Audit & Accounting Update: September 1, 2016

Posted on September 1, 2016 by Insero & Co. — Leave a comment

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.

Financial instruments: In-depth analysis of new standard on credit losses
Our white paper provides answers to key questions regarding the FASB’s new standard on credit losses.
Read more

Status of FASB’s project on hedge accounting
Our summary discusses the FASB’s ongoing efforts to simplify hedge accounting.
Read more

Proposal: Consolidation of for-profit limited partnership by not-for-profit entity
To clarify, the consolidation guidance for not-for-profit entities, the FASB recently issued a proposed ASU.
Read more

Proposed presentation of items in a financial statement
A recent exposure draft describes proposed concepts related to how recognized items should be presented in a financial statement.
Read more

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.

Tagged with: Accounting, ASU, Audit, auditor, Consolidation, credit losses, FASB, financial instruments, financial statement, for-profit, hedge accounting, limited partnership, not-for-profit
Posted in A&A

Tax Update: August 2016

Posted on August 31, 2016 by Insero & Co. — Leave a comment

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.

5 myths that keep companies from filing for WOTC
Mistaken ideas about the Work Opportunity Tax Credit (WOTC) keep many employers from realizing tax savings.
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The future of carried interest?
Carried interest is always a hot topic in partnership taxation. Is change coming and, if so, what might it look like?
Read more

Minnesota Supreme Court upholds partial MTC repeal
Minnesota Supreme Court holds the enactment of the MTC did not create a contract prohibiting the state from partially repealing the law.
Read more

What’s the deal with sales and use tax on remote purchases?
Growth in remote purchasing has states seeking ways to collect the sales tax funds they are due, holding both retailers and consumers responsible.
Read more

Tax planning for high net worth individuals immigrating to United States
Understand the U.S. income, gift and estate tax exposures of immigrating to the United States.
Read more

BEPS will mean higher costs and uncertainty for middle-market companies
A 2016 survey commissioned by RSM and conducted by Euromoney Institutional Investor found middle-market companies face major impact from BEPS.
Read more

Research tax credit limitations for partners and S corporation shareholders
Read more

IRS addresses deferred revenue treatment in taxable stock acquisition
Read more

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

Disclaimer

Tagged with: BEPS, carried interest, immigration, IRS, middle market, Minnesota, partnership, repeal, S corporation, sales tax, Stock, Tax, use tax, WOTC
Posted in Tax

Employee Benefits Update: August/September 2016

Posted on August 30, 2016 by Jennifer Ott — Leave a comment

This issue’s topics include:

DOL fiduciary rule rocks plan investment advice landscape

When the final version of the U.S. Department of Labor’s fiduciary standards rule for advisors to retirement plans was issued in April, the wait for the long-anticipated regulatory package was over. With the benefit of the intervening months, the implications for plan sponsors have become clearer. This article highlights what plan sponsors need to know about the new rule. A sidebar looks at what constitutes investment “advice.”

Insero Named Best Accounting Workplace for Fifth Consecutive Year

Posted on August 16, 2016 by David Mandrycky — Leave a comment

Insero & Co. CPAs was recently named as one of the 2016 Best Accounting Firms to Work for by Accounting Today for the fifth consecutive year. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. Insero is the only firm in New York state to have been named to the list each of the last five years.

“We’re thrilled to receive this honor for the fifth year in a row,” said David Mandrycky, Director of Human Resources at Insero. “We owe many thanks to our entire team for upholding our focus on our people and building an environment where people are fulfilled and excited to come to work each day. Because of this focus, our reputation across the state has grown, employee turnover rate is well below the industry average and we are an employer of choice on the college campuses. That, in turn, benefits our clients, who appreciate being able to work with the best people. It’s truly a win-win.”

This survey and awards program is designed to identify, recognize and honor the best 100 employers in the accounting industry, benefiting the industry’s economy, workforce and businesses. Companies from across the country entered the two-part survey process to determine Accounting Today’s Best Accounting Firms to Work for. The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking, which will be announced in November of this year.

“The firms on this list represent the best workplaces in the accounting profession,” said Accounting Today Editor-in-Chief Daniel Hood. “They are outstanding places to build a career.”

For more information on Accounting Today’s Best Accounting Firms to Work for program, visit www.BestAccountingFirmsToWorkFor.com.

Rochester-based Insero & Co. CPAs is one of the largest accounting and business advisory practices serving New York state with offices in Rochester, Ithaca, Corning, Cortland and Watkins Glen. 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.

Tagged with: Accountancy, Accountant, Accounting, Accounting Today, best, Best Accounting Firms, binghamton, Business, Career, chemung county, Corning, Cortland, elmira, employee, finger lakes, Firm, Ithaca, job, monroe county, New York State, Ranking, Rochester, schuyler county, Southern Tier, steuben county, tioga county, tompkins county, United States, Watkins Glen, western new york, workplace
Posted in Careers, News

Seven Prominent Universities Sued Over 403(b) Plan Fees

Posted on August 16, 2016 by Renee Ricci — Leave a comment

The 403(b) community has become the target of retirement plan fee litigation. Lawsuits have been filed against Duke, Johns Hopkins, MIT, NYU, UPenn, Vanderbilt, and Yale on behalf of plan participants. The complaints allege that the plan sponsors failed to monitor excessive fees, did not replace expensive, poor-performing funds with cheaper ones, and generally failed to provide appropriate fiduciary oversight in the administration of their retirement plans. These complaints allege that these failures cost tens of millions of dollars in retirement funds. While 401(k) plan sponsors are more than familiar with these types of claims, this is the first time that nonprofit organizations have been targeted. Read more about the recent lawsuits here and here.

Are the services your plan receives reasonably priced? Knowing the answer is a vital fiduciary duty. ERISA expects more from plan fiduciaries than simply shopping around for plan providers offering rock bottom rates. Rather, the question turns on whether fees are reasonable in light of services provided. So, in addition to knowing how much the plan is paying, you must determine whether the level of service rendered is appropriate. As a plan sponsor, you should: Read more ›

Tagged with: 401k, 403(b), Accounting, Administration, benchmark, benefit, Business, claim, college, committee, Compliance, DOL, Duke, ERISA, fees, Fiduciary, Funds, investment, Johns Hopkins, lawsuit, litigation, MIT, not-for-profit, NYU, oversight, plan, provider, Retirement, Risk, sponsor, sued, university, UPenn, Vanderbilt, Yale
Posted in Employee Benefit Plans

Setting Up User Access in QuickBooks

Posted on August 8, 2016 by Jacquie Platt — Leave a comment

The QBC: QuickBooks^® Client Newsletter

Setting Up User Access in QuickBooks

Will multiple employees be working with your QuickBooks company file? You’ll need to define their permission levels.

If you ever did your bookkeeping manually, you probably didn’t allow every employee to see every sales form and account register and payroll stub. Most likely, you established a system that allowed staff to work only with information that related to their jobs. Even so, there may have been times when, for example, someone pulled the wrong file folder or was sent a report that he or she shouldn’t have seen.

QuickBooks helps prevent this by setting virtual boundaries. You can specify which features of the software can be accessed by employees who work with your accounting data. Each employee receives a unique user name and password that unlocks only the areas he or she should be visiting.

QBC 0816 image 1_zpsai8phrev To help minimize errors, maintain data integrity, and preserve confidentiality, QuickBooks lets you restrict users to designated areas in the software. Read more ›

Tagged with: Access, Accounting, Accounts Receivable, Bookkeeping, Customer, customize, Easy, QuickBooks, restrict, Sales, Settings, Small Business, smallbiz, Users
Posted in QuickBooks

Audit & Accounting Update: July 21, 2016

Posted on July 21, 2016 by Insero & Co. — Leave a comment

Consolidation: Interests held through related parties under common control

Upon the effective date of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2015-02,Consolidation (Topic 810): Amendments to the Consolidation Analysis, a single decision maker of a variable interest entity (VIE) is required to consider indirect economic interests in the entity held through related parties on a proportionate basis when determining whether it is the primary beneficiary of that VIE, unless the single decision maker and its related parties are under common control. If a single decision maker and its related parties are under common control, the single decision maker is required to consider indirect interests in the entity held through those related parties to be the equivalent of direct interests in their entirety. This may result in the single decision maker consolidating a VIE even if it has little to no direct economic interests in the VIE. To address this issue, the FASB recently issued a proposed ASU, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control.

Click Here to Read More

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

Tagged with: Accounting, ASU, Audit, auditor, Consolidation, credit losses, FASB, final, financial instruments, VIE
Posted in A&A

Tax Update: July 2016

Posted on July 12, 2016 by Lou Gangi — Leave a comment

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

Plan sponsors must pay health plan fee by July 31, 2016
Grantor’s death can compromise S corporation’s status
Potential tax traps for employees who become partners
How research tax credits are limited for partners and S corporation shareholders
Proposed regulations could affect subchapter S status
Look for upcoming ‘hot dog stand’ guidance on corporate spin-offs
Controlling shareholder is liable as a transferee for corporate level tax
IRS addresses deferred revenue treatment in taxable stock acquisition

International Tax

Global survey reveals BEPS middle market impact
Multinationals with Indian or Singapore investments should evaluate whether to change investment structures

State and Local Tax

Oklahoma eliminates ‘double’ state and local tax deduction

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

Disclaimer

Tagged with: ACA, corporate, credits, death, deferred revenue, employee, Federal, global, India, International, IRS, local, middle market, multinationals, Obamacare, Oklahoma, Partner, Plan Sponsor, RSM, S corporation, SALT, shareholder, Singapore, spin-offs, state, Stock, subchapter s, Tax, traps
Posted in Tax

Make QuickBooks Your Own: Specify Your Preferences

Posted on July 11, 2016 by Jacquie Platt — Leave a comment

The QBC: QuickBooks^® Client Newsletter

Make QuickBooks Your Own: Specify Your Preferences

Your business is unique. Make sure that QuickBooks knows how you operate.

QuickBooks was designed to be used by millions of businesses. In fact, it’s possible to install it, answer a few questions about your company, and start working right away.

However, we strongly suggest you take the time to specify your Preferences. QuickBooks devotes a whole screen to this customization process. You can find it by opening the Edit menu and selecting Preferences.

Audit & Accounting Update: June 23, 2016

Posted on June 23, 2016 by Insero & Co. — Leave a comment

FASB issues final standard on credit losses

On June 16, 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited new standard on credit losses, namely Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which applies to all entities and most financial assets that are not measured at fair value through net income. The ASU represents the culmination of what has been a long and arduous process to address the complexity and perceived shortfalls of existing guidance, including the perception that credit losses are currently recognized too little and too late.