PBMares Accounting Blog

Still filing a paper tax return? Be sure you know the “timely mailed = timely filed” rule.

Posted by Carolyn Irwin, CPA, MSA on Apr 13, 2017 9:33:27 AM

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Topics: Tax Bites, Tax Planning

Plan’s Interest in a Master Trust - Disclosure Requirements

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Apr 10, 2017 8:50:00 AM

ASU Issued:

The Financial Accounting Standards Board (FASB) issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting (a consensus of the Emerging Issues Task Force), on February 27, 2017.

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Topics: Employee Benefit Plans, Government Contracts

Identifying Unallowable Costs – Marketing vs. Direct Selling Expenses

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Apr 3, 2017 10:30:05 AM


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Topics: Government Contracts

Simple ways to improve your nonprofit’s cash flow

Posted by Bo Garner, CPA, MBA on Mar 29, 2017 11:23:03 AM

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Topics: Not-for-Profits, NFP Bites

Are you eligible for the American Opportunity Credit?

Posted by Michael Kennison, CPA , CIT on Mar 28, 2017 11:14:00 AM

If you have a child in college, you may be eligible to claim the American Opportunity credit on your 2016 income tax return. If, however, your income is too high, you won’t qualify for the credit — but your child might. There’s one potential downside: If your dependent child claims the credit, you must forgo your dependency exemption for him or her. And the child can’t take the exemption.

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Topics: Tax Bites, Tax Planning

Insider Threat Program Implementation

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 27, 2017 4:34:04 PM

 

Contractors that have a facility clearance through the Department of Defense’s Defense Security Service (DSS) must have a written plan in place for the implementation of an insider threat program that is designed to detect, deter and mitigate insider threats.

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Topics: Government Contracts

Goodwill Impairment – Simplified

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 21, 2017 8:28:00 AM

On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2017- 04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU simplifies eliminates Step 2 of the goodwill impairment test, thereby simplifying the measurement of goodwill impairment. The revised guidance will be more similar to IFRS which also has a single-step goodwill impairment test.

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Topics: Government Contracts

Changes to Not-for-Profit Revenue Recognition

Posted by Bo Garner, CPA, MBA on Mar 20, 2017 3:40:00 PM

As the implementation deadline of the new revenue recognition standards (ASU 2014-09) approaches, there are many companies and organizations scrambling to grasp the impact that the forthcoming changes will have on their financial reporting. For non-public entities, the changes are effective for reporting periods beginning after December 15, 2017.  Not-for-profit entities are having an even more difficult time than others, as there are already differences in practice in various components of revenue transactions. The new revenue recognition standards do not address these differences in practice, and in fact, actually make the current differences more ambiguous.

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Topics: Not-for-Profits

Federal Acquisition Regulation on the best seller list?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Mar 20, 2017 8:28:00 AM

The U.S. General Services Administration (GSA) has released the first ever iBook version of the Federal Acquisition Regulation (FAR). While the FAR may never be a best seller it is essential reading for all government contractors who might be concerned about the compliance requirements of the clauses contained in its contracts.

Using an iBook does not require internet connectivity. The FAR iBook has the same functionality that’s incorporated into every iBook, which means readers can perform searches, write notes, and highlight or save the sections they use most often. Best of all you do not have to be concerned about cost allowability –it is FREE.

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Topics: Government Contracts

Does your nonprofit need to register in multiple states?

Posted by Edward T. Yoder, CPA, MSA on Mar 17, 2017 9:49:00 AM

 

If your not-for-profit solicits funds online — or uses other fundraising methods that cross state boundaries — it may need to register in multiple jurisdictions. We’ve answered some commonly asked questions.

My charity receives occasional contributions from out-of-state donors. Do I need to register with those states? Yes, but only if you’re actually asking for donations in those states. The critical activity is soliciting, not accepting, funds. Remember, email and text blasts and social media appeals are likely to be considered multistate solicitations.

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Topics: Not-for-Profits, NFP Bites