Post-Event: ARPA & COBRA Update
Published 05/21/2021
Original air date May 19, 2021 Presentation Materials (Click Here)
New Cybersecurity Guidance from the Department of Labor
Published 05/19/2021
On April 14, 2021, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration issued first-ever guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining...
Post-Event: EOS Mini Series
Published 05/11/2021
Original Air Dates Listed by Each Session Session 1: Vision, February 22, 2021 Session 2: People, March 8, 2021 Session 3: Data, March 22, 2021 Session 4: Issues, April 5, 2021 Session 5: Process, April 19, 2021 Session 6: Traction, May 3,...
Post-Event: 2020 MCM NFP Summit Series
Published 05/11/2021
Original air dates: June 11 & 18, 2020 Session 1: Presentation Files Session 1 Recording: Session 2: Presentation Files Session 2 Recording:
Post-Event: MCM Commercial Real Estate Industry Update
Published 05/11/2021
Original air date: May 28, 2020 Event Files: Presentation Slides Presentation Recording:
Post-Event: 2020 Annual Update Series
Published 05/11/2021
Original Air Date – December 2 & 8, 2020 Session 1 Materials: Presentation Files Session 1 Recording: Session 2 Materials: Presentation Files Session 2 Recording:
Missing Retirement Plan Participants? The DOL Issues New G...
Published 05/04/2021
Retirement plan fiduciaries can get help to locate and distribute retirement benefits to missing plan participants under guidance that the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued on...
Post-Event: Employee Retention Credit Session #2
Published 04/28/2021
Materials and recording for recent MCM Professional Education event. Original air date: April 23, 2021 from 11am – 12pm Handouts (Click Here)
Restaurant Revitalization Fund to Open for Applications on...
Published 04/28/2021
The SBA has announced that the applications for the Restaurant Revitalization Fund (RRF) will open on Monday, May 3rd at 12 noon ET. Although the SBA will give priority to certain applicants for the first 21 days all eligible applicants are...
Newly Proposed Estate Planning Legislation
Published 04/13/2021
Over the past few weeks, several senators formally proposed a bill that, if passed, would make changes to the current estate and gift tax system. These proposals seem to have some support among other Democratic Senators and Congressmen. The...
Attracting Talent in the Hospitality Industry
Published 04/08/2021
As businesses in the hospitality industry are starting to reopen, attracting talent is top of mind. To help in developing a recruitment strategy, we have compiled tips below to help find and retain new employees: Analyze your job posting....
Unlocking Your Company’s Value
Published 04/01/2021
The COVID-19 pandemic has forced businesses to adjust the way they operate. We now meet virtually, find new ways to engage with our employees, and rethink the way we do business. It has been a year of transition as our companies are adapting...
IRS Announces Individual Tax Filing Deadline Extension
Published 03/18/2021
The Internal Revenue Service (IRS) has extended the federal tax deadline for individuals from April 15, 2021 to May 17, 2021. Let’s break down how this impacts tax filing for 2020: Individual Taxes: Individual taxpayers are now...
Employee Retention Credit – Further Clarifications by No...
Published 03/03/2021
How are the aggregation rules applied across parent-subsidiary or brother sister companies? The rules are applied for the following: Shutdowns or partial shutdowns – so if one of the companies qualifies then all the companies qualify under...
CDC Releases Guidance for Vaccinated Employees in the Work...
Published 03/01/2021
As vaccinated employees enter the office, employers are curious if workplace protocols and COVID-19 prevention measures should be reconsidered. Below, we lay out some recommendations from the Center for Disease Control and Prevention (CDC)....
Eye on ESG disclosures
Published 02/03/2021
Across the globe, efforts to put more emphasis on environmental, social and corporate governance (ESG) matters in financial statements are gaining momentum. Here’s an overview of the current ESG guidance in the United States and whether...
FASB issues proposal on acquired contracts for revenue
Published 02/02/2021
On December 15, 2020, the Financial Accounting Standards Board (FASB) issued a proposal that clarifies how companies should recognize and measure revenue-generating contracts that have been acquired in business combinations. The proposal may...
Reporting credit loss and debt restructuring during the CO...
Published 02/01/2021
The Consolidated Appropriations Act (CAA) contains various COVID-19 economic relief measures. The law includes provisions that extend previous relief provided to large banks on the accounting rules related to credit loss as well as troubled...
The Employee Retention Credit – Do you qualify now?
Published 01/25/2021
The Consolidated Appropriations Act (CAA) changed who would qualify for the Employee Retention Credits (ERC). The new act eliminated the restriction for those that participated in the PPP Loans. Therefore, the taxpayer now has other...
PPP Updates: How to Calculate Revenue Reduction for PPP2...
Published 01/20/2021
The U.S. Small Business Administration (SBA) has released additional guidance in the form of FAQ’s on how to calculate revenue reduction and maximum loan amounts for second draw loans. The SBA has also released a procedural notice to...
SBA Announces “Save Our Stages” (SOS) Shuttere...
Published 01/13/2021
Applications for this grant program have not yet opened. Reach out to your MCM Relationship Contact or email us at covidbank@mcmcpa.com and we will keep you updated when applications become available. The U.S. Small Business...
MCM Announces Three New Partners in 2021
Published 01/11/2021
MCM CPAs & Advisors is proud to announce that effective January 1, 2020, Ashley Barke, Sam LaFollette and Greg Wilson have been appointed as partners. Barke, LaFollette and Wilson will continue their leadership roles within their industry...
Updates on the Second Round of Paycheck Protection Program...
Published 01/08/2021
January 19, 2021 Update: SBA Procedural Notice on PPP Excess Loan Amount Errors: Click Here to Read How to Calculate Revenue Reduction and Maximize Loan Amounts Including What Documentation to Provide: Click Here to Read The U.S....
Tips for B2B Leaders During the COVID-19 Pandemic
Published 01/06/2021
Leading a business during the COVID-19 pandemic has proven to be full of challenges and it has been imperative to stay abreast of the evolving needs of clients in an attempt to connect with them on a personal level to enhance their...
$900B COVID-19 Aid Package is in the final stages of being...
Published 12/22/2020
Some of the highlights from the bill include the following: Expansion and changes to PPP Forgivable Loans: Allows for the deduction of expenses paid with the proceeds of a PPP loan that is forgivable and keeps the proceeds nontaxable....
Cybersecurity Alert: SolarWinds and FireEye Breach
Published 12/17/2020
There has been a supply chain attack on SolarWinds, a security vendor that aids companies in monitoring the health of their IT networks. Reports believe the supply chain attack on SolarWinds is connected to a campaign that also involves the...
Stay Ahead of Holiday Phishing Attempts
Published 12/16/2020
It may surprise you to learn that cyber criminals are just as busy as the rest of us during this time of year with timely holiday phishing attempts. Below are a few common holiday scams that occur every year. Keep these in mind and inform...
Secure Act – Refresher and Reminders
Published 12/16/2020
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act“) was signed into law on December 20, 2019. This legislation was the most sweeping legislation affecting retirement plans since the Pension...
Long-Term Part-Time Employees Mandated to Become Part of 4...
Published 12/16/2020
On December 20, 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act“) was signed into the law becoming the most sweeping legislation affecting retirement savings since the Pension Protection...
Protect yourself from ransomware attacks during the COVID-...
Published 12/01/2020
While we are getting comfortable with remote work, hackers are also getting comfortable with us working remotely as phishing attempts and ransomware attacks have increased by over 400% during the pandemic. Your organization’s firewall...
COVID-19 tests going concern assessment rules
Published 12/01/2020
When preparing financial statements under U.S. Generally Accepted Accounting Principles (GAAP), management must assess a company’s ability to make enough money to stay afloat and avoid bankruptcy. These so-called “going concern”...
Is your current bad debt allowance reasonable?
Published 11/30/2020
Due to the COVID-19 crisis, many companies expect to report higher-than-normal write-offs of accounts receivable (A/R) in 2020 and possibly beyond. As the year end approaches, businesses need to review their A/R ledgers for stale,...
Tax Planning in a Year of Uncertainty
Published 11/12/2020
If there has been one certainty in recent years, it has been an active environment in the tax and financial planning arena. From major tax reform approved in December 2017, to an annual process of last-minute tax extender bills, and now an...
Are you unclear about goodwill impairment rules?
Published 11/03/2020
Private companies are struggling with how to apply the goodwill impairment model in today’s uncertain, volatile conditions. Here’s some information to help clarify this issue. Evolving guidance During a September 22 meeting of the...
Coming Soon: New attestation service for nonfinancial matt...
Published 11/02/2020
The American Institute of Certified Public Accountants (AICPA) recently published a standard allowing CPAs to provide new attestation services on nonfinancial matters to various types of businesses and nonprofit entities. Examples of such...
Non-GAAP metrics in the COVID-19 era
Published 11/01/2020
Concerns related to the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP) are nothing new. But the pandemic has sparked renewed interest in this subject, particularly as it relates to...
Beware: COVID-19 crisis could lead to occupational fraud
Published 10/27/2020
Conditions are ripe during the COVID-19 crisis for dishonest employees to commit fraud. Here’s some important information that companies should know to protect against incurring fraud losses during these unprecedented times. Types of fraud...
Lenders: AICPA issues guidance on how to report PPP loans
Published 10/26/2020
On August 28, the American Institute of Certified Public Accountants (AICPA) issued a technical accounting guide that explains how lenders should report forgivable loans made under the Paycheck Protection Program (PPP) administered by the...
Assessing risk during an audit
Published 10/25/2020
Risks abound in today’s challenging business environment. Business owners and their advisors must constantly be on the lookout for emerging risks that threaten business operations and financial reporting. In light of these changes, on...
You might be backing up your data… but can you recov...
Published 10/20/2020
It might surprise you to learn that simply backing up data does not mean you’ll always be able to recover it. Below, we’ll break down a few questions about data backups and share information on how to ensure you’ll be able...
10 Recommendations for Mitigating Cybersecurity Risks
Published 09/22/2020
It is exceedingly important for organizations to keep their operations safe against cybercriminals. The National Security Agency (NSA) recommends the following for mitigating cybersecurity risks in organizations like yours: Update and...
Best Practices For Your Server Room
Published 09/08/2020
Your server room houses some of the most important equipment in your company. It is important to make it difficult for outsiders to penetrate the security measures for these devices. Here are some items to keep in mind when creating a...
Keeping Technology Organized Can Lead to Decreased Downtim...
Published 08/26/2020
Benefits for keeping your server area clean and organized A tidy server room can offer many benefits for your business. Often times a “cable spaghetti” setup (left) can cause servers to run suboptimally with poor airflow and...
Tips for Increasing Security While Using Zoom During the C...
Published 08/11/2020
Is your staff new to using Zoom conferencing? Keep them safe with these tips. 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...
Reminder: Management is responsible for going-concern asse...
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...
No more accounting rules, please!
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...
FASB proposes another delay for updated insurance standard
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...
Cybersecurity Planning: Does your business have an Incide...
Published 07/14/2020
Incident Response Planning is Key for Mitigating Downtime Risks At MCMTS, we recommend that all businesses have an incident response plan explaining how your organization will identify, contain, remove, or even prevent potential...
Cybersecurity Planning: A Top Priority
Published 07/01/2020
Ransomware is on the rise in 2020; What can you do to protect your network? What is ransomware? Ransomware is malware that cybercriminals use to infect computers and encrypt files until the user pays the “ransom” to free the data. Once...
Crystal Faulkner to serve as OSCPA chair
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...
UPGRADE YOUR END-OF-SUPPORT SOFTWARE BEFORE IT’S...
Published 06/02/2020
The importance of replacing software before end-of-support is CRITICAL! When software reaches EOS status, it means the developer no longer releases software updates, patches, bug fixes and other forms of support, resulting in the software...
“Main Street Lending Facility Update” FAQs – Upd...
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...
Unemployment Insurance Benefits – Frequently Asked Quest...
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,...
COVID–19 – Impairment Considerations (Goodwill, In...
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...
FASB Proposes Delay in Effective Date for Lease Accounting
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...
Reviewing the Commercial Loan Portfolio
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...
COVID-19 Impact on Financial Institutions
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...
How Strategic Financial Advisory Services Can Help Your Co...
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...
IRS Extends More Tax Deadlines
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...
BBA Partnerships Can Amend Returns for CARES Benefits
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...
CARES Act Guidance to Taxpayers with Net Operating Losses
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...
COVID Update on Layoffs, Furloughs, & Terminations
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....
Guidance on Deferral of Payroll Tax Deposits
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...
Federal Reserve Announces $600 billion Main Street Loan Pr...
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,...
The Federal Reserve Bank “Main Street Expanded Loan Faci...
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...
The Federal Reserve Bank “Main Street New Loan Facil...
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...
Coronavirus Tax Relief for Individual Taxpayers
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....
Regional, State, & Local Tax Updates for COVID-19
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...
COVID-19 State Filing Relief Matrix
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...
CARES Act – Income Tax Accounting Considerations
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...
Tips for Increasing Security While Using Zoom During the C...
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...
COVID-19 Video Conferencing Best Practices
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...
Transitioning to a Remote Workforce During the COVID-19 Pa...
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...
U.S. Department of Labor (DOL) Guidance for Employers – ...
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...
What should you do if you have an employee who tests posit...
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...
COVID-19 and Business Interruption Insurance
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...
COVID-19 Cost Tracking Guidelines for PA Applicants
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...
Addressing Technology Challenges Introduced by the COVID-1...
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...
COVID-19 Response by FEMA
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...
How to Make Sense of the SBA Loan Opportunities
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...
COVID-19 Impact on Mergers and Acquisitions
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...
Families First Coronavirus Response Act for the Payroll an...
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...
CARES Act and its impact on Retirement Plans
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...
Frequently Asked Questions for Businesses with Bank Credit...
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...
The CARES Act – Troubled Debt Restructuring (TDR) Freque...
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...
SBA 7A “Paycheck Protection Loans” and Economic Injury...
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...
CARES Act Summary and Federal Tax Changes
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....
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...
A Business’s 8 Step Prescription for Surviving the Coron...
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...
Families First Coronavirus Response Act Tax Updates
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...
MCM HR Solutions Group Updates on the Families First Coron...
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...
A Message to Our Clients Regarding COVID-19
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...
MCM HR Solutions Group Advises on COVID-19 Workplace Pract...
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...
QOZ update: IRS issues final regulations
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...
Extender Bill Legislation Benefits Real Estate Industry
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...
AUP engagements: No written assertion, no problem
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...
Six ways reporting income taxes just got easier
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...
SECURE Act Becomes Law with Significant Impact on Retireme...
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....
Critical questions to ask about internal controls
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)....
Vendor fraud: Know the warning signs
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...
Learning the ABCs of the QBI
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...
Clarifying the credit loss standard
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...
Debt classification matters to health care companies
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...
More companies to be exempt from auditor attestation of fi...
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...
MCM CPAs & Advisors Announce New Partners
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,...
“Parking Tax” Repealed for Not-for-Profits
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...
IRA Required Minimum Distributions – Strategies to Optim...
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...
ERISA Record Retention Requirements
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...
U.S. Department of Labor Proposes New Electronic Disclosur...
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...
IRS Announces Date for 403(b) Plan Document Restatements
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...
FASB Gives Companies More Time to Implement Some of the Ma...
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...
Breaking News: Revised Overtime Rule Becomes Effective
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...
New rules clarify accounting for grants and contributions
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....
Building an effective audit committee
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...
Nonprofit accounting is different: here’s how
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...
Volunteer retention – keep old friends
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...
Phasing out LIBOR
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...
FASB will propose delays to 4 new accounting standards
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...
Private companies: How to account for “profits inter...
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...
Eye on stock repurchases
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,...
FASB extends simplified alternatives for goodwill to not-f...
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...
Top areas of focus in Department of Labor investigations o...
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...
U.S. House of Representatives passes SECURE Act
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...
New options for operational corrections provided under EPC...
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...
FASB proposes moving back effective date for lease and oth...
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...
Is a merger right for you?
Published 07/10/2019
In the wake of the new tax law and other developments, many nonpro...
James A. Gravitt joins MCM CPAs & Advisors in Consul...
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...
Brad Smith assumes Managing Partner role at MCM
Published 07/04/2019
Diane Medley appointed Executive Chairman MCM CPAs & Advisors (MCM...
Providing more detailed information about expenses
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...
Change proposed to the way Ohio taxes businesses and busin...
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...
Three tips for achieving your mission more cost-effectivel...
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...
Global financial reporting: Focusing on comparability over...
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...
Kentucky Governor signs HB 354, offering sales tax relief ...
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...
Exploring segment reporting alternatives
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...
Say-on-pay rule: Study shows shareholder votes may not mat...
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...
IRS issues new 199A guidance on safe harbor for rental rea...
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...
Understanding the differences between Opportunity Zones an...
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,...
Further guidance issued for real estate businesses that el...
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...
Shared space as an option for nonprofits
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....
Employment Credit Update
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...
Watch for pitfalls with the cash basis and completed contr...
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...
Stop employee credit card abuse before it starts
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...
New phase-in option for credit losses standard
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...
AICPA to align its auditing standards with public company ...
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...
IRS provides QBI deduction guidance in the nick of time
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...
New cybersecurity requirements for insurance companies ope...
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...
Awareness critical to understanding cybersecurity risks
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...
IRS waives 2018 underpayment tax penalties for many taxpay...
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...
The TCJA changes the rules on UBI
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...
Federal government shutdown creates tax filing uncertainty
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....
Reporting the effects of tax reform
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...
Global convergence project: U.S. GAAP is alive and well
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)....
FASB project to target performance reporting
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...
MCM and MCM Capital Markets Group Announce New Partners
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...
Considerations for a Qualified Retirement Plan in mergers ...
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...
How to choose a plan auditor
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...
Understanding the Employee Plans Compliance Resolution Sys...
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...
Talent retention requires as much attention as talent acqu...
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...
IRS announces 2019 pension plan limits
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...
How will the new accounting and tax rules affect your earn...
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 —...
Using planned gifts to help secure your nonprofit’s ...
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...
IRS issues new TCJA guidance for businesses
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...
MCM joins with Kramer Consulting Inc. to form new IT consu...
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...
U.S. Shareholders of Controlled Foreign Corporations (CFCs...
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...
Protect yourself: 5 cybersecurity measures you should take...
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...
Policy, payment and quality provisions changes proposed fo...
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...
Formalized onboarding processes critical to success of new...
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...
Getting different generations to work together
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...
401(k) loans can be beneficial, but carry big risks
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?...
A team of advisors brings broader perspective to exit plan...
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...
IRS issues proposed regulations on the pass-through busine...
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...
IRS issues guidance on new bonus depreciation rules
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...
The new deal on employee meals (and entertainment)
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...
Ensuring equality and fairness in ownership transfers to c...
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....
Mid-year update on hospitality industry workforce trends
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...
Donor acknowledgments and filing IRS Forms 8282 and 8283
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...
FASB simplifies accounting rules for stock compensation
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...
SEC proposes changes to the whistleblower program
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...
Microdonations matter now more than ever
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...
MCM CPAs & Advisors Names Next Managing Partner
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...
U.S. Supreme Court Wayfair decision to have far-reaching i...
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...
Understanding the sales & use tax implications of new...
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...
MCM Again Named to 2018 Accounting MOVE Project Best CPA F...
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...
Adding it up: the roles and responsibilities of a nonprofi...
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,...
How ethical is your organization?
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...
Kentucky General Assembly enacts sweeping tax reform legis...
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...
FASB proposes updated standard for cloud computing
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...
Disclosure relief: SEC redefines “smaller reporting ...
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...
Fair value returns to the spotlight
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...
Get ready to roll out the new accounting standards –...
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...
New heavy equipment excise tax in Indiana
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...
The hospitality industry and the aging workforce
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...
Changes to rules regarding excess business holdings by pri...
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...
U.S. shareholders of foreign corporations – transiti...
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...
Revenue recognition is changing for franchisors
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...
Get a clear idea of your SALT obligations
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...
Going once, going twice
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...
How tax reform will affect the auto dealer industry
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...
Three of the biggest recent changes to 401(k) plans
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...
Bipartisan Budget Act of 2018 includes changes to hardship...
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...
Are your welfare benefits in compliance with ERISA?
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...
What does the Tax Cuts and Jobs Act mean for manufacturing...
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...
Compliance certification for New York cybersecurity regula...
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...
Insurance companies need to pay close attention to market ...
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...
Statutory reporting impacts of federal tax reform
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...
New data privacy regulations on the horizon for those cond...
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...
Congress passes legislation delaying three key ACA-related...
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...
How tax reform will affect the construction industry
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...
PBGC expands Missing Participants Program to terminated 40...
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...
Waste not, want not
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...
Investment income – recognize UBI when you see it
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...
Will FASB provide relief from reporting taxes under the new law?
Published 01/29/2018
How will the new tax law — commonly known as the Tax Cuts and Jo...
Disclosing cybersecurity risks
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....
New standards highlight the importance of strong internal ...
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...
Tax Cuts and Jobs Act – Financial reporting implicat...
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...
How tax reform will affect the transportation industry
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...
How tax reform affects the commercial real estate industry
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...
What does the Tax Cuts and Jobs Act mean for insurance com...
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...
Short Duration Contract Disclosures Effective Now
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....
Federal Government Issues Medicaid Waiver Approval for Ken...
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...
IRS issues updated 2018 withholding tables
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...
How the new tax law impacts the hospitality industry
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...
MCM Appoints New Partners in Louisville, Jeffersonville Of...
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...
New tax law provides more generous depreciation-related ta...
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...
How will tax reform affect your estate plan?
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...
Tax Cuts and Jobs Act offers favorable tax breaks for busi...
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...
New tax law brings big changes for individual taxpayers
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...