Beyond the Headlines

Join us on the regular as we go in-depth on business and accounting issues. We promise it will be more exciting than it sounds.

    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...

    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...

    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...

    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...

    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...

    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...

    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....

    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...

    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...

    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...

    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...

    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...

    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...

    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...

    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...