Published 07/27/2020
Going-concern issues are in the spotlight during the COVID-19 crisis. Under U.S. Generally Accepted Accounting Principles (GAAP), management, not auditors, is responsible for stating whether there’s substantial doubt about a company’s...
Published 07/27/2020
Though the full effects of the COVID-19 pandemic are yet unknown, every business and not-for-profit organization is affected in some way. Executives have been working tirelessly to devise contingency plans and rework their companies’ goals...
Published 07/27/2020
On July 9, the Financial Accounting Standards Board (FASB) issued a proposal that would give insurers an additional year to implement the updated accounting standard for long-duration contracts. Insurers requested the delay in light of...
Published 06/23/2020
For immediate release Media contact: katherine.mcguire@mcmcpa.com 502.882.4474 Crystal Faulkner, CPA, CExP, MAFF, partner and market leader for MCM CPAs & Advisors, has been elected chair of The Ohio Society of CPAs (OSCPA) and will be...
Published 05/01/2020
This post has been updated as of June 9, 2020 On June 8, the Federal Reserve Board of Governors announced changes to the Main Street Lending Program, which was originally announced on April 9 and updated previously on April 30. In the...
Published 04/23/2020
What changes have been made to Unemployment Insurance (UI) under the CARES Act/Pandemic Unemployment Assistance (PUA)? Beginning the week of March 29, 2020, UI recipients will be eligible for an additional payment of $600 through July 31,...
Published 04/15/2020
The COVID-19 outbreak has presented many financial and reporting challenges for Companies as they deal with reduced operations or even a complete shut-down during this pandemic. One of these financial reporting challenges will be performing...
Published 04/14/2020
On Wednesday, April 8th, The Financial Accounting Standards Board (FASB) voted unanimously to propose a delay to the effective date for the implementation of the new lease accounting standard, ASC 842, for private entities and...
Published 04/14/2020
The current COVID-19 environment has taken a toll on the commercial landscape, and the prevailing market forces seem to be positioned for a continuing credit downturn. This article is not about addressing TDRs and making short term...
Published 04/14/2020
COVID-19 has dramatically changed the operational environment for all businesses including financial institutions. In addition, recent legislation, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has added to and relieved...
Published 04/13/2020
The coronavirus pandemic has impacted businesses unlike anything we have experienced before, leaving businesses scrambling and fearing for the future of their business. This situation has changed the way we work and has changed future...
Published 04/13/2020
On April 9, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23 (link below). This notice extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July...
Published 04/13/2020
This week the Internal Revenue Service (IRS) issued Revenue Procedure 2020-23 (link below), which will enable all partnerships to file amended returns for tax years that begin in 2018 or 2019. This will allow partners to immediately get...
Published 04/13/2020
On April 9, 2020 the IRS issued guidance providing tax relief under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for taxpayers with net operating losses. Revenue Procedure 2020-24 (link below) provides guidance to taxpayers...
Published 04/13/2020
Employers are faced with making tough business decisions in order to maintain operations during the COVID-19 pandemic. Layoffs, furloughs and terminations are being considered as options to cut back on costs by reducing payroll expenses....
Published 04/12/2020
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain...
Published 04/10/2020
May 1, 2020 Update: On April 30, the Federal Reserve Board of Governors (FRB) announced changes to the Main Street Lending Program, which was previously announced on April 9. In the announcement, the FRB expanded the scope of the program,...
Published 04/10/2020
On April 9, 2020, the Federal Reserve Board of Governors announced the Main Street Expanded Loan Facility, which, when combined with the Main Street New Loan Facility, will enable banks to lend up to $600 billion in loans to small and...
Published 04/10/2020
On April 9, 2020, the Federal Reserve Board of Governors announced the Main Street New Loan Facility, which will enable banks to lend up to $600 billion in loans to small and medium-sized businesses. On the heels of the SBA Paycheck...
Published 04/10/2020
Filing and Payment Deadlines Federal and state income tax filings and payments due April 15, 2020, have been automatically postponed to July 15, 2020. Note that the second quarter estimated tax payments for 2020 are still due JUNE 15, 2020....
Published 04/09/2020
INDIANA: Income Tax: 2019 Individual and Corporate Income Tax Returns and payments, along with first quarter 2020 estimated payments originally due by April 15, 2020 are now due on or before July 15, 2020. No interest and penalties will...
Published 04/09/2020
Updated 4/20/2020 In response to the coronavirus pandemic, the Treasury Department and the Internal Revenue Service announced new Federal income tax return filing and payment for relief. The following table provides a listing of...
Published 04/07/2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020, providing funding to fight the COVID-19 pandemic and stimulate the US economy. The funding assistance includes tax relief and government...
Published 04/06/2020
As a result of COVID-19 and social distancing, Zoom has experienced an increase of daily users from around 10 million to over 200 million. With that level of explosive growth, it’s no surprise that they have received scrutiny from...
Published 04/06/2020
Many companies are now hosting video conference meetings as an alternative to meeting in-person. This article will introduce best practices for hosts and attendees participating in video conference meetings. As a Host Know your...
Published 04/06/2020
Are most businesses prepared for a remote workforce? Most businesses are equipped for a small portion of job tasks to be completed remotely. Having an entire team move to working remotely this quickly is unprecedented. The short answer is...
Published 04/03/2020
Updates made to the article on April 6, 2020 are shown as highlighted text. The Department of Labor (DOL) has provided Questions and Answers relating to the Families First Coronavirus Response Act. Below is an excerpt from the Q &A...
Published 04/03/2020
The COVID-19 pandemic has pushed employers to face a new reality and prepare for situations that they have never faced before. The most common question in an employer’s mind is what should I do if I have an employee who tests positive...
Published 04/03/2020
The COVID-19 pandemic has had a huge impact on the economy, leaving many businesses with a loss of income. While some companies might have property insurance (which may include business interruption coverage as an add-on or rider), and may...
Published 04/02/2020
Costs captured should be incremental in nature and may include the following: Labor Dedicated FTEs for COVID-19 prevention or treatment measures. These should be individuals that are fully dedicated to COVID-19 treatment and includes all...
Published 04/01/2020
The COVID-19 pandemic has changed the way people work and where they work. Technology is more essential than ever as companies quickly shift to an almost fully remote workforce and implement new solutions to cope with the challenges we are...
Published 04/01/2020
The Trump administration issued a national emergency declaration for the COVID-19 pandemic on March 13, opening the opportunity for assistance through FEMA programs. As of March 20, all 50 states were working directly with FEMA under the...
Published 04/01/2020
Currently, virtually every business is looking for ways to ease the financial burden the COVID-19 pandemic has caused to their business. In answer to this overwhelming economic and financial crisis, Congress and the SBA have initiated two...
Published 04/01/2020
How has the Coronavirus impacted merger and acquisition activities? Let break this into two sections—buyers and sellers: Buyers Is this a good time to be acquiring a business? While there is significant uncertainty in today’s business...
Published 03/31/2020
The COVID-19 pandemic has put many employees and families in distress. In an attempt to offset the strain on US employees caused by the virus, the Families First Coronavirus Response Act (FFCRA) was introduced and will go into effect on...
Published 03/31/2020
The CARES Act, recently signed into law, includes several key provisions that impact retirement plan participants and plan sponsors. The following FAQs highlight some of the key relief measures. Defined Contribution Plans Does the CARES Act...
Published 03/31/2020
The COVID-19 pandemic has raised many new questions for businesses. Those with bank credit have many options for requesting loan extensions, credit lines, and payment postponement with their banks. Below, the MCM COVID-19 Solutions Group...
Published 03/30/2020
The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides temporary relief from Troubled Debt Restructuring (TDR) provisions as described below. Which banks are we discussing in this FAQ? All Banks What should...
Published 03/27/2020
April 24, 2020 Update: On April 24, 2020 the SBA clarified some issues that were outstanding form the original bill and subsequent guidance. Hedge Funds and Private Equity Firms The guidance clarified that Hedge funds and private equity...
Published 03/27/2020
Updates made to this article on April 6, 2020 are shown as highlighted text. On March 27, 2020 President Trump signed into law the third coronavirus relief bill, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act....
Published 03/27/2020
On March 27, 2020, the House of Representatives approved the third coronavirus relief bill, and is now headed to President Donald Trump for his signature. The CARES Act focuses on providing funds for distressed small businesses and laid-off...
Published 03/23/2020
Our world is at war with an invisible enemy that has brought the world economy to its knees and has left people fearful and angry at the impact it has had on our society. As a Professional EOS Implementer and CPA, I see first-hand how...
Published 03/23/2020
The Families First Coronavirus Response Act (FFCRA), or H.R. 6201, was signed into law by the President on March 18, 2020. The law requires certain employers to provide paid limited sick leave to individuals staying home due to coronavirus...
Published 03/20/2020
In response to the COVID-19 pandemic, the Families First Coronavirus Response Act (H.R. 6201) was signed by the President on March 18, 2020. This Act includes requirements for employers relating to paid sick time and family leave and is...
Published 03/14/2020
To our valued clients and friends, As we monitor the COVID-19 situation developing around the world, our top priority is to maintain the health and safety of our employees, clients and community members while maintain a consistent level of...
Published 03/13/2020
March 19, 2020 Update Many states and counties have declared states of emergency and are encouraging certain organizations open to the public to comply with social distancing recommendations. It is important to stay updated on the decisions...
Published 03/12/2020
The IRS has recently released final regulations on the new tax incentives for investments in Qualified Opportunity Zones (QOZs). The incentives, created by the Tax Cuts and Jobs Act, permit taxpayers to defer, reduce and even permanently...
Published 03/09/2020
On December 20, 2019, several tax extenders were signed into law. Among the provisions included retroactive extensions of the 45L Energy-Efficient Home Credit and 179D Energy-Efficient Commercial Buildings Deduction. These extensions had...
Published 02/24/2020
The AICPA’s Auditing Standards Board (ASB) issued a revised attestation standard in December 2019. It will give accountants more flexibility when performing agreed-upon procedures (AUP) engagements. What is an AUP engagement? An AUP...
Published 02/24/2020
The Financial Accounting Standards Board (FASB) recently issued a new accounting standard that simplifies income tax accounting requirements in six unrelated areas that are costly and complex. Here are the details. Updated guidance In...
Published 02/20/2020
On December 20, 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) was signed into law becoming the most sweeping legislation affecting retirement savings since the Pension Protection Act of 2006....
Published 01/29/2020
When fraud strikes manufacturers, the effects can be devastating. The median fraud loss in the manufacturing sector was $240,000, according to the 2018 Report to the Nations published by the Association of Certified Fraud Examiners (ACFE)....
Published 01/28/2020
When fraud strikes, the culprit might be sitting in your purchasing department. This department is particularly vulnerable to fraud because of the volume of transactions it processes and the varying pricing and billing policies that vendors...
Published 01/27/2020
The Tax Cuts and Jobs Act (TCJA) permanently lowered the federal income tax rate for C corporations to a flat 21%. But manufacturers that operate as “pass-through” entities aren’t eligible for this reduced tax rate. Instead, they may...
Published 01/15/2020
Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, will change the way banks and other creditors report losses from soured loans. With...
Published 01/15/2020
In September 2019, the Financial Accounting Standards Board (FASB) issued a proposal to simplify the classification of debt. Many health care organizations are concerned that the proposal, if approved, would distort their financial metrics...
Published 01/15/2020
The Securities and Exchange Commission (SEC) is moving full steam ahead on plans to finalize a controversial rule that would exempt more than 500 additional companies from the auditor attestation of financial controls. This attestation is...
Published 01/08/2020
MCM CPAs & Advisors, one of the region’s largest CPA & advisory firms, recently announced that effective January 1, 2020, Theresa Batliner, CPA, Michelle Deans, CPA, and Sean Ennis, CPA, MBA have been appointed as partners. Theresa,...
Published 01/08/2020
On December 20, 2019, legislation was signed repealing the I.R.C. Section 512(a)(7) “parking tax”, an unrelated business income tax (UBIT) for not-for-profit organizations that provide employees with transportation benefits, like transit...
Published 12/06/2019
At age 70 ½, an IRA owner is required to begin taking minimum distributions from their IRA(s) each calendar year. As these distributions are required each year (exception for Roth IRA’s), there are many strategies that can be used to...
Published 12/06/2019
The Employee Retirement Security Act of 1974 (“ERISA”) requires that plan sponsors retain important plan documentation. ERISA requires maintaining retirement plan records for a variety of reasons. A solid record retention policy...
Published 12/06/2019
Retirement plan sponsors have a fiduciary responsibility to distribute certain information to plan participants from time to time such as summary annual reports and annual fee disclosure notices. The purpose of these disclosures is to equip...
Published 11/14/2019
With the announcement of the adoption period for pre-approved 403(b) plan documents, the long-awaited reliance for IRS plan approval is here. The IRS issued Revenue Procedure 2017-18, which sets March 31, 2020 as the date by which plan...
Published 10/17/2019
The Financial Accounting Standards Board (FASB) voted yesterday to defer effective dates of standards for leases, credit losses, hedging and long-duration insurance contract standards to give private companies, nonprofits and small public...
Published 09/25/2019
Brief History In 1938, the Fair Labor Standards Act (FLSA) was passed to establish minimum wage, overtime pay, recordkeeping and youth employment standards affecting full time and part time workers in the private sector and in federal, state...
Published 08/08/2019
When the Financial Accounting Standards Board (FASB) released new rules for revenue recognition in 2014, contributions were specifically excluded. Now the FASB is offering further guidance in its Accounting Standards Update (ASU) No....
Published 08/08/2019
Your nonprofit’s board isn’t required to form an audit committee — even if your organization is required to conduct audits. Some organizations assign oversight of independent audits to their executive or finance committee — or the...
Published 08/07/2019
Carolyn, the executive director of an educational nonprofit, was thrilled, after a long search, to welcome two new members to her charity’s board of directors — both from the for-profit business world. However, she was a little concerned...
Published 07/31/2019
Training a new volunteer is time-consuming and costly. And that’s only one of many reasons why you want to hold on to your volunteers once you bring them into your organization. Their value is high When you consider the value of...
Published 07/26/2019
Many companies pay interest on variable rate loans, based on the London Interbank Offered Rate (LIBOR). But, by 2021, LIBOR will have been phased out in response to a series of scandals, where regulators uncovered collusion between banks to...
Published 07/26/2019
On July 17, the Financial Accounting Standards Board (FASB) unanimously voted to propose a sweeping set of split deferrals for certain entities. The proposal, which is expected to be published in August, would delay new accounting rules for...
Published 07/26/2019
The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. Now, private companies and their advisors are asking the Financial Accounting Standards Board (FASB) to...
Published 07/23/2019
Stock repurchases have skyrocketed in recent years, fueled, in part, by cash flow generated by the Tax Cuts and Jobs Act (TCJA) and the availability of inexpensive debt capital. So-called “buybacks” have become a political hot button,...
Published 07/23/2019
On May 30, the Financial Accounting Standards Board (FASB) issued an accounting standard that enables not-for-profit organizations to use the easier, less costly methods available to private companies for reporting goodwill and certain...
Published 07/19/2019
The Department of Labor (DOL) is continuing its efforts to expand its examination of Company Sponsored retirement plans. The following are five focus areas of their examinations: Terminated Vested Participants that are missing or have not...
Published 07/19/2019
The House of Representatives recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act by a vote of 417-3. Some of the most significant changes that the House version of the bill would make to retirement saving...
Published 07/19/2019
To the relief of Plan Sponsors, effective April 19, 2019, Plan Sponsors now have new options for making operational corrections through the IRS’s self-correction program under the Employee Plans Compliance Resolution System...
Published 07/19/2019
The Financial Accounting Standards Board (FASB) recently voted unanimously to propose a delay to the effective date for the implementation of the new lease accounting standard, ASC 842, for non-public business entities. The proposed delay in...
Published 07/10/2019
In the wake of the new tax law and other developments, many nonpro...
Published 07/10/2019
MCM CPAs & Advisors (MCM), one of the region’s largest accounting and advisory firms, recently welcomed James A. (Jim) Gravitt as a Consulting Principal and member of the Valuation Services Team. Jim is the former Vice President of...
Published 07/04/2019
Diane Medley appointed Executive Chairman MCM CPAs & Advisors (MCM...
Published 06/10/2019
Ideally, investors should be able to get sufficient information about a company’s future cash flows by looking at the income statement. But they currently don’t because expense information is too densely reported, according to recent...
Published 05/22/2019
I have heard that changes are being proposed to the way businesses are taxed in Ohio. Is this true, and if so, will you explain? Indeed, the latest budget proposal from the Ohio House of Representatives included an increase of $1.2 billion...
Published 04/11/2019
Do you want to control costs and improve delivery of your nonprofit’s programs and services? It may not be as difficult as you think. Several simple initiatives can make a big difference in how efficiently your organization operates. Here...
Published 04/10/2019
The global financial reporting project is alive and well, according to Russell Golden, Chairman of the Financial Accounting Standards Board (FASB). Despite rumors that the FASB and the International Accounting Standards Board (IASB) are at...
Published 03/28/2019
On Tuesday March 26, 2019, Governor Matt Bevin signed HB 354 into law. The bill included amendments to exempt the sales of admissions, along with the sale of some items related to fundraising events, by not-for-profit organizations exempt...
Published 03/28/2019
In February, the Financial Accounting Standards Board (FASB) discussed its ongoing project to improve how companies provide information around business segments. It doesn’t appear that a proposal will be issued anytime soon. Instead, the...
Published 03/28/2019
How does your company’s executive compensation plan measure up? A recent study found that CEO compensation at large public companies has continued to increase despite the “say-on-pay” rule that went into effect in 2011. Here’s more...
Published 03/01/2019
The IRS recently released new guidance on several Tax Cuts and Jobs Act Sec. 199A questions, including a new Safe Harbor position regarding regular operating lease agreements vs. triple net leases. Section 199A allows eligible taxpayers to...
Published 03/01/2019
The Tax Cuts and Jobs Act of 2017 made a lot of changes to the federal tax code, including the creation of a new investment category – Qualified Opportunity Zones (QOZ). These are designated areas that allow for tax-advantaged investments,...
Published 03/01/2019
In April 2018, the IRS released temporary guidance on the limit on deductions for business interest expense for tax years beginning in 2018. According to the new rules, interest expense is limited to 30% of the adjusted taxable income. For...
Published 02/27/2019
Nonprofits nationwide are increasingly considering shared workspace arrangements to lower rising facility costs. These arrangements are particularly appealing for nonprofits looking to cut operating costs and for those just getting started....
Published 02/12/2019
The Work Opportunity Tax Credit (WOTC) is set to expire after 2019, but a new tax credit comes on the scene. As 2019 kicks off, it is difficult to believe the Work Opportunity Credit (WOTC) is in its final year since being retroactively...
Published 02/12/2019
Small construction contractors have expanded tax strategies under tax reform, but it is important to consider some crucial pitfalls. While the 2018 calendar year has come and gone, there are still a few tax planning decisions that can...
Published 01/29/2019
A nonprofit staffer charged legitimate travel-related expenses to her employer’s credit card. Although she intended to file an expense report, her employer never asked for it — nor did the employer question her when it received the card...
Published 01/25/2019
Bank regulators have completed a rule that will allow banks to phase in the capital effect of the new credit losses accounting standard over a three-year period. The relief comes amid growing banker angst about the impact of the sweeping new...
Published 01/25/2019
The AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on related parties, communications with...
Published 01/25/2019
When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as...
Published 01/23/2019
Last month, Ohio Governor John Kasich signed Senate Bill 273 to “establish standards for data security and for the investigation of and notification to the Superintendent of Insurance of a cybersecurity event.” The Bill, which...
Published 01/22/2019
Over the years, the technology world has been really good at coming up with “buzz words.” We all knew that we needed to hop on the information super highway, but where was the on ramp (and is there an exit)? Are we on the cloud, and if...
Published 01/18/2019
The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. The waiver...
Published 01/14/2019
As the Tax Cuts and Jobs Act (TCJA) made its way through Congress, many nonprofits understandably focused on the provisions likely to affect charitable giving. But the law also contains some significant requirements affecting unrelated...
Published 01/09/2019
The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings....
Published 01/08/2019
The Financial Accounting Standards Board (FASB) continues to monitor how companies and their auditors are tackling the financial reporting ramifications of the major new provisions of the Tax Cuts and Jobs Act (TCJA). For now, no new...
Published 01/08/2019
Once upon a time, financial reporting professionals expected the Securities and Exchange Commission (SEC) to publish a rule that would allow — or force — U.S. public companies to use International Financial Reporting Standards (IFRS)....
Published 01/08/2019
The Financial Accounting Standards Board (FASB) is in the early stages of a project to develop guidance for performance reporting. The goal is to make it easier for investors and securities analysts to understand from reading a company’s...
Published 01/02/2019
FOR IMMEDIATE RELEASE CONTACT: Jacqueline Brill MCM CPAs & Advisors Jacqueline.Brill@mcmcpa.com 502.882.4474 MCM CPAs & Advisors, one of the region’s largest CPA & advisory firms, recently announced that effective January 1, 2019, Todd...
Published 12/13/2018
A merger or acquisition comes with a long list of questions and considerations, and how to handle relevant retirement plans is often near the top. The key deciding factor for options in handling a Qualified Retirement Plan is the type of...
Published 12/13/2018
Selecting an auditor for an employee benefit plan is critical to the successful running of the plan. The plan administrator, along with those charged with selecting an auditor, must understand the complexities and risks involved in this...
Published 12/13/2018
Plan sponsors are permitted to correct certain operational and other failures of their qualified plans through the IRS using their Employee Plans Compliance Resolution System (EPCRS). This program allows sponsors to preserve their...
Published 12/11/2018
In our role as HR consultants, often providing hiring assistance services to our clients, the challenges of talent acquisition are a constant source of discussion. What we get to talk about less often is talent retention. There are many...
Published 11/14/2018
The IRS recently announced cost of living adjustments that will apply to retirement plan dollar limits for 2019. Many of our clients will be interested in the increased contribution limit for employees who participate in 401(k), 403(b), and...
Published 11/14/2018
The Tax Cuts and Jobs Act (TCJA) lowered corporate income taxes overall and established new categories for foreign income subject to taxation. But the fine print also contains a narrow section that U.S. companies should pay attention to —...
Published 10/12/2018
Planned (also known as deferred) gifts come as close to a sure thing as your nonprofit will ever likely encounter. They’re often more substantial than other types of donations and, because they specify an amount and date (or event, such as...
Published 10/02/2018
The Tax Cuts and Jobs Act (TCJA) created a new general business tax credit for certain businesses that grant their qualifying employees paid family and medical leave in 2018 and 2019. The IRS now has released Notice 2018-71, which addresses...
Published 09/27/2018
FOR IMMEDIATE RELEASE CONTACT: Jacqueline Brill MCM CPAs & Advisors Jacqueline.Brill@mcmcpa.com 502.882.4474 Effective October 1, 2018, MCM CPAs & Advisors (MCM), one of the region’s largest CPA and advisory firms, joined with the...
Published 09/26/2018
The recently enacted 2017 Tax Cuts and Jobs Act contains a provision known as “GILTI”, Gross Intangible Low-Taxed Income, which may significantly impact and catch U.S. shareholders (corporations, individuals, partnerships and S...
Published 09/20/2018
With so much on their plates, it’s not surprising that cybersecurity isn’t at the top of some nonprofits’ to-do lists. But cyber risks are real and can prove costly in terms of both finances and reputation. Fortunately, you can take...
Published 09/07/2018
On July 12, 2018, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that includes proposals to update payment policies, payment rates, and quality provisions for services furnished under the Medicare Physician Fee...
Published 09/06/2018
I run my own business, and one of our goals is to better assimilate our new employees into our workplace culture. I’m not particularly familiar with formalized onboarding, so can you share best practices? Bringing aboard new team members...
Published 09/05/2018
I recently purchased a business and my team is very multi-generational. Each generation has a different way of working, and different expectations. Any ideas for how I can better deal with these challenges? Great question, and one we’re...
Published 09/05/2018
I’m planning a holiday vacation for myself and my family, but the price tag is high and I’m considering looking to my 401(k) account to cover all or a part of the expense. What do I need to be aware of if I choose to go this route?...
Published 09/05/2018
I am planning to exit my business in the next 3-5 years, and I’ve got my attorney assisting me in the process. Should I bring in more experts as I progress toward my exit date? In our experience, exit planning is often a more complex task...
Published 08/20/2018
The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from pass-through entities. The deduction was a major component of the Tax Cuts and Jobs Act, which became law...
Published 08/14/2018
The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that...
Published 08/03/2018
A long time practice in the hospitality industry is to provide employees with meals during their shifts for both the benefit of the employee and employer. Employee meals are a cost of doing business in the industry and are a business...
Published 08/03/2018
For many family businesses, ownership transfers to children can be tricky. There are the questions that need to be asked regardless of the buyer—business value, purchase price, etc.—as well as others unique to this particular situation....
Published 08/03/2018
Are you ready to handle your growing and evolving workforce? It’s the middle of 2018 and the hospitality industry continues to be challenged in attracting and retaining key employees. The unemployment rate from the Bureau of Labor...
Published 08/02/2018
Your organization probably already has a protocol in place to ensure that every donor gets a show of appreciation and a receipt with the information to claim a charitable contribution deduction on their tax return. But your obligations may...
Published 08/02/2018
The Financial Accounting Standards Board (FASB) has expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. The amendment to U.S. Generally Accepted Accounting Principles...
Published 08/02/2018
The Securities and Exchange Commission (SEC) is proposing amendments to its guidelines for reviewing whistleblower claims and handing out awards to people who report wrongdoing. Here’s an overview of the SEC whistleblower program and...
Published 07/10/2018
At 80 million strong, Millennials now make up the largest chunk of the U.S. population. But because they’re often still in school or just beginning careers, they generally don’t have the financial resources to make large charitable...
Published 07/09/2018
Assurance Partner Brad Smith to assume role in July 2019 MCM CPAs & Advisors (MCM), one of the region’s largest accounting and consulting firms, recently appointed its next Managing Partner. Brad Smith, CPA, MCM’s current Assurance...
Published 06/21/2018
The U.S. Supreme Court has just issued the sales tax opinion in Wayfair v. South Dakota. As anticipated, the decision upheld the South Dakota law related to economic nexus for the collection of sales tax (i.e. 200 or more transactions in one...
Published 06/19/2018
Questions have arisen regarding the applicability of certain tax provisions contained HB 366 & HB 487 and, in particular, the potential sales tax consequences of the amendments to KRS 139.010(1) contained in Section 36 of both House Bills...
Published 06/08/2018
Firm showcases innovations that advance, support women FOR IMMEDIATE RELEASE Media Contact: Jacqueline Brill MCM CPAs & Advisors 502-882-4474 Jacqueline.Brill@mcmcpa.com LOUISVILLE, KY (June 8, 2018) — Now in its ninth year, the 2018...
Published 06/04/2018
When you think about it, it’s a bit inaccurate to refer to your organization as “nonprofit.” In fact, money is rarely far from the minds of your organization’s leaders. At least, it shouldn’t be. Like your for-profit counterparts,...
Published 04/27/2018
Whether it is in the business, government, or non-profit sector, ethics seem to be on everyone’s minds these days. To ensure your supporters and community understand your organization’s values and the policies that uphold them, a formal...
Published 04/27/2018
The Kentucky General Assembly has enacted sweeping tax reform legislation with House Bill (“HB”) 366, which was enacted into law on April 13, 2018 and HB 487, which became law today, when Governor Bevin failed to either sign or veto the...
Published 04/05/2018
The Financial Accounting Standards Board (FASB) recently issued a proposal to clarify how to account for the costs of setting up business software packages that are managed in the cloud. If finalized, the proposal would let more of the costs...
Published 04/05/2018
In the coming months, the Securities and Exchange Commission (SEC) is expected to revise the definition of “smaller reporting company.” This change will allow more companies to file reports with a lighter load of disclosures. The goals...
Published 04/05/2018
In December 2015, the Financial Accounting Standards Board (FASB) released a proposal intended to improve financial statement disclosures about the estimates used to determine the fair values of assets and liabilities. After an almost...
Published 04/05/2018
Two major accounting rule changes will soon go into effect — and they’re expected to have major impacts on how many manufacturers and distributors report their financial results. Here are the details, including what’s changing, when...
Published 04/02/2018
Indiana has enacted a new excise tax on the rental of heavy equipment. The rental excise tax is 2.25% of the gross retail rental income. The renter is liable for the tax and it will be collected by the retail merchant. Heavy rental equipment...
Published 04/02/2018
The war for talent remains top of mind for the hospitality industry. As the Bureau of Labor & Statistics (BLS) has projected, thousands of jobs will continue to be available for the retail and hospitality industry. Consumer demands for...
Published 04/02/2018
On February 09, 2018, President Trump signed into law the Philanthropic Enterprise Act of 2017 as a part of the Bipartisan Budget Act of 2018. The new law allows private foundations to own 100 percent of a business if certain conditions are...
Published 03/28/2018
Caution to U.S. taxpayers with 10% ownership in specified foreign corporations – first installment of transition tax due on or before April 17, 2018 or lose right to pay transition tax in installments over 8 years. The Tax Cuts and...
Published 03/22/2018
On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (ASC 606), which will change the way franchisors recognize revenue. Under the old revenue recognition standards, a franchisor would recognize the entire...
Published 03/19/2018
A growing number of dealerships today are operating stores in different cities and states. If your dealership is one of these, you may be responsible to other municipalities and states for payments of state and local income and sales and use...
Published 03/15/2018
If you’re holding an auction, are you in compliance? Charitable auctions have long been lucrative fundraising and stakeholder engagement events. And the option of cost-effectively conducting online auctions has only made these...
Published 03/15/2018
On December 22, 2017, the President finalized historic federal income tax legislation by signing a bill known as the Tax Cuts and Jobs Acts (the “2017 Tax Act”). The 2017 Tax Act provides a host of tax law changes that significantly...
Published 03/07/2018
Over the past few years, the 401(k) industry has seen several extensive changes take effect, each of which has altered the core dynamics of how employees’ retirement plans are administered. New government regulations have modified how...
Published 03/01/2018
The Bipartisan Budget Act of 2018 (the “Act”) was signed into law on February 9, 2018. The Act contains several provisions that impact qualified retirement plans, including changes to hardship withdrawal provisions for plan years...
Published 03/01/2018
While most employers make sure they comply with the Employment Retirement Income Security Act’s (ERISA) plan documentation and disclosure requirements with respect to their retirement plans, few devote the same attention to their...
Published 02/16/2018
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) into law. Included are a number of significant provisions that apply to the manufacturing industry. Below is a summary of items of particular interest, most of...
Published 02/15/2018
On March 1, 2017, New York’s first-in-the-nation cybersecurity regulation took effect, requiring banks, insurance companies, and other financial service institutions regulated by the New York Department of Financial Services (“DFS”) to...
Published 02/15/2018
Throughout 2017 and 2018, the Dow broke numerous records as it soared above 26,000, rising from 25,000 to 26,000 in just seven days. Things were good. Then a mix of things happened last week, causing the Dow to plunge more than 1,000 points...
Published 02/15/2018
The Statutory Accounting Principles Working Group recently issued INT 18-01: Updated Tax Estimates under the Tax Cuts and Jobs Act to provide clarification around the statutory financial reporting in annual statements of the effects of the...
Published 02/15/2018
Have you heard of GDPR? If not, and you are doing any business outside the United States (over the web or otherwise providing goods, services or monitoring the behavior of European data subjects), you need to be. GDPR references the General...
Published 02/15/2018
Congressional legislation was passed and signed into law by President Trump on January 22 that included key provisions in delaying three ACA-related taxes. The delayed taxes are as follows: “Cadillac Tax” An extension was...
Published 01/31/2018
On December 22, 2017, the President finalized historic federal income tax legislation by signing a bill known as the Tax Cuts and Jobs Acts (the “2017 Tax Act”). The 2017 Tax Act provides a host of tax law changes that...
Published 01/30/2018
The Pension Benefit Guaranty Corporation (PBGC) has expanded its Missing Participants Program to terminated 401(k) and other plans in an effort to connect more people to their retirement savings. The expanded program is voluntary for defined...
Published 01/29/2018
Audit warehouse operations for inefficiencies You can never be too busy to review how warehouses are laid out and how employees move around the space. Awkward or repetitive movements by employees, oversized packages and disorganized layouts...
Published 01/29/2018
Most nonprofit leaders understand a principal truth of their tax-exempt status: The IRS generally considers any revenue they take in that’s not related to their mission to be unrelated business income (UBI), and that income is subject to...
Published 01/29/2018
How will the new tax law — commonly known as the Tax Cuts and Jo...
Published 01/29/2018
In the wake of the Equifax breach, which exposed personal information of roughly 145.5 million people, the Securities and Exchange Commission (SEC) has announced plans to update its interpretive guidance for disclosing cybersecurity issues....
Published 01/29/2018
Companies need to pay close attention to how the adoption of some of the FASB’s new standards may affect their control systems in 2018 and beyond. In particular, major changes to the accounting requirements for reporting revenue, leases...
Published 01/25/2018
On December 22, 2017, President Trump signed tax bill H.R.1, commonly referred to as the Tax Cuts and Jobs Act (the “Act”), into law. One of the predominant provisions in the Act was the reduction of the corporate tax rate from 35% to...
Published 01/25/2018
On December 22, 2017, President Trump signed the “Tax Cuts and Jobs Act” (TCJA) and with it, the most sweeping changes to tax legislation since the Tax Reform Act of 1986. These laws will have an impact on individuals and businesses, and...
Published 01/24/2018
On December 22, 2017, the President finalized historic federal income tax legislation, a bill known as the Tax Cuts and Jobs Acts (the “2017 Tax Act”). The 2017 Tax Act is the most sweeping income tax law change since 1986. Many income...
Published 01/24/2018
On December 22, 2017 President Trump signed the Tax Cuts and Jobs Act (H.R. 1) into law. Included are a number of significant provisions that apply specifically to the insurance industry. While most corporate taxpayers may come out ahead...
Published 01/19/2018
The Accounting Standards Update No. 2015-09 “Financial Services – Insurance (Topic 944), Disclosure about Short-Duration Contracts,” provides updated guidance on enhanced disclosure requirements for short-duration insurance contracts....
Published 01/19/2018
Kentucky to add work and community engagement to its Medicaid eligibility requirements On Friday January 12, 2018, the Federal Government approved a plan by Kentucky that will require a significant number of Kentucky Medicaid benefit...
Published 01/18/2018
In the wake of passage of the Tax Cuts and Jobs Act (TCJA) late last year, the IRS has taken one of the first critical steps to institute the law’s overhaul of the federal income tax regime. The IRS has released updated withholding tables...
Published 01/17/2018
After much anticipation, speculation and debate, the “Tax Cuts and Jobs Act” (TCJA), was signed into law by President Trump on December 22, 2017. The TCJA brings with it many changes that will impact businesses and individuals across all...
Published 01/10/2018
FOR IMMEDIATE RELEASE MCM CPAs & Advisors, the region’s largest CPA & advisory firm, recently appointed three new partners in its Louisville and Jeffersonville offices. Effective January 1, 2018, Michael Grim, JD, MBA, Matt Neely, CPA and...
Published 01/05/2018
If your business is buying new assets in 2018, you’ll be able to benefit in several ways under the new tax reform law, commonly referred to as the “Tax Cuts and Jobs Act” (TCJA), which was signed into law by President Trump on December...
Published 01/05/2018
Effective January 1, 2018, the Tax Cuts and Jobs Act of 2017 (TCJA) reduces individual and corporate tax rates, eliminates a host of deductions and credits, enhances other breaks and makes numerous additional changes. One thing the TCJA...
Published 01/05/2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number...
Published 01/05/2018
The reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the most sweeping federal tax legislation in more than three decades. While many of the new law’s provisions affect businesses, it also includes...