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July 2020
Reporting CAMs in the COVID-19 era
Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs).
Financial reporting for nonprofits that have teamed up
Not-for-profits sometimes team up with other entities to boost efficiency, save money and better serve both organizations’ constituencies.
Strengthen your supply chain with constant risk awareness
When the COVID-19 crisis exploded in March, among the many concerns was the state of the nation’s supply chains. Business owners are no strangers to such worry.
Main Street Lending Program now open to nonprofit applicants
The Federal Reserve announced that not-for-profit organizations now may apply for loans under the $600 billion Main Street Lending Program.
Reopening concepts: What business owners should consider
A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance
Even if no money changes hands, bartering is a taxable transaction
During the COVID-19 pandemic, many small businesses are strapped for cash.
Take advantage of a “stepped-up basis” when you inherit property
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
External audits offer many benefits to nonprofits
Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors.
Does your business have a unique selling proposition?
Many business owners — particularly those who own smaller companies — spend so much time trying to eliminate weaknesses that they never fully capitalize on their stren
To find new revenue opportunities, think like an auditor
Want to increase your not-for-profit’s revenue? First try analyzing current income as a professional auditor might.
Businesses: Get ready for the new Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.
Conduct a “paycheck checkup” to make sure your withholding is adequate
Did you recently file your federal tax return and were surprised to find you owed money?
Reporting embedded leases
In 2016, the Financial Accounting Standards Board (FASB) published guidance that requires major changes to how leases are reported on financial statements.
6 key IT questions to ask in the new normal
The sudden shutdown of the economy in March because of the COVID-19 pandemic forced many businesses to rely more heavily on technology.
Accounting for cloud computing arrangements
The costs to set up cloud computing services can be significant, and many companies would prefer not to immediately expense these setup costs.
An advisory board can complement your nonprofit’s board of directors
Your not-for-profit has a board of directors — so why would it need an additional advisory board? There are a few reasons.
After you file your tax return: 3 issues to consider
The tax filing deadline for 2019 tax returns has been extended until July 15 this year, due to the COVID-19 pandemic.
Steer clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty.
Supreme Court Agrees to Hear California v Texas yet ANOTHER ACA constitutionality case- What it means to you and your taxes
Recently, the Supreme Court agreed to hear yet another lawsuit in a long line of lawsuits regarding the constitutionality of the Affordable Care Act.
CPA Firm, Maillie LLP, Announces Brand Refresh
Mont Clare, PA – July 6, 2020 - Maillie LLP (pronounced “male-lee”), a certified public accounting firm currently headquartered in Mont Clare, PA recently announced a
Assessing productivity as you cope with the pandemic
The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity.
Appealing to the next generation of supporters
Factors such as wealth level, education and even whether people volunteer, probably will tell you more about potential donors than their generation.
