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.
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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.
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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

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

Not-for-Profit Update: March/April 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.

Getting ready: Revenue recognition and not-for-profit entities
It is not too early to begin anticipating and mapping out the impact on your organization of FASB Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606).
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Form 990-N, 10 years later
Prior to the passage of the Pension Protection Act of 2006, small exempt organizations, other than black lung benefit trusts (Form 990-BL) or private foundations (Form 990-PF) that did not meet the $25,000 gross receipts test of the Form 990-EZ, were excused from filing with the Internal Revenue Service (IRS).
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Cybersecurity for nonprofits: Understanding threats and weaknesses
Many nonprofit organizations do not consider themselves as potential targets for a cyberattack because they think they do not possess information hackers want.
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Source: RSM US LLP
Used with permission as a member of the RSM US Alliance
http://rsmus.com/our-insights/newsletters/muse.html

Not-for-Profit Update: January/February 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.

Consolidation of for-profit limited partnership by not-for-profit entity
Understanding the latest Accounting Standards Update (ASU) 2015-02 issued by the Financial Accounting Standards Board (FASB).
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Can outsourcing help your organization neutralize rising labor costs?
Outsourcing strategies and their potential to support the success of your nonprofit organization.
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Leveraging the cloud to strengthen your technology platform
The cloud is one of the biggest technology enablers for nonprofits, and has become a valuable information technology tool for many organizations.
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

Audit & Accounting Update: January 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.

Changes to revenue recognition in the technology industry 
Our white paper discusses how certain issues will significantly affect revenue recognition in the technology industry.
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Clarifications to definition of a business
The FASB recently issued clarifications to the definition of a business, which affects many areas of accounting.
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Consolidation of for-profit limited partnership by not-for-profit entity
ASU 2017-02 clarifies when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership.
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Proposal: Balance sheet classification of debt
A recent proposed ASU introduces an overarching principle for determining whether debt should be classified as current or noncurrent.
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Proposed changes to disclosure requirements for inventory
If finalized, recent proposed amendments to FASB ASC Topic 330 would require additional inventory disclosures.
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FASB makes additional corrections to new revenue guidance
A recent FASB Accounting Standards Update makes technical corrections to ASC Topic 606, Revenue from Contracts with Customers.
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Tool for audit committees: Preparing for the revenue recognition standard
A new Center for Audit Quality tool aims to help audit committees assess a company’s implementation of the new revenue recognition standard.
Read more

 

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 2016

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.

4 tax issues driven by organic growth
Taxation of internally-generated profits can vary. Capital investments in new products, services or facilities can create tax opportunity or risk.
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Managing your personal wealth after leaving a closely held business
Business succession financial planning requires introspection. You must quantify core capital needs and define estate and charitable goals.
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US Supreme Court to hear Delaware unclaimed property check dispute
Twenty-three states challenge the escheat of MoneyGram official checks, claiming instruments should have escheated to state of purchase.
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FATCA and other year-end global information reporting considerations
Read these tips for internationally active taxpayers on FATCA classifications, preparation for CRS reporting and more.
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Business succession planning: Why it is critical to revisit your plan now
The ins and outs of estate planning strategies and key provisions of the proposed regulations to section 2704 and how to prepare.
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Current issues and opportunities for ESOP companies
The ESOP community remains vibrant with maturing ESOPs and many beginning to explore the possibility.
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6 steps to solving the country-by-country reporting challenge
Learn a straightforward six-step process to help U.S. multinationals address new IRS country-by-country reporting requirements.
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Draft remote seller legislation provides unique federal solution
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Review your tax technology now to avoid headaches tomorrow
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Follow new guidance when correcting qualified retirement plan errors
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Apple’s influence on international tax policy
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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.

Tax Update: June 2016

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 McGladrey 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.

Federal

  • Pension maximization-a/k/a ‘pension max’
  • Tax treatment of a simple agreement for future equity is not a lock
  • Employer action advised on new health insurance notices
  • Gasoline gallon equivalents for alternative fuel tax credits
  • Deductibility of accrued customer rewards

International Tax

  • International impact of the proposed debt-equity regulations
  • New proposed reporting requirements for foreign-owned DREs

State and Local Tax

  • Colorado department clarifies treatment of electronically delivered software and maintenance agreements
  • Missouri Supreme Court takes narrow view of grocery exemption
  • Tennessee court disallows retailer’s bad debt deduction for third-party write-offs
  • Texas comptroller denies COGS deduction for technology service provider

Source: RSM US LLP
Used with permission as a member of the McGladrey 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.

QuickBooks Reminders Prevent Problems

The QBC: QuickBooks® Client Newsletter

QuickBooks Reminders Prevent Problems

Preserve your relationships with customers, vendors, and others by setting up reminders in QuickBooks.

How many calendars do you maintain? Many businesspeople have more than one. Maybe you use a web-based or desktop application like Google Calendar or Outlook for meetings, task deadlines, travel dates, etc. Your Customer Relationship Manager (CRM) might have another. Perhaps you still have a paper calendar as backup.

But where do you keep track of bills that need to be paid, invoices that have to be sent, inventory items that must be ordered, etc.? Do you include that information in your general business calendar(s) and hope they don’t get lost in the shuffle?

QuickBooks has a better solution. The software contains a dedicated set of tools that automates the process of setting up and displaying reminders. Once you’ve created them, they can be the first thing you see when you open QuickBooks in the morning.

Warning: If you do not launch QuickBooks frequently, consider tracking your critical accounting tasks using a different method.

Getting a Head Start

QuickBooks lets you specify exactly when you want to receive reminders of upcoming activities. To set this up, open the Edit menu, then click Preferences, and then Reminders | Company Preferences.

Note: If you want QuickBooks to display your reminders every time you launch the software, click on the My Preferences tab and make sure that the box in front of Show Reminders List when opening a Company file is checked. If it isn’t, click in the box.

QBC 1115 image 1_zpsbljfajsnFigure 1: QuickBooks provides personalization tools for your reminders.

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Accounting for Time in QuickBooks

The QBC: QuickBooks® Client Newsletter

Accounting for Time in QuickBooks

If you sell services to your customers, you’ll need to understand how to use QuickBooks’ time-tracking features.

Small businesses that sell products have to do a constant balancing act. Keep too much inventory on hand, and you’re sitting on potential profits. If you don’t order enough and you run out, your customers may go to a competitor. QuickBooks provides tools and reports that can help you manage this ongoing challenge.

Selling time and services is a different story. There’s no real inventory tracking involved — except in terms of knowing how much manpower you have available at any given time. But just like you wouldn’t want customers to walk off with merchandise they haven’t bought, you don’t want any billable minutes or hours to be ignored. Both scenarios eat into your profits.

Gone are the days when you had to count on employees to fill out detailed timecards and hope that they remembered to document everything. QuickBooks can help ensure that you’re getting paid for all time and services rendered.

Building Your Records

Before you can ask employees to start tracking the hours they put in, you need to create a record for every time-based activity so that QuickBooks knows how much to charge when billable time is entered. The software creates and stores these in the same way it builds records for physical inventory items.
Start by clicking on the Items & Services icon on the home page (or go to Lists | Item List). Click the down arrow next to Item in the lower left of the screen that appears, and then select New from the menu (or right-click in the main part of the screen and select New).

QBC%201015%20image%201_zpsimzb3vdtFigure 1: Once you’ve created a record for a service item, you can use it throughout QuickBooks.

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