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.

Audit & Accounting Update: October 26, 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.

Revenue recognition: 5 key considerations for implementation
Our article highlights a few important aspects of implementing FASB Accounting Standards Codification Topic 606.

Revenue recognition: Key considerations for the construction industry
Our webcast will discuss how FASB Accounting Standards Codification Topic 606 affects the construction industry.

Proposed clarifications to land easements application guidance
The FASB recently issued a proposed ASU to address concerns regarding the application of Topic 842 to land easements.

Proposed technical amendments to recently issued standards
Recent FASB proposals provide narrow-scope amendments to accounting standards for financial instruments and leases.

Proposed Codification improvements
The FASB recently proposed changes to clarify the Codification and correct unintended application of guidance.

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: October 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.

New tax reform plan from Trump and Congressional Republicans
A new tax reform plan was announced by the White House and House Republicans, including rate cuts and limitations on deductions.

How could tax reform affect your business?
An online estimator tool to evaluate the impact from tax reform.

Disaster relief and recovery
Controlling your business when circumstances are beyond your control.

Global value added tax – Gulf Cooperation Council
Learn more about the introduction of VAT in middle east and practical next steps you can take to ensure your organization is ready.

IRS Audit Survival Guide
What to do when faced with an IRS notice? Keep calm and call your tax advisor. But first, download our guide to the IRS exam process.

Manifest injustice: More than a moldy old doctrine
New Jersey has highlighted and extended a doctrine that may benefit taxpayers when states retroactively apply new laws.

Virginia issues tax amnesty program guidance
Department of Taxation provides details on amnesty-eligible taxes, periods and disqualifications; explains payment procedures.

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.

Audit & Accounting Update: October 12, 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.

Webcast: Health care industry revenue recognition
Our webcast will address health care industry matters that are relevant when implementing the new revenue recognition guidance.

Short-duration contract disclosures: An overview of ASU 2015-09
Our whitepaper discusses the disclosure requirements of ASU 2015-09 and certain related key implementation considerations.

Proposed reorganization of consolidation guidance
The FASB has proposed to reorganize, and clarify certain areas of, Accounting Standards Codification Topic 810, “Consolidation.”

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.

Creating Customer Statements in QuickBooks

Invoices not being paid promptly? Customers questioning their payment history? Create statements.

Let’s say you have a regular customer who used to pay on time, but he’s been hit-and-miss lately. How do you get him caught up?

Or, one of your customers thinks she’s paid you more than she owes. How do you straighten out this account?

Both of these situations have a similar solution. QuickBooks’ statements provide an overview of every transaction that has occurred between you and individual customers during a specified period of time. They’re easy to create, easy to understand, and can be effective at resolving payment disputes.

A Simple Process

Here’s how they work. Click Statements on the home page, or open the Customers menu and select Create Statements. A window like this will open:

Select Statement Options in QuickBooks Screenshot

QuickBooks provides multiple options on this screen so you create the statement(s) you need.

First, make sure the Statement Date is correct, so your statement captures the precise set of transactions you want. Next, you have to tell QuickBooks what that set is. Should the statement(s) include transactions only within a specific date range? If so, click the button in front of Statement Period From, and enter that period’s beginning and ending dates by clicking on the calendar graphic. If you’d rather, you can include all open transactions by clicking on the button in front of that option. As you can see in the screen shot above, you can choose to Include only transactions over a specified number of days past due date.

Choosing Customers

Now you have to tell QuickBooks which customers you want to include in this statement run. Your options here are:

  • All Customers.
  • Multiple Customers. When you click on this choice, QuickBooks displays a Choose Click on it, and your customer list opens in a new window. Click on your selections there to create a check mark. Click OK to return to the previous window.
  • One Customer. QuickBooks displays a drop-down menu. Click the arrow on the right side of the box, and choose the correct one from the list that opens.
  • Customers of Type. Again, a drop-down list appears, but this one contains a list of the Customer Types you created to filter your customer list, like Commercial and Residential. You would have assigned one of these to customers when you were entering data in their QuickBooks records (click the Additional Info tab in a record to view).
  • Preferred Send Method. E-mail or Mail?

Miscellaneous Options

At the top of the right column, you can select a different Template if you’d like, or Customize an existing one. Not familiar with the options you have to change the layout and content of forms in QuickBooks? We can introduce you to the possibilities.

Below that, you can opt to Create One Statement either Per Customer or Per Job. The rest of the choices here are pretty self-explanatory – except for Assess Finance Charges. If you’ve never done this, we strongly recommend that you let us work with you on this complex process.

When you’re satisfied with the options you’ve selected in this window, click the Preview button in the lower left corner of the window (not pictured here). QuickBooks will prepare all the statements in the background, then display the first one. You can click Next to view them one by one. At the bottom of each, you’ll see a summary of how much is due in each aging period, like this:

Invoice Aging Summary Example

It’s easy to see how much each customer is past due within each aging period. This summary appears at the bottom of statements.

After you’ve checked all the statements, click the Print or E-mail button at the bottom of the window.

Other Avenues

Your company’s cash flow depends on the timely payment of invoices. Sending statements is only one way to encourage your customers to catch up on their past due accounts. There are many others, like opening a merchant account so customers can pay you online with a bank card or electronic check. If poor cash flow is threatening the health of your business, give us a call. We can work together to identify the trouble spots and get you on the road to recovery.

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: October/November 2017

This issue’s topics include:

Staging a comeback

Stable value funds are back in the spotlight

It’s been awhile since stable value funds reigned as a top investment choice for 401(k) plan participants. Very low prevailing interest rates and a booming stock market have diminished their status. Although no one is predicting they’ll unseat target date funds as the top investment election for retirement investors, stable value funds have staged a bit of a comeback recently. This article explores just what’s behind the renewed interest.

Read More

Are you going to file Form 5500 on time?

Play it safe and avoid penalties

Missing filing deadlines for Form 5500, Annual Return/Report of Employee Benefit Plan, for retirement and health and welfare plans can be extremely costly. The best way to avoid trouble is to ensure that meeting filing deadlines never falls between the cracks. This article summarizes the penalties for delinquent filing of Form 5500 and whether plan sponsors can use the DOL’s Delinquent Filer Voluntary Compliance Program.

Read More

Target date fund labels can obscure their investment strategy

The proliferation of target date fund (TDF) varieties can bewilder many plan sponsors. One survey found that, while 65% of plan sponsors consider investment performance the most important selection criterion when choosing a TDF, 54% aren’t confident about how to benchmark the TDFs against others in the marketplace. This article examines how to compare competing TDFs by segmenting them into logical categories.

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GAO report: Some plan designs may reduce retirement savings

Retirement plan sponsors have ways to limit their outlays for very young employees, and those that move to other employers soon after coming on board. The General Accountability Office (GAO) recently analyzed those plan design opportunities, and is sounding alarm bells. This short article highlights the GAO’s concerns that these options can reduce employees’ ultimate retirement savings potential.

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Compliance alert

This feature lists a few key tax reporting deadlines for October and November.

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

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Not-for-Profit Update: September/October 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.

What your nonprofit board members need to know about Form 990
The first in a two-part series to help board members develop a better understanding of why the IRS asks for the information contained in the Form 990.
Read more

5 things to know about managing third-party relationship risks
Enforcement is scheduled to start on May 25, 2018. What do U.S. organizations need to do now? Here are five key considerations.
Read more

Do you know how managed IT services can help overcome your challenges?
A managed IT services agreement can provide peace of mind that you are making technology decisions to align with your strategy and goals.
Read more

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

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