Running a Business Without a CFO? What You Should Know

Posted by Tyler Walz on Dec 17, 2019 2:00:03 PM

There are many different functions associated with running a business, including marketing, administrative, and overall operations of the company. For many organizations, the finance and accounting function can be an overlooked area of the business as other areas may require more immediate attention. A Chief Financial Officer (CFO) can provide the financial acumen necessary for a company to develop a roadmap for financial growth and address current financial issues within the organization.

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Topics: Business Planning & Operations

Three Reasons To Have a 401(k) Audit

Posted by Greg Zink on Nov 25, 2019 11:45:00 AM

A 401(k) plan is a common retirement savings option that is offered by many employers to their employees. It's important that companies know once an active participant threshold of 100 is met, the US Department of Labor (DOL) requires a certified audit of your 401(k) plan by a CPA firm. This is because there are risk factors that could impact your plan. Let's look at three of them, and how a 401(k) audit can protect you from these risks, and from financial liability.

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Topics: Business Planning & Operations, Accounting Hot Topics

Q4 2019 Tax Headlines For Business Owners

Posted by Greg Zink on Nov 12, 2019 8:00:00 AM

While some people may not think that tax and accounting topics make for exciting headlines--we do! Here's a quick round up of five tax-related headlines that impact many business owners heading into Q4.

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Topics: Tax Topics, Business Planning & Operations

Why Take An Accounting Internship With MRPR?

Posted by Tyler Walz on Oct 15, 2019 7:30:00 AM

Searching for an open position with an accounting firm can be intimidating for anyone preparing to enter the workforce for the first time. There are many factors to consider when thinking about how to start your career and what experiences will be valuable to gain in your first job as an accountant. An accounting internship is a great way test the culture and environment of an accounting firm to see if they're a ‘good fit’ for you.

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Topics: News

Does Your Business Provide Parking? Beware of TCJA

Posted by Lou DiSarno on Sep 23, 2019 8:13:00 AM

While the Tax Cuts and Jobs Act of 2017 (TCJA) is generally considered to be very business-friendly, there are many provisions implemented to pay for the cuts that can be treacherous for business taxpayers. One of these, Internal Revenue Code (IRC) Section 274(a)(4), specifies that “no deduction shall be allowed… for the expense of any qualified transportation fringe…provided to an employee of the taxpayer.” While the qualified transportation fringe includes many items such as bicycle reimbursements, transit passes, and carpool vehicles, the most impactful change by this code section is for “qualified parking.”

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Topics: Accounting Hot Topics

New Lease Accounting Rules To Be Delayed

Posted by Greg Zink on Aug 2, 2019 8:02:00 AM

The Financial Accounting Standards Board "FASB" has proposed a one year delay in the effective date required for private companies to implement the new lease accounting rules Leases Topic 842.

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Topics: Accounting Hot Topics

New Regulations Help Clarify Qualified Opportunity Zones

Posted by Louis DiSarno, CPA on Jul 23, 2019 9:00:00 AM

The IRS released new proposed regulations for Qualified Opportunity Zones on April 17, 2019. The new regulations seek to clarify the vague statutory language of Internal Revenue Code Section 1400Z-1 and 1400Z-2, outlining the tax benefits of Qualified Opportunity Zones.

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Topics: Tax Topics

Is Your Tax Return Vulnerable to Identity Theft?

Posted by Lou DiSarno on Jul 12, 2019 4:07:31 PM

The damaging impact of identity theft can be devastating and long-lasting. When we send off our tax returns to the IRS we assume our information is safe. But did you know that the simple act of filing your tax return could put you at risk for identify theft?

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Topics: Tax Topics

Is Your Nonprofit Prepared for ASU 2016-14?

Posted by Varsha Jain, CPA on Jun 28, 2019 8:00:00 AM

It's important for Not-For-Profit (NFP) organizations to stay current on ever-changing accounting standards that may impact their financial reporting. In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.

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Topics: Accounting Hot Topics, Nonprofit

IRS Establishes Safe Harbor for Rental Enterprises Under 199A

Posted by Louis DiSarno, CPA on Apr 2, 2019 8:10:00 AM

Tax practitioners and industry leaders alike have been offering comments and posing questions to the IRS after the proposed regulations were released for the new Section 199A Qualified Business Income deduction. The IRS has worked diligently to analyze and clarify the new law, and issued final regulations on January 18, 2019.

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Topics: Tax Topics