PBMares Accounting Blog

When Do I Need a HIPAA Business Associate Agreement?

Posted by Barbara Sukramani on Aug 17, 2017 2:46:50 PM

Your medical practice has responsibility for protecting the privacy of health information under the HIPAA Privacy Rule while carrying out health care activities. In order to focus on health care delivery, you might utilize non-employee service professionals for functions such as claims processing, data analysis, quality assurance or billing.

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Topics: Medical Practice, Medical Practice Consulting, Professional and Technical Services

Identifying Unallowable Costs – Executive Compensation

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Aug 15, 2017 2:29:15 PM

A large number of small companies and even some considered large have historically not concerned themselves with the allowability of their executive’s compensation.  With annual allowability limits approaching and even exceeding $1,000,000 it was not something that presented an issue in the past.  Executive compensation would never reach that high.  Time to take another look.

The new limit on allowability of annual executive compensation applicable to contracts awarded on and after June 24, 2014 is $487,000 and is applicable to all employees, not just the top five highest paid employees in executive positions.  Employee annual compensation exceeding $487,000 is now a very real potential.

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Topics: Government Contracts

Virginia Enterprise Zones: Are You in the Zone?

Posted by Bronach Branan, ACMA, CPA on Aug 14, 2017 1:57:53 PM

Were you aware that the Commonwealth of Virginia appropriates grant funding for Companies that invest in certain areas in the state?  The Commonwealth of Virginia wants to encourage rejuvenation of certain towns and cities and is willing to award funding for the rehabilitation, expansion or new  construction of real estate and/or creation of higher wage jobs. In 2016, approximately $12m was set aside for this purpose, and in 2017 the General Assembly has approved a total of approximately $13m to be awarded to Companies who meet the specific criteria. 

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Topics: Construction, Virginia Enterprise Zone

10 Signs It May Be Time to Shop for a New Auditor

Posted by Shawn Middleton, CPA on Aug 10, 2017 4:14:23 PM

Thinking about hiring a new auditor can be overwhelming. Many times over the years I have heard auditees say, “I don’t want to get used to a new auditor, or have to deal with a new process.” They want to stick with what’s comfortable and familiar, despite the possibility that a better option may exist out there. However, there could be an auditor that is a much better fit for your organization, and you are missing out on an opportunity to better serve your organization by not considering the below items. Here are 10 signs that it may be time to consider a change. There are in no particular order, as each organization may feel certain items are more important than others.

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Topics: Not-for-Profits

Labor Floor Checks and Labor Interviews – Labor Recording Up Close and Personal

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Aug 2, 2017 2:35:23 PM

The costs of labor, especially in service-oriented companies is the most sensitive area of incurred cost that the Defense Contract Audit Agency (DCAA) is required to audit.   Unlike other cost items charged to the Government, labor is not supported by third party documentation such as invoices, purchase orders or receipts. 

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Topics: Government Contracts

"Hi! I’m From DCAA and I’m Here to..."

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jul 25, 2017 9:03:00 AM

If you have proposed on or been awarded a contract with the Federal government, and especially with the Department of Defense, you probably have been the recipient of a visit from the Defense Contract Audit Agency (DCAA).  While these visits to perform a multitude of audits and evaluations are not the end of the world, they should be taken and reacted to seriously.

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Topics: Government Contracts

Women and City Clubs – Out with the old and in with the new

Posted by Helaine S. Weissman, CPA on Jul 17, 2017 3:36:01 PM

As a CPA firm that audits a lot of city clubs we often get asked the question…how do we get more women to join the club and, more specifically, younger professional women?

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Topics: hospitality

Changes to Virginia Sales Tax effective as of July 1, 2017

Posted by Lori Roberts, CPA on Jul 17, 2017 8:00:00 AM

Each year the Virginia Legislature passes changes to the Virginia Tax Code that impacts residents and those doing business in Virginia. While many of the changes can seem mundane or minor, there are two that will have a significant impact on two segments of Virginia Business, automotive service centers and retailers and contractors selling and installing tangible personal property. Both will likely require changes to POS retail and accounting systems in order to administer properly.

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Topics: Tax Planning, Construction

You don’t have to take business insurance costs sitting down

Posted by J. Denise Short on Jul 13, 2017 1:42:53 PM

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.

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Topics: Tax Bites, Tax Planning

Which is better – pre-tax 401(k) or after-tax Roth contributions?

Posted by Anna Hunter, CPA, CPC, QPA on Jul 11, 2017 4:24:44 PM

Question:  My retirement plan allows me to choose between pre-tax 401(k) contributions or after-tax Roth contributions.  Which is better?

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Topics: Retirement Planning