Audit & Accounting Update: March 24, 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 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.

Initial election of private company accounting alternatives
ASU 2016-03 addresses matters related to the initial election of the private company accounting alternatives within its scope.

Recognition of breakage for certain prepaid stored-value products
ASU 2016-04 addresses the recognition of the portion of the dollar value of prepaid stored-value products that ultimately is unredeemed.

Source: RSM US LLP
Used with permission as a member of the McGladrey 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: New Lease Accounting Rules Issued

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new lease accounting guidance. While this revised guidance will affect both lessees and lessors, its provisions will have the most impact on how lessees account for their leases.

Organizations will need to ensure they have a complete and accurate inventory of all lease arrangements.

Under the new guidance, lessees will be required to recognize right-of-use assets (representing the lessee’s right to use a specified asset over the term of the lease), and a lease liability (for the obligation to make payments under the lease agreement) for substantially all leases. The new guidance provides an exception for short-term leases with a lease term of 12 months or less. Lease payments under these short-term leases are generally expensed on a straight-line basis over the term of the lease.

For many entities, this could significantly affect financial ratios used for external reporting and debt covenant compliance.

Lessor accounting is largely unchanged from the previous guidance.  However, the new guidance prospectively eliminates the specialized accounting for leveraged leases.

Public business entities should apply the new guidance for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Nonpublic business entities should apply the guidance for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020.  Early application is permitted.

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 us directly.

Insero and JC Jones Announce Strategic Alliance

Insero & Co. CPAs, LLP (Insero) and JC Jones & Associates, LLC (JC Jones) have announced the formation of a strategic alliance designed to enhance each firms’ service offerings.

“This alliance is the result of years of working together on client projects and the common goal of providing the highest level client of service,” said Nancy Catarisano, Managing Partner of Insero. “Together we can create more opportunities for our employees as well as a deeper bench for our clients in terms of experienced and knowledgeable partners. We have always been impressed with JC Jones’ commitment to client service, and now that we are aligned I am confident that our clients will see an immediate benefit.”

“Individually both firms have an impressive group of well-respected team members and industry knowledge; but together, our combined areas of expertise are a great fit and will afford us a competitive advantage in terms of depth of knowledge as well as availability of resources,” said P.J Guisto, Managing Partner of JC Jones. “With our consulting experience and the strength of Insero’s compliance practice, we can provide the best possible service to our clients.”

JCJones-Logo

Insero and JC Jones plan to leverage their respective strengths to drive growth in the middle-market and large corporate sectors as well as expanding opportunities for staff. The two firms have previously worked together on a number of engagements and are recognized leaders.

JC Jones, with corporate offices in Pittsford, N. Y., was founded in 1997 and provides high value management advisory services to companies around the world in a wide and continually expanding variety of industries. The firm specializes in performance and profit improvement, information technology consulting, governance, risk and compliance and business restructuring. For more information, visit www.jcjones.com.

Rochester-based Insero & Co. CPAs is one of the largest accounting and business advisory practices serving Upstate New York with more than 125 employees in five locations. A full-service public accounting firm, Insero provides attest, tax and consulting services to government agencies, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, high-tech, telecommunications and real estate. For more information, visit www.inserocpa.com.

The Financial Responsibilities of Elected Officials: What You Need to Know

Join Leslie Spurgin of Insero & Co. CPAs and Charles Benincasa, Director of Finance, City of Rochester for  The Financial Responsibilities of Elected Officials: What You Need to Know presented by the New York State Government Finance Officers’ Association, Inc.

GFAO

Click Here to Register

When:  Thursday, March 10, 2016
5:00 PM – 5:30 PM – Registration and Buffet Dinner
5:30 PM – 8:00 PM – The Financial Responsibilities of Elected Officials:
What You Need to Know

Where:  Fairport Electric Building, Training Room
43 Liftbridge Lane, Fairport, New York 14450
Driving Directions

Presented by: Leslie Spurgin | Audit Partner | Insero & Co. CPAs
Charles Benincasa | Director of Finance | City of Rochester

Click here to download the brochure.

To receive updates on future events, please join our mailing list.

 

 

 

 

 

,

Insero & Co. and CDLM Merge

Insero & Co. CPAs (Insero) and Ciaschi, Dietershagen, Little, Mickelson & Company, LLP (CDLM) have merged as of January 1, 2016. The combined firm will operate under the Insero & Co. name, and employ more than 125 across five locations in Rochester, Ithaca, Corning, Cortland, and Watkins Glen.

PartnerCollage2016

“We have worked together for nearly two years and our merger will help us to continue to grow our practice across New York state,” said Nancy Catarisano, who will serve as Managing Partner. “Insero has enjoyed a great reputation for client service and we work with many middle market and family owned businesses in the Rochester area. Together, we are excited to enter Central New York and the Finger Lakes region and create new opportunities for our clients and our staff.”

Insero has repeatedly been recognized nationally as one of the Best Accounting Firms to Work for by Accounting Today and Best Companies Group, and, in 2015, ranked first in the small business category of Rochester’s Top Workplaces by the Democrat and Chronicle and WorkplaceDynamics. The firm is also one of the top 25 employee benefit plan accounting firms in the U.S. based on plan assets audited and provides outsourced staffing solutions to local businesses.

“What excites me about this merger is our combined bench strength and our new focus on expanding our not-for-profit, school district and government audit practice into the Rochester area,” said John Dietershagen, who will serve as Office Managing Partner for the Southern Tier locations. In addition to serving privately held businesses, CDLM currently audits more than 200 local governments, educational entities, not-for-profit organizations and labor organizations throughout Central New York and the Finger Lakes region.

John Dietershagen, CPA

Rochester-based Insero & Co. CPAs is one of the largest accounting and business advisory practices serving New York state. A full-service public accounting firm, Insero provides attest, tax and consulting services to corporations, individuals, government agencies, colleges and universities, not-for-profit organizations and businesses ranging from privately held family businesses to multi-national corporations. These clients represent many industries, including service, manufacturing, distribution, high-tech, telecommunications, education, social services and real estate. For more information, visit www.inserocpa.com.

 

Federal Tax Weekly: December 10, 2015

This issue’s topics include:

  • Obama Signs Highway Bill With Tax Offsets; Negotiations Continue On Omnibus And Extenders
  • Chief Counsel Reaffirms Prior Guidance On Computer Costs: Some Costs Must Be Capitalized; Others Deductible
  • IRS Clarifies Proposed Regs’ Substantiation Option For Charitable Contributions
  • Damages And Legal Expenses Paid By Corporation’s Managing Shareholder To Satisfy Judgment Were Deductible Business Expenses
  • IRS Extends Time Limits For Issuing Tribal Economic Development Bonds

Federal_Tax_Weekly

Click Here to Download

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 us directly.

Federal Tax Weekly: December 3, 2015

This issue’s topics include:

  • IRS Increases Tangible Property Expensing Threshold For Taxpayers Without AFS
  • Wolters Kluwer Computes 2016 Luxury Vehicle Limits, Fringe Benefit Caps
  • Chief Counsel Reviews When Employers May Exclude From Income Cost Of Health Insurance Coverage
  • IRS Launches Form W-2 Verification Code Pilot Program For 2016 Filing Season
  • Chief Counsel Determines Civil Tax Issues For Taxpayer Convicted Of Filing False Or Fraudulent Returns

Federal_Tax_Weekly

Click Here to Download

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 us directly.

Federal Tax Weekly: November 19, 2015

This issue’s topics include:

  • Agencies Finalize Regs for ACA’s Market Reforms
  • IRS Launches 2016 PTIN Renewal Season
  • IRS Makes Progress in Curbing Business Tax Identity Theft
  • Generic Drug Manufacturer Required to Capitalize Legal Fees Incurred to Obtain FDA Approval
  • IRS Reminds Taxpayers of Advantages of Health FSAs

Federal_Tax_Weekly

Click Here to Download

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 us directly.

Federal Tax Weekly: November 12, 2015

This issue’s topics include:

  • MyRA Starter Roth IRA Now Available Nationwide
  • IRS Releases Revised Form 1042 And Instructions
  • Audits of Individual Tax Returns Drop Again
  • IRS Extends Safe Harbors for Distressed Homeowners
  • Highway Bill Goes to Conference; Extenders Could Move

Federal_Tax_Weekly

Click Here to Download

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 us directly.

Federal Tax Weekly: November 5, 2015

This issue’s topics include:

  • Obama Signs Budget Agreement Repealing TERFA Audit Rules
  • IRS Reduces PTIN User Fee
  • IRS Issues Guidance on Private Activity Bond Restrictions
  • Real Estate Developer Cannot Use Home Construction Contract Method to Defer Income
  • Consts of Internet Domain Names Are Code Sec. 197 Intangibles

Federal_Tax_Weekly

Click Here to Download

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 us directly.