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…
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…
SECURE Act Becomes Law with Significant Impact on Retirement Savings
Published 02/20/2020
On December 20, 2019, The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) was signed into…
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…
Extender Bill Legislation Benefits Real Estate Industry
Published 01/28/2020
On December 20, 2019, several tax extenders were signed into law. Among the provisions included retroactive extensions of the 45L…
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…
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…
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,…
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…
More companies to be exempt from auditor attestation of financial controls
Published 01/15/2020
The Securities and Exchange Commission (SEC) is moving full steam ahead on plans to finalize a controversial rule that would…
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,…
“Parking Tax” Repealed for Not-for-Profits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)…
IRA Required Minimum Distributions – Strategies to Optimize Savings and Minimize Taxation
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. …
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…
U.S. Department of Labor Proposes New Electronic Disclosure Rules
Published 12/06/2019
Retirement plan sponsors have a fiduciary responsibility to distribute certain information to plan participants from time to time such as…
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…
FASB Gives Companies More Time to Implement Some of the Major Standards
Published 10/17/2019
The Financial Accounting Standards Board (FASB) voted yesterday to defer effective dates of standards for leases, credit losses, hedging and…
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…
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…
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.…
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…
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…
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…
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…
Private companies: How to account for “profits interest” in LLCs
Published 07/26/2019
The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked.…
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…
FASB extends simplified alternatives for goodwill to not-for-profits
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…
Top areas of focus in Department of Labor investigations of retirement plans
Published 07/19/2019
The Department of Labor (DOL) is continuing its efforts to expand its examination of Company Sponsored retirement plans. The following…
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…
New options for operational corrections provided under EPCRS
Published 07/19/2019
To the relief of Plan Sponsors, effective April 19, 2019, Plan Sponsors now have new options for making operational corrections…
FASB proposes moving back effective date for lease and other new accounting standards
Published 07/19/2019
The Financial Accounting Standards Board (FASB) recently voted unanimously to propose a delay to the effective date for the implementation…
Is a merger right for you?
Published 07/10/2019
In the wake of the new tax law and other developments, many nonprofits are looking for ways to solidify their…
James A. Gravitt joins MCM CPAs & Advisors in Consulting Principal role
Published 07/10/2019
MCM CPAs & Advisors (MCM), one of the region’s largest accounting and advisory firms, recently welcomed James A. (Jim) Gravitt…
Brad Smith assumes Managing Partner role at MCM
Published 07/04/2019
Diane Medley appointed Executive Chairman MCM CPAs & Advisors (MCM), one of the region’s largest accounting and consulting firms, has…
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…
Change proposed to the way Ohio taxes businesses and business owners
Published 05/22/2019
I have heard that changes are being proposed to the way businesses are taxed in Ohio. Is this true, and…
Three tips for achieving your mission more cost-effectively
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…
Global financial reporting: Focusing on comparability over convergence
Published 04/10/2019
The global financial reporting project is alive and well, according to Russell Golden, Chairman of the Financial Accounting Standards Board…
Kentucky Governor signs HB 354, offering sales tax relief to not-for-profits
Published 03/28/2019
On Tuesday March 26, 2019, Governor Matt Bevin signed HB 354 into law. The bill included amendments to exempt the…
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…
Say-on-pay rule: Study shows shareholder votes may not matter
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…
IRS issues new 199A guidance on safe harbor for rental real estate
Published 03/01/2019
The IRS recently released new guidance on several Tax Cuts and Jobs Act Sec. 199A questions, including a new Safe…
Understanding the differences between Opportunity Zones and 1031 like-kind exchanges
Published 03/01/2019
The Tax Cuts and Jobs Act of 2017 made a lot of changes to the federal tax code, including the…
Further guidance issued for real estate businesses that elect out of interest expense limitations
Published 03/01/2019
In April 2018, the IRS released temporary guidance on the limit on deductions for business interest expense for tax years…
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…
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…
Watch for pitfalls with the cash basis and completed contract method
Published 02/12/2019
Small construction contractors have expanded tax strategies under tax reform, but it is important to consider some crucial pitfalls. While…
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,…
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…
AICPA to align its auditing standards with public company standards
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…
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…
New cybersecurity requirements for insurance companies operating in Ohio
Published 01/23/2019
Last month, Ohio Governor John Kasich signed Senate Bill 273 to “establish standards for data security and for the investigation…
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…
IRS waives 2018 underpayment tax penalties for many taxpayers
Published 01/18/2019
The IRS has some good news for certain taxpayers — it’s waiving underpayment penalties for those whose 2018 federal income…
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…
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…
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…
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…
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.…
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…
Considerations for a Qualified Retirement Plan in mergers and acquisitions
Published 12/13/2018
A merger or acquisition comes with a long list of questions and considerations, and how to handle relevant retirement plans…
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,…
Understanding the Employee Plans Compliance Resolution System (“EPCRS”)
Published 12/13/2018
Plan sponsors are permitted to correct certain operational and other failures of their qualified plans through the IRS using their…
Talent retention requires as much attention as talent acquisition
Published 12/11/2018
In our role as HR consultants, often providing hiring assistance services to our clients, the challenges of talent acquisition are…
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…
How will the new accounting and tax rules affect your earnings?
Published 11/14/2018
The Tax Cuts and Jobs Act (TCJA) lowered corporate income taxes overall and established new categories for foreign income subject…
Using planned gifts to help secure your nonprofit’s future
Published 10/12/2018
Planned (also known as deferred) gifts come as close to a sure thing as your nonprofit will ever likely encounter.…
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…
MCM joins with Kramer Consulting Inc. to form new IT consulting firm
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 &…
U.S. Shareholders of Controlled Foreign Corporations (CFCs) Beware of GILTI Tax
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…
Protect yourself: 5 cybersecurity measures you should take now
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.…
Policy, payment and quality provisions changes proposed for Medicare Physician Fee Schedule
Published 09/07/2018
On July 12, 2018, the Centers for Medicare & Medicaid Services (CMS) issued a proposed rule that includes proposals to…
Formalized onboarding processes critical to success of new employees
Published 09/06/2018
I run my own business, and one of our goals is to better assimilate our new employees into our workplace…
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…
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…
A team of advisors brings broader perspective to exit planning process
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…
IRS issues proposed regulations on the pass-through business income deduction
Published 08/20/2018
The IRS recently released highly anticipated regulations addressing the deduction for up to 20% of qualified business income (QBI) from…
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…
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…
Ensuring equality and fairness in ownership transfers to children
Published 08/03/2018
For many family businesses, ownership transfers to children can be tricky. There are the questions that need to be asked…
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…
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…
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…
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…
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…
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…
U.S. Supreme Court Wayfair decision to have far-reaching implications for sales tax
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…
Understanding the sales & use tax implications of new Kentucky tax law on not-for-profits
Published 06/19/2018
Questions have arisen regarding the applicability of certain tax provisions contained HB 366 & HB 487 and, in particular, the…
MCM Again Named to 2018 Accounting MOVE Project Best CPA Firms for Women List
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…
Adding it up: the roles and responsibilities of a nonprofit treasurer
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…
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…
Kentucky General Assembly enacts sweeping tax reform legislation
Published 04/27/2018
The Kentucky General Assembly has enacted sweeping tax reform legislation with House Bill (“HB”) 366, which was enacted into law…
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…
Disclosure relief: SEC redefines “smaller reporting company”
Published 04/05/2018
In the coming months, the Securities and Exchange Commission (SEC) is expected to revise the definition of “smaller reporting company.”…
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…
Get ready to roll out the new accounting standards – leases and contract revenue
Published 04/05/2018
Two major accounting rule changes will soon go into effect — and they’re expected to have major impacts on how…
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 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)…
Changes to rules regarding excess business holdings by private foundations
Published 04/02/2018
On February 09, 2018, President Trump signed into law the Philanthropic Enterprise Act of 2017 as a part of the…
U.S. shareholders of foreign corporations – transition tax due date quickly approaching
Published 03/28/2018
Caution to U.S. taxpayers with 10% ownership in specified foreign corporations – first installment of transition tax due on or…
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…
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…
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.…
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…
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…
Bipartisan Budget Act of 2018 includes changes to hardship withdrawal rules
Published 03/01/2018
The Bipartisan Budget Act of 2018 (the “Act”) was signed into law on February 9, 2018. The Act contains several…
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…
What does the Tax Cuts and Jobs Act mean for manufacturing companies?
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…
Compliance certification for New York cybersecurity regulation has arrived
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…
Insurance companies need to pay close attention to market volatility
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…
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…
New data privacy regulations on the horizon for those conducting business in EU
Published 02/15/2018
Have you heard of GDPR? If not, and you are doing any business outside the United States (over the web…
Congress passes legislation delaying three key ACA-related taxes
Published 02/15/2018
Congressional legislation was passed and signed into law by President Trump on January 22 that included key provisions in delaying…
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…
PBGC expands Missing Participants Program to terminated 401(k) and other plans
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…
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…
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…
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 Jobs Act (TCJA) — affect your…
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…
New standards highlight the importance of strong internal controls
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…
Tax Cuts and Jobs Act – Financial reporting implications for insurance companies
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…
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…
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…
What does the Tax Cuts and Jobs Act mean for insurance companies?
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…
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…
Federal Government Issues Medicaid Waiver Approval for Kentucky
Published 01/19/2018
Kentucky to add work and community engagement to its Medicaid eligibility requirements On Friday January 12, 2018, the Federal Government…
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…
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…
MCM Appoints New Partners in Louisville, Jeffersonville Offices
Published 01/10/2018
FOR IMMEDIATE RELEASE MCM CPAs & Advisors, the region’s largest CPA & advisory firm, recently appointed three new partners in…
New tax law provides more generous depreciation-related tax breaks
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…
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…
Tax Cuts and Jobs Act offers favorable tax breaks for businesses
Published 01/05/2018
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of…
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…