Audit & Accounting Update: January 18, 2018

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Noncontrolling interests in business combinations
Our whitepaper discusses estimating the fair value of a noncontrolling interest recognized in a business combination.

Tax law revises the treatment of employee benefits
Our article provides a high-level overview of fringe benefits affected by the recent tax law and related consequences.

Net capital treatment: Deferred taxes for aspect of ASC 606 adoption
The SEC has addressed the net capital treatment of deferred taxes related to certain capitalized costs under ASC 606 and ASC 340.

Revenue recognition for government contractors
January 23

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Audit & Accounting Update: December 14, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Lease accounting: 5 critical factors for successful implementation
Our article highlights five critical factors to consider when adopting the new lease accounting guidance in ASC 842.

Changes to revenue recognition in the health care industry
Our white paper discusses how health care entities may be affected by the new revenue recognition guidance in ASC 606.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: December 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

Tax Reform update
Visit our resource center to get the latest updates on tax reform.

How pass-through tax reform proposals differ in House and Senate
House and Senate proposals to reduce taxes on pass-through income differ dramatically. Here are some illustrations.

TRENDING IN TAX

Considering global expansion? It helps to have the right partner
Global expansion can be the right answer for many companies looking to grow. (Video).

Reimagine your corporate tax function
This e-book explores the resource management challenges facing tax directors and how to establish a successful co-sourcing approach.

Economic sales and use tax nexus laws
Economic sales and use tax nexus laws are gaining momentum as states make a direct challenge to traditional physical presence standards.

Dutch propose sweeping business tax changes
The Dutch government has proposed reducing its corporate and withholding taxes along with other significant changes.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Are You Using QuickBooks’ Reminders?

We can’t emphasize this enough: QuickBooks’ Reminders can prevent countless problems with your finances.

How do you know when it’s time to pay a bill or follow up on overdue customer payments or print payroll checks? If you’re still using a paper calendar and sticky notes and file folders, there’s a good chance you’re missing some important deadlines on occasion. Manual methods aren’t effective enough when you’re dealing with your business finances. You might experience:

  • Credit problems.
  • Overextended customers.
  • Unhappy vendors and employees.

If you’re missing the mark frequently, you won’t be able to get a true picture of your financial status, and your cash flow will suffer.

Use QuickBooks’ built-in reminders to avoid this unnecessary drama. Here’s how they work.

Totally Customizable

To start setting up Reminders, open the Edit menu and select Preferences. Click Reminders in the left vertical pane. With the My Preferences tab highlighted, click in the box in front of Show Reminders List when opening a Company file to create a checkmark. Then click on the Company Preferences tab to open this window:

QuickBooks Company Preferences Tab Screen Shot

When you’re setting up your Preferences for QuickBooks’ Reminders, you can customize each type in multiple ways.

As you can see in the above image, QuickBooks lets you create reminders for a wide variety of actions. For each, you can indicate whether the Reminders window will display a summary or a list, or whether that particular activity will not be included. For those that are time-sensitive, like Checks to Print, you’ll also be able to specify how much warning you’ll get – how many days in advance each item will appear in the Reminders list.

My Preferences vs Company Preferences

If you haven’t worked much with QuickBooks’ Preferences, you may not understand the difference between the two tabs that appear in each window. Only the QuickBooks Administrator can make changes on the Company Preferences page, since these affect company-wide settings. All users, though, can change any options that appear in the My Preferences window.

Here’s an example of a Preference (General) where all employees can indicate how they want QuickBooks to work for them specifically:

My Preferences Screen Shot in QuickBooks

Open the Edit menu and select Preferences, then General to open this window. Everyone who uses QuickBooks can set up their Preferences here, but only the administrator can modify Company Preferences.

Using Reminders

If you indicated in My Preferences that you want the Reminders window to open every time you open your company file in QuickBooks, it should appear on top of your desktop. If you didn’t, or if you need to see it after you’ve closed it, open the Company menu and select Reminders. A link should also be available in the toolbar.

Using the Reminders tool is like using any other interactive to-do list.

QuickBooks Reminders Window Screen Shot

QuickBooks’ Reminders window displays the tasks you need to do today and in the near future. You can click the arrows to the left of each boldfaced category to expand or collapse the list.

The left pane of the window displays tasks that must be done today, while the right shows upcoming tasks. Small arrows to the left of each task category expand and collapse each section when you click on them. Double-click a task (not the category label), and the relevant form or other document opens. When you’ve completed the chore, it will disappear from the list.

There are two icons in the upper right of the window (not pictured here). Click the plus (+) sign, and the Add To Do window opens. You can create six types of to-do items here: call, fax, e-mail, meeting, appointment, and task. Each can be assigned to a customer, vendor, or employee, or earmarked as a lead. You can designate a priority (low, medium, high) and a status (active, inactive, done) to each. You can also assign a time and date due, and enter descriptive details. Each to-do then appears in the appropriate place in QuickBooks.

The other icon, a small gear, opens your Preferences for Reminders.

The mechanics of setting up your Reminders window are not difficult. What can be a challenge is watching your cash flow as all these transactions occur. If you’re struggling with that, let’s sit down together and develop a plan for keeping your cash flow positive while meeting your financial obligations.

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

QuickBooks and QuickBooks ProAdvisor are registered trademarks and/or registered service marks of Intuit Inc.

Employee Benefits Update: Year End 2017

This issue’s topics include:

Deciding what to do with orphaned 401(k) plan accounts

Sponsors of qualified retirement plans with orphan accounts need to consider whether such accounts are a problem. This article examines the state of orphan accounts and why the way plans charge administrative fees can help determine whether it’s beneficial to keep them in the plan. A short sidebar discusses the plan sponsor’s fiduciary duty to all plan participants, whether they’re active employees, former employees who have moved on to other jobs, retirees or beneficiaries.

Read More

How high can you go?

Participants willing to accept higher default deferral rates

It’s generally accepted that a 3% deferral rate won’t get many employees where they need to be financially as they approach retirement. Most employees will need a figure closer to 10%, yet 3% has traditionally been the most common default deferral rate used by plans that auto-enroll participants. This article highlights why this is changing.

Read More

Reimbursement road map for sponsor services

When retirement plan sponsors perform administrative services on behalf of the plan, they can be reimbursed by the plan for those services. This brief article examines why meticulous expense documentation is essential and reviews a recent case on the subject.

Read More

Why adding a Roth 401(k) option could boost employee savings

A decade after they first became available, Roth 401(k) plans are now offered by many employers. Employees are also getting on board — particularly the younger ones — even without fully understanding how they work. This article looks at the pluses and minuses of Roth 401(k)s compared to traditional 401(k)s and Roth IRAs and reviews some data that highlights how employees are reacting to the Roth 401(k) option.

Read More

Compliance alert

This feature lists a few key year-end tax reporting deadlines.

Read More

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Want to learn more?

Join our Employee Benefit Plan Resources group on LinkedIn for more frequent updates on recent developments and best practices and discuss related topics with your peers.

Join the Group

LinkedIn RBG-01-01

Audit & Accounting Update: November 30, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Questions regarding the definition of a PBE
The AICPA recently issued answers to questions regarding matters related to the definition of a public business entity.

Revenue recognition: Industry insights
To assist in the ASC 606 implementation process, we have provided industry-specific white papers and webcasts.

Revenue recognition: Key considerations for the manufacturing industry
Those in the manufacturing industry are invited to join us for our Nov. 29 webcast on revenue recognition matters.

Revenue recognition: Key considerations for the technology industry
Those in the technology industry are invited to join us for our Nov. 30 webcast on revenue recognition matters.

Revenue recognition: Key considerations for the consumer products industry
Those in the consumer products industry are invited to join us for our Dec. 5 webcast on revenue recognition matters.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Not-for-Profit Update: November/December 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest insights for not-for-profit organizations. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Exempt organization-specific provisions in the House Bill H.R. 1
The tax reform legislative process was formally kicked off Nov. 2, 2017, with the release of H.R. 1, the Tax Cuts and Jobs Act.
Read more

Going global: How to plan strategy and building local relationships
Nonprofit organizations can successfully expand operations around the world with strategic planning and cultivation of local relationships.
Read more

Nonprofit webcast series: Optimizing your nonprofit’s outsourcing strategy
Join us for this informative two-part webcast series as we discuss the importance of evaluating whether your outsourcing provider’s capabilities are meeting your needs and expectations.
Register now

On-demand webcast: Annual tax update for nonprofit organizations
Miss our webcast on Tuesday, Oct. 31? View the annual tax update on-demand, answer polling questions and complete the final exam to be eligible for CPE credit for this course.
View on demand now

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Audit & Accounting Update: November 9, 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest financial reporting insights. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

Business combinations: Clarifying the definition of a business
Our white paper provides information and examples on the new implementation guidance for the definition of a business.

Actuarial valuation: New mortality improvement scale released
On October 20, 2017, the Society of Actuaries released an updated new mortality improvement scale, Scale MP-2017.

SEC approves auditor reporting standard
On October 23, the SEC approved the Public Company Accounting Oversight Board’s new auditor reporting standard.

SEC guidance on pay ratio disclosure
The SEC has provided guidance to assist registrants in preparing their disclosures pursuant to Regulation S-K Item 402(u).

Proposed amendments to modernize and simplify Regulation S-K
The SEC recently proposed amendments to modernize and simplify Regulation S-K so as to reduce burdens on registrants.

Audit and Accounting Updates for Business Owners and Financial Professionals

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/financial-reporting-insights.html

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

Tax Update: November 2017

At Insero, we make it our business to stay abreast of the latest trends and technical updates in accounting, tax, and audit; and we understand how important timely updates are to our clients. As a member of the RSM US Alliance, we also have the benefit of access to the resources and subject matter experts of RSM US LLP (formerly known as McGladrey LLP). This includes regular updates on the latest federal, state, and international tax news. We hope that you find these informative and useful, and invite you to reach out to us if you have any questions.

TAX REFORM

House Ways and Means Committee unveils long awaited tax bill
House Republicans have released their much anticipated tax bill, providing key insights into the details of their tax reform plan.

States push forward as Congress considers tax reform
How and when Federal tax reform is enacted could dictate state responses.

Trump administration, Congress publish framework for tax reform
Can a divided D.C. enact sweeping tax reform?

TRENDING IN TAX

Five considerations when offering nonqualified compensation plans
How can you design a plan that attracts and retains highly compensated employees? There are several opportunities in nonqualified plans.

Global value added tax for electronically supplied services (Audiocast)
Providing services electronically can trigger significant VAT collection and reporting in multiple jurisdictions.

IRS allows leave-based donation programs for Hurricane Maria relief
Employer leave-based donation programs let employees forgo personal leave in exchange for cash payments to charities for hurricane relief.

The big challenges for global real estate investors (Video)
In this Privcap video, specialists discuss the challenges of structuring investment deals with offshore investors.

Proposed bill would expand casualty loss expensing for citrus growers
H.R. 112 would expand the ability of joint or minority citrus plant owners to expense replacement crops damaged in hurricanes.

Ohio Supreme Court rules on supplemental executive retirement plans
Ohio decision is reminder to understand tax implications of supplemental executive retirement plan income at the local jurisdiction level.

Capitol Hill

Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/tax-digest.html

Disclaimer

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please contact us directly.

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