With everyone putting their tax information together these days just remember one thing about contributions...
If you are attending a fund raising event and you are lucky enough to win the silent auction and you end up paying $500 for a diamond that is worth $1000 - you DO NOT have a charitable contribution because you paid less than its fair market value. However if you paid $1250 for it you would be able to deduct as a contribution on Schedule A $250 (the difference from what you paid and what the FMV was).
As always consult with your tax professional before making any assumptions!
Satisfying Accounting and Tax Needs for Individuals and Corporations Throughout the United States for over 85 years.
Monday, January 23, 2012
Friday, January 20, 2012
1/25 WEBINAR TO FOCUS ON BOARD MEMBER ETHICS
From London’s Baring’s Bank to Enron and WorldCom, lack of attention to ethics can be a corporation’s Achilles’ heel, with the potential for one employee to single-handedly destruct even the most established of companies.
On Wednesday, Jan. 25th from noon to 1 p.m., we'll be hosting a free Webinar for executive directors and non-profit volunteer board members addressing the ethical responsibilities of board members.
“The appearance of impropriety and illegality can be detrimental to non-profit organizations,” said Marvin and Company Managing Director Kevin McCoy, CPA. “Board members must be involved in the governance of an organization to a level that assures improper and illegal acts don’t occur.”
Kevin, who will lead the one-hour presentation, stressed that all board members must understand the mission and culture of the organization and be sure that a code of ethics is enforced throughout the organization.
“The dealings board members have with their organizations should be addressed and conflicts identified,” he said. “This Webinar will focus on all of the above issues, as well as provide tips on addressing ethical issues and dilemmas.”
Kevin, who has more than 25 years experience in tax and financial planning and litigation support, handles clients that represent a variety of businesses and industries. A past president of the Northeast Chapter of the New York State Society of CPAs, he has expertise servicing non-profits, privately held small businesses, professional practices and governments.
PC-based attendees are required to have Windows® 7, Vista, XP or a 2003 Server, while Macintosh®-based attendees need Mac OS X 10.5 or newer.
Space is limited. Reserve your seat now by going to: https://www2.gotomeeting.com/register/876347842
After registering you will receive a confirmation email containing information about joining the session.
For more information, give me a call at 785-0134 or email me at kpo@marvincpa.com.
Thanks!
On Wednesday, Jan. 25th from noon to 1 p.m., we'll be hosting a free Webinar for executive directors and non-profit volunteer board members addressing the ethical responsibilities of board members.
“The appearance of impropriety and illegality can be detrimental to non-profit organizations,” said Marvin and Company Managing Director Kevin McCoy, CPA. “Board members must be involved in the governance of an organization to a level that assures improper and illegal acts don’t occur.”
Kevin, who will lead the one-hour presentation, stressed that all board members must understand the mission and culture of the organization and be sure that a code of ethics is enforced throughout the organization.
“The dealings board members have with their organizations should be addressed and conflicts identified,” he said. “This Webinar will focus on all of the above issues, as well as provide tips on addressing ethical issues and dilemmas.”
Kevin, who has more than 25 years experience in tax and financial planning and litigation support, handles clients that represent a variety of businesses and industries. A past president of the Northeast Chapter of the New York State Society of CPAs, he has expertise servicing non-profits, privately held small businesses, professional practices and governments.
PC-based attendees are required to have Windows® 7, Vista, XP or a 2003 Server, while Macintosh®-based attendees need Mac OS X 10.5 or newer.
Space is limited. Reserve your seat now by going to: https://www2.gotomeeting.com/register/876347842
After registering you will receive a confirmation email containing information about joining the session.
For more information, give me a call at 785-0134 or email me at kpo@marvincpa.com.
Thanks!
Thursday, December 15, 2011
12/21 Accounting and Auditing Update Webinar
If you’re looking for an overview of recent developments in accounting and auditing practices, be sure to register for our free webinar on Wednesday, Dec. 21st from noon to 1 p.m.
The session will cover audit and accounting standards in effect for the first time during 2011, review changes and updates to existing standards, as well as provide information on anticipated tax changes. One hour of Continuing Professional Education Credit is available.
“This webinar will leave participants better equipped to communicate with their accounting professionals and determine if they, or their organization, require additional assistance in any of the areas covered,” Karl Newton, CPA, my colleague who will lead the presentation.
Karl, who has been with the firm since 1999, oversees audits for not-for-profit agencies and single audit filings in accordance with the Office of Management and Budget Circular A-133. He has worked with a variety of not-for-profits, including rehabilitation centers, substance abuse centers, membership organizations, foundations and day care centers.
PC-based attendees are required to have Windows® 7, Vista, XP or a 2003 Server, while Macintosh®-based attendees need Mac OS X 10.5 or newer.
Space is limited. Reserve your seat now by going to: http://www2.gotomeeting.com/register/513899818
After registering you will receive a confirmation email containing information about joining the session.
For more information, call 518-785-0134 or shoot me an email kpo@marvincpa.com.
The session will cover audit and accounting standards in effect for the first time during 2011, review changes and updates to existing standards, as well as provide information on anticipated tax changes. One hour of Continuing Professional Education Credit is available.
“This webinar will leave participants better equipped to communicate with their accounting professionals and determine if they, or their organization, require additional assistance in any of the areas covered,” Karl Newton, CPA, my colleague who will lead the presentation.
Karl, who has been with the firm since 1999, oversees audits for not-for-profit agencies and single audit filings in accordance with the Office of Management and Budget Circular A-133. He has worked with a variety of not-for-profits, including rehabilitation centers, substance abuse centers, membership organizations, foundations and day care centers.
PC-based attendees are required to have Windows® 7, Vista, XP or a 2003 Server, while Macintosh®-based attendees need Mac OS X 10.5 or newer.
Space is limited. Reserve your seat now by going to: http://www2.gotomeeting.com/register/513899818
After registering you will receive a confirmation email containing information about joining the session.
For more information, call 518-785-0134 or shoot me an email kpo@marvincpa.com.
Another Great Article by the Journal of Accountancy
Very interesting for all of those of you on non-profit boards and such:
AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation
December 14, 2011
The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation.
AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality rather than enhancing it.
In August, the PCAOB issued a concept release on auditor independence and audit firm rotation seeking comment. The release noted that proponents of rotation contend term limits could decrease client pressure on auditors and create opportunity for a fresh look at a company’s financial reporting.
The AICPA letter supported the PCAOB’s goals for enhancing auditor independence and objectivity, and professional skepticism. But the Institute said the PCAOB should not impose mandatory audit firm rotation without evidence linking audit firm tenure to audit failures detailed in PCAOB inspection findings.
Even if such a link is indicated through further study, the AICPA would like the PCAOB to carefully weigh the costs associated with mandatory firm rotation and consider other potential enhancements that would be less costly and disruptive.
The AICPA cited research indicating that mandatory firm rotation may hurt audit quality and that audit quality increases with audit firm tenure. The letter also said:
Audit firm rotation may limit institutional knowledge and industry specialization, which the AICPA said increases during audit firms’ relationship with a company and is crucial to a high-quality audit.
Mandatory firm rotation may unintentionally undermine the role of the audit committee by preventing the committee from selecting and retaining the most qualified audit firm to perform a company’s audit.
Existing partner rotation requirements provide the necessary “fresh look” to ensure auditors’ objectivity.
The PCAOB’s release is part of the reason audit firm rotation has become a big issue in recent months. Last month, the European Commission proposed limiting to six years the period in which an outside audit firm can perform audits for public companies. Companies that opt for voluntary joint audits would be allowed a nine-year window; a four-year cooling-off period was proposed.
At last week’s AICPA National Conference on Current SEC and PCAOB Developments, Anton said research indicates that mandatory audit firm rotation has the unintended consequence of increasing the propensity for fraud.
“We caution the EU member states and the European Parliament—as well as the PCAOB—to carefully consider the consequences of such proposals and focus on proven solutions to enhanced transparency, increased objectivity and improved audit quality,” Anton said on Dec. 5.
Wednesday was the final day of the comment period. In March, the PCAOB will hold a public round table on auditor independence and mandatory audit firm rotation.
AICPA Letter to PCAOB Raises Concerns About Mandatory Audit Firm Rotation
December 14, 2011
The AICPA recommended that the PCAOB refrain from imposing mandatory audit firm rotation.
AICPA Chairman Greg Anton, and President and CEO Barry Melancon signed a comment letter sent by email Wednesday to the PCAOB stating that mandatory audit firm rotation is costly and has the potential to hinder audit quality rather than enhancing it.
In August, the PCAOB issued a concept release on auditor independence and audit firm rotation seeking comment. The release noted that proponents of rotation contend term limits could decrease client pressure on auditors and create opportunity for a fresh look at a company’s financial reporting.
The AICPA letter supported the PCAOB’s goals for enhancing auditor independence and objectivity, and professional skepticism. But the Institute said the PCAOB should not impose mandatory audit firm rotation without evidence linking audit firm tenure to audit failures detailed in PCAOB inspection findings.
Even if such a link is indicated through further study, the AICPA would like the PCAOB to carefully weigh the costs associated with mandatory firm rotation and consider other potential enhancements that would be less costly and disruptive.
The AICPA cited research indicating that mandatory firm rotation may hurt audit quality and that audit quality increases with audit firm tenure. The letter also said:
Audit firm rotation may limit institutional knowledge and industry specialization, which the AICPA said increases during audit firms’ relationship with a company and is crucial to a high-quality audit.
Mandatory firm rotation may unintentionally undermine the role of the audit committee by preventing the committee from selecting and retaining the most qualified audit firm to perform a company’s audit.
Existing partner rotation requirements provide the necessary “fresh look” to ensure auditors’ objectivity.
The PCAOB’s release is part of the reason audit firm rotation has become a big issue in recent months. Last month, the European Commission proposed limiting to six years the period in which an outside audit firm can perform audits for public companies. Companies that opt for voluntary joint audits would be allowed a nine-year window; a four-year cooling-off period was proposed.
At last week’s AICPA National Conference on Current SEC and PCAOB Developments, Anton said research indicates that mandatory audit firm rotation has the unintended consequence of increasing the propensity for fraud.
“We caution the EU member states and the European Parliament—as well as the PCAOB—to carefully consider the consequences of such proposals and focus on proven solutions to enhanced transparency, increased objectivity and improved audit quality,” Anton said on Dec. 5.
Wednesday was the final day of the comment period. In March, the PCAOB will hold a public round table on auditor independence and mandatory audit firm rotation.
Monday, December 12, 2011
Mileage rate for 2012 updated!
This article is from the Journal of Accountancy:
The IRS on Friday released standard mileage rates for use in 2012 (Notice 2012-1). Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile.
For business use of an automobile remains at 55½ cents per mile. For medical or moving expenses, it is 23 cents per mile (a half-cent decrease from the second half of 2011). For services to charitable organizations, the rate (which is set by statute) is 14 cents per mile.
Rather than using the standard mileage rates, taxpayers may instead use their actual costs if they maintain adequate records and can substantiate their expenses. The rules for substantiating these amounts appear in Rev. Proc. 2010-51.
For automobiles a taxpayer uses for business purposes, the portion of the business standard mileage rate treated as depreciation is 23 cents per mile for 2012 (it was 22 cents per mile for 2011).
Friday, October 14, 2011
10/19 WEBINAR: WHAT'S IN YOUR ESTATE PLAN? (AND IS IT STILL WORKING FOR YOU?)
For most Americans, estate planning is something that they'd rather put off for another day. After all, deciding how they want their assets distributed is a stark reminder of their mortality.
However, there are numerous reasons why each of us should tackle this task with at least some eagerness. This includes naming the people to whom we wish to give our assets, ensuring that the government receives only its fair share, gaining the satisfaction of having our financial house in order, and knowing that we're not burdening our loved ones with an administrative nightmare.
On Wednesday, Oct. 19 from noon to 1 p.m., we'll be hosting a free, informative Webinar entitled "What's In Your Estate Plan? (And Is It Still Working For You?)." Led by my colleague, Christopher L. Cimijotti, CPA, manager, the session will focus on the basics of an estate plan, as well as how it needs to be reviewed and revised periodically in order to be effective.
Participants will learn how to take stock of their assets, including investments, retirement accounts, insurance policies, real estate and any business interests. Chris, who has has provided personal, estate and trust planning and business taxation services to an array of clients for more than 25 years, will also discuss what they want to achieve with those assets and who they wish to inherit them, as well as changes brought about by the late 2010 legislation.
PC-based attendees are required to have: Windows 7, Vista, XP or 2003 Server, while Macintosh-based attendees need Mac OS X 10.4.11 (Tiger) or newer.
Space is limited. Reserve your seat now by going to: https://www2.gotomeeting.com/register/932654882
After registering you will receive a confirmation email containing information about joining the session.
For more information, call (518) 785-0134, or drop me a note at kpo@marvincpa.com.
Cheers!
However, there are numerous reasons why each of us should tackle this task with at least some eagerness. This includes naming the people to whom we wish to give our assets, ensuring that the government receives only its fair share, gaining the satisfaction of having our financial house in order, and knowing that we're not burdening our loved ones with an administrative nightmare.
On Wednesday, Oct. 19 from noon to 1 p.m., we'll be hosting a free, informative Webinar entitled "What's In Your Estate Plan? (And Is It Still Working For You?)." Led by my colleague, Christopher L. Cimijotti, CPA, manager, the session will focus on the basics of an estate plan, as well as how it needs to be reviewed and revised periodically in order to be effective.
Participants will learn how to take stock of their assets, including investments, retirement accounts, insurance policies, real estate and any business interests. Chris, who has has provided personal, estate and trust planning and business taxation services to an array of clients for more than 25 years, will also discuss what they want to achieve with those assets and who they wish to inherit them, as well as changes brought about by the late 2010 legislation.
PC-based attendees are required to have: Windows 7, Vista, XP or 2003 Server, while Macintosh-based attendees need Mac OS X 10.4.11 (Tiger) or newer.
Space is limited. Reserve your seat now by going to: https://www2.gotomeeting.com/register/932654882
After registering you will receive a confirmation email containing information about joining the session.
For more information, call (518) 785-0134, or drop me a note at kpo@marvincpa.com.
Cheers!
Friday, September 2, 2011
Tax Implications of Marriage Equality Act (TV Interview)
In my last post I outlined some of the key changes brought about by the recent passage of New York's Marriage Equality Act. To provide you with even more information about this sweeping measure, here's a TV interview featuring Kevin McCoy, CPA, managing partner and myself at TV-17 in Colonie -- http://vimeo.com/28509226 Richard Naylor is the host. I hope you find it helpful!
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