newton, CPA

On June 15, the Federal Reserve announced a proposed expansion to its Main Street Lending Program (MSLP) to address the liquidity needs of nonprofit organizations that have been impacted by the COVID-19 pandemic. The MSLP was established by the Federal Reserve earlier this year when the Treasury Department carved out $75 billion of the available $454 billion under Title IV of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to make an equity investment in a special purpose vehicle (SPV), which enabled the flow of credit to small and medium-sized businesses that were in good financial standing prior to the COVID-19 crisis.

This article explains how the Federal Reserve plans to expand Main Street Lending.

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IRS Delivers Temporary Midyear Relief to 401(k) and 403(b) Safe Harbor Plans

Posted on: 9/10/20 by Alan W. Clink, CPA

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS).
In Notice 2020-52, the IRS recognized that many employers are facing unprecedented financial challenges as a result of the coronavirus pandemic and that employers may need to reduce or suspend contributions to satisfy payroll and other operating costs. This new guidance allows plan sponsors to make midyear contribution changes without having to satisfy certain rules, including notifying participants in advance. It is important to note that plan sponsors that take advantage of this relief must amend their plan documents to reflect contribution changes by August 31, 2020.

In this article, Marvin and Company, P.C. shares insights on the new IRS regulations.

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How to Track Employee Time, Part 2

Posted on: 9/10/20 by Rachel Reynolds

If you have to track a lot of employee work hours, you might want to use QuickBooks’ Timesheets. 

Last month, we introduced the concept of time tracking in QuickBooks. Using the software’s tools, you’re able to record individual blocks of time that employees have worked, so that you are able to include them in payroll and billing customers when necessary. We went through the steps required to set up QuickBooks for time tracking and walked you through the process of creating individual time entries.

QuickBooks offers another way to enter time records that’s especially useful if you have multiple employees and a lot of work hours to track.

Here’s what you need to know.

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How to Create Product Records in QuickBooks Online, Part 2

Posted on: 9/10/20 by Timothy M. Parkes, CPA

Once you’ve created your company’s product and service records, you’ll use them in numerous places in QuickBooks Online.

Last month, we covered the setup you have to do before you start building your product and service records in QuickBooks Online.

This month we will discuss how to use those product records.

This articles explains how this all works.

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Suicide Signs and Prevention

Posted on: 8/31/20 by Myra M. Thorne, MBA, PHR, SHRM-CP

September is National Suicide Prevention Month. Suicide—No one wants to talk about it. The words secret, stigma and taboo come to mind when we hear it voiced. But it doesn't discriminate; individuals from every race, age, culture, class and gender are affected by suicide. At one time or another, every person finds life overwhelming. Some can't cope or can't find a solution to their emotions or troubles and fall into despair seeing suicide as the only way out. 

Before a person reaches this stage, however, there are often red flags. It's vital that these signs aren't ignored, overlooked or minimized by family, friends and loved ones. The information provided in this article can help you understand the causes and warning signs and offer some suggestions on suicide prevention. 

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DFS’s First Enforcement Action Pursuant to its Cybersecurity Regulation

Posted on: 8/6/20 by John J. Unser, CISO

Despite the fanfare of the DFS Regulation's debut, there has been little evidence of DFS enforcement - until now. If you are an entity listed below, this pertains to you.

Reminder of who is covered under DFS:

  • State-chartered banks
  • Licensed lenders
  • Private bankers
  • Foreign banks licensed to operate in New York
  • Mortgage companies
  • Insurance companies
  • Service providers

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