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COSO Releases Additional Thoughts on New Framework

June 12, 2013
Lisa Whittemore, MFA Cornerstone Consulting

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published a brief article outlining one possible approach of transition for those pondering their next steps with regard to implementing [...]

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Internal Audit Function Rule Withdrawn by NASDAQ

June 5, 2013
Tracy Curley, MFA and Michelle Mackey, MFA Cornerstone Consulting

In February 2013 NASDAQ filed with the Securities and Exchange Commission (SEC) a proposed rule requiring listed companies to establish and maintain an internal audit function. NASDAQ has now released an update [...]

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Key Changes in GAAP Standards on the Way

May 29, 2013
Michael Piessens

The Financial Accounting Standards Board (FASB) has been working on significant changes to three core GAAP accounting areas – the biggest modifications that we have seen in years. What’s the big deal? These changes will [...]

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COSO’s Updated Internal Control Framework: What You Need to Know

May 22, 2013
Michelle Mackey, MFA Cornerstone Consulting

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued their 2013 Internal Control – Integrated Framework last week. The new Framework makes a number of enhancements to the original [...]

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The Marketplace Fairness Act Takes Its First Big Step

May 8, 2013
Shannan Cuddy

The Marketplace Fairness Act of 2013, a bill that if passed will subject online shoppers to state sales tax, was introduced in the Senate in February of this year and to the House in April. On Monday May 6th, the Senate passed the bill [...]

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Selecting the Right Entity Type for Your Business

May 1, 2013
Bill Keefe

Selecting the ideal business entity is a multi-faceted process that requires careful consideration for any entrepreneur or current business owner. Often times new tax laws or other policy changes can have a significant [...]

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Nonprofits: Staying On Top of Filing Requirements

April 3, 2013
Joyce Ripianzi

Nonprofit organizations sometimes operate under the assumption that their tax-exempt status is active and secure, but are actually unaware of the extent of their filing obligations. [...]

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Proactive Tax Planning Takes on Greater Significance for 2013

March 20, 2013
Jim Guarino

Over the course of my career as a tax advisor, I’ve witnessed an interesting phenomenon. Many individuals refrain from proactive tax planning in the same way some of us might balk at eating raw vegetables. [...]

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Uncertainty Resolved, Complexity Increased for Upper-Income Taxpayers

January 9, 2013
Jim Guarino

While a great number of Americans may have let out a huge sigh of relief following our legislators' last-minute Fiscal Cliff deal, some taxpayers now face a much more complicated year in terms of tax planning. [...]

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The Efficient Audit: Income Taxes

December 26, 2012
Dylan Maguire, Erin Carmody and Yanna Yao

When preparing for an audit, taxes may not be the first thing to come to mind, but it is an important audit area that can require attention before, during and even after fieldwork is complete. While much of the income [...]

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"Obamacare" Tax Implications

December 7, 2012
John Antonelli

As year-end tax planning ramps up, there appears to be more questions than answers available regarding the future tax environment in the United States. With the Supreme Court’s decision to uphold the [...]

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Year-End Tax Considerations: The Future of Personal Income Tax

November 27, 2012
Jerry Mahan and Jim Guarino

In the upcoming 2012 tax season, and for the 2013 tax year, taxpayers will have to carefully navigate the known and mitigate their exposure to the unknown. To alleviate current tax liability and to plan for the future [...]

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Year-End Tax Considerations: Bonus Depreciation & Section 179 Expensing

November 20, 2012
Yanna Yao

If your company is considering making any sizeable purchases of tangible personal property (equipment, software, etc.) in the near term, you're likely facing a choice of whether to buy before or after the end of the [...]

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Unified Standard for Auditor/Audit Committee Communications

August 22, 2012
Timothy Brown

The PCAOB recently adopted Auditing Standard No. 16, Communications with Audit Committees (AS 16), which details many existing as well as some new and expanded communication requirements. While most auditing standards have a [...]

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Unexpected Tax Burdens: LLC to C Corp Conversions

July 25, 2012
Yanna Yao

Companies make the conversion from limited liability company (LLC) to C corporation status for a number of reasons. One major reason is to attract venture capital (VC) funding, or to respond to specific requirements outlined in a VC term sheet. Keep in mind that [...]

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GAAP for Private Companies Takes a Step Forward

May 30, 2012
Michael Piessens

In the 3rd quarter of 2010, I and my colleague Travis Drouin authored blogs entitled Separate Private Company GAAP — An Argument in Favor and GAAP is GAAP — An Argument Against Separate Private Company GAAP. [...]

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The JOBS Act: Crowd Funding Not Ready for Takeoff Just Yet

May 23, 2012
Tracy Curley

As mentioned by my colleague, Travis Drouin, in his recent post about the crowd funding changes resulting from the Jumpstart Our Business Startups (JOBS) Act, crowd funding is “the concept and practice of [...]

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The FASB Actually Wants to Make Our Lives Easier Sometimes!

February 29, 2012
Michael Piessens

As mentioned in MFA’s February 2012 Financial Reporting Alert, Exposure Draft on Testing Indefinite-Lived Intangible Assets for Impairment, the FASB recently issued an exposure draft, Proposed Accounting Standards Update [...]

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Independent Contractors or Employees? Rectifying Prior Misclassification of Workers under the IRS’ New Amnesty Program

January 26, 2012
Shannan G. Cuddy

The IRS recently introduced a new amnesty program entitled the Voluntary Classification Settlement Program (VCSP) that permits taxpayers to voluntarily reclassify workers as employees for federal employment tax purposes [...]

 

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Will the U.S. Adopt Global Accounting Standards?

January 10, 2012
Tracy Curley

If you read MFA’s recent Financial Reporting Alert, SEC Issues Two Staff Papers on Work Plan Convergence of Global Accounting Standards, there are a few key points worth noting.

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Good News for 990 e-Filers

December 27, 2011
Joyce Ripianzi

In case you missed the recent notice from the IRS: tax-exempt organizations that are required to file their 990 returns by January 17, 2011 or February 15, 2012 now have until March 30, 2012 to do so. [...]

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What Crowd Funding Legislation Reform Means for Entrepreneurs

November 23, 2011
Travis Drouin

Earlier this month, the House of Representatives passed several bills relating to small business financing, including the headline-making “Entrepreneur Access to Capital Act” (HR 2930), intended to ease decades-old regulations regarding crowd funding. [...]

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Charities Must Notify Attorney General of Major Changes

November 2, 2011
Joyce Ripianzi

As funding dries up and some Massachusetts charities begin planning for a regrettable, but inevitable restructuring or cessation of operations, they need to bear in mind that [...]

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Tips for Nonprofit Audit Committees

October 5, 2011
Christine Schneider

In last week’s post, What Makes a Great Audit Committee?, I suggested some criteria to consider when selecting or evaluating the members of an audit committee.

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You Might Qualify for the R&D Tax Credit – Yes, You.

September 7, 2011
Erin Carmody

The U.S. government distributes billions of dollars in research and development (R&D) tax credits each year – but the money isn’t just for research labs. [...]

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Disclosing Your Tax-Exempt Information

August 17, 2011
Christine Schneider

When your tax-exempt organization receives a request for inspection of its federal filings – Form 990 or 990-EZ, 990-T if applicable and its application for tax exemption – do you know how to respond? [...]

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Using Roth IRAs to Mitigate “Double Taxation” of International Investments

August 5, 2011
Jeff Arsenault

As I and my colleagues have mentioned in previous blog posts, investing in a Roth IRA has a number of tax-related advantages. The $100,000 income limit window on converting a traditional IRA to a Roth IRA [...]

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State Sales Tax Nexus Requirements – What Every Company Should be Considering

July 13, 2011
Shannan G. Cuddy

Businesses that sell products or services in interstate commerce, whether online, by catalog, over-the-phone or in-person, face challenging multi-state sales tax compliance issues.

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Impaired or Not Impaired: That is the Question

July 6, 2011
Mike Piessens

Do you have the intangible asset “Goodwill” sitting on your books from previous business combination transactions?

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Staying in Shape for Retirement

June 29, 2011
Jim Guarino

Everyone agrees that planning for retirement is important—so why do so many of us choose to avoid the issue year after year?

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Investor Alert: 2013 and Its Expiring Tax Provisions Will Be Here Before You Know It

June 1, 2011
Jim Guarino

While it is welcome relief to investors that federal tax rates on income, qualifying dividends, and capital gains have been extended [...]

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A Word of Advice for Smaller Reporting Companies as XBRL Becomes a Reality

May 25, 2011
Tracy Curley

In 2009, the U.S. Securities and Exchange Commission (SEC) issued rules requiring public companies and foreign private issuers that prepare [...]

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Evolving State Tax Trends to Watch: “Economic Nexus" and the Growing Popularity of a Single Sales Factor Apportionment

April 13, 2011
Shannan Cuddy

In what has been called the worst economic crisis since the Depression, states are scrambling to make up for massive shortfalls in tax revenue. [...]

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A Closer Look at the Benefits of the Refundable AMT Credit

April 6, 2011
Jim Guarino

For those of you who paid alternative minimum tax (AMT) more than three years ago, you may be entitled to some much-needed relief. [...]

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States Continue to Target Internet Retailers with "Amazon Nexus" Rule

March 2, 2011
Shannan Cuddy

Illinois recently joined Colorado, New York, North Carolina and Rhode Island in aggressively targeting out-of-state Internet retailers that utilize in-state [...]

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Just Another Winter in New England... How to Account for a Building Collapse

February 9, 2011
Joyce Ripianzi and Mike Piessens

Close to 100 roofs have buckled and collapsed under the weight of heavy snow and ice in the past week, including the building of [...]

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New 1099 Requirements Hit Landlords Hard

February 2, 2011
Jim Guarino

As MFA reported in April of 2010 (Get Your Paper Trail Ready; Expansion of 1099 Use Coming in 2012), the passage of the health care bill [...]

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Retail & Hospitality Industries Receive Favorable IRS Guidance on Gift Cards

January 25, 2011
Craig Eaton

For those MFA clients and others whom the sale of gift cards and gift certificates is a standard business practice, I wanted to share with [...]

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Retirement Plan Sponsors – Do You Know the Extent of Your Fiduciary Responsibilities?

November 16, 2010
Jeff Arsenault

For those who could not make MFA’s webinar last week — Retirement Plans: Understanding Your Fiduciary Responsibilities — I wanted to share with you a few of the highlights from what was a very enlightening seminar on the fiduciary responsibilities of plan sponsors.

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Sorry Taxpayers, You’ll Have to Wait Until After the Election

October 19, 2010
James Guarino

The White House and Democratic leaders have announced that Congress will delay its efforts to extend soon-to-expire Bush tax cuts for low and middle income Americans until after the November 2nd elections.

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Proposed Lease Accounting Rules Prompt the Rethinking of Real Estate Strategies

October 5, 2010
Mike Piessens

As noted in my earlier blog post on the proposed new standard on lease accounting, the primary objective of the proposed lease rules by the FASB and IASB is to create a new accounting model that ensures assets and liabilities [...]

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Part 2: GAAP is GAAP - An Argument Against Separate Private Company GAAP

September 7, 2010
Travis Drouin

GAAP for private companies is a hot topic that can be looked at from varying perspectives. With that in mind, we offer this second entry of a two part blog series presenting both sides of the issue.

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Part 1: Separate Private Company GAAP - An Argument in Favor

August 31, 2010
Mike Piessens

GAAP for private companies is a hot issue that can be looked at from varying perspectives. With that in mind, we offer this first entry of a two part blog series presenting both sides of the issue; be sure to check back next month for “the argument against!”

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Clawbacks Get Tough: Enhanced Requirements Equate to Compensation with Strings Attached

August 24, 2010
Tracy Curley

Buried within the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 is the requirement for public companies to develop and implement a mandatory policy to recoup excess incentive-based compensation from current and former executive officers after a material financial restatement.

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Revenue Recognition Gets a New Look

August 10, 2010
Pam Sintros

Accountants, auditors, and corporate entities alike, take notice: the exposure draft recently issued by the Financial Accounting Standards Board (FASB) promises that big changes are in store.

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Get Your Paper Trail Ready; Expansion of 1099 Use Coming in 2012

June 29, 2010
Julie Viola

Interesting to note with all the attention that has been focused on the healthcare reform law, a minor change with a major impact is dodging the spotlight.

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Don’t Ignore the HIRE Act: Tangible Tax Benefits Await Employers

June 15, 2010
Julie Viola

Through many of my conversations with CFOs, controllers and owners of mid-market and smaller companies, I’ve noticed a running theme that more emphasis should be placed on the tremendous opportunities afforded by the Hiring Incentives to Restore Employment (HIRE) Act [...]

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Financial Reform: Panacea or Paper Tiger?

June 8, 2010
Mike Piessens

On May 20, 2010, the Senate approved an extensive financial regulatory bill, while a similar bill had passed the House back in December.

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Estate Planning Perks: Everyone in the “Speakeasy” Before it Closes

June 1, 2010
James Guarino

When tax revenues plummeted during the Great Depression, Congress needed a new source of revenue to avoid huge deficits.

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More SOX Relief in the Works?

May 18, 2010
Michelle Mackey

The SOX debate continues…. As noted in a recent Compliance Week post, the Senate is gearing up to take on financial reform, and the SOX 404 regulation discussion is emerging again; this time though it’s being debated by Congress and not by the SEC.

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IRS Provides Guidelines for Small Business Health Care Tax Credit

April 27, 2010
Julie Viola

An Accounting Today post pointed us to a link worth sharing: the IRS’ new informational pages on the small business health care tax credit.

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Fair Share Contribution Audits - Did the Changes Impact Your Business?

April 13, 2010
Joyce Ripianzi

Employee Benefit Plans have become a greater area of concern for the Massachusetts Division of Unemployment Assistance, especially with regard to the “fair share contribution” (FSC) requirement of the Massachusetts Healthcare Reform Act.

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Loss Carrybacks Extended to Five Years

March 16, 2010
Craig Eaton

Although there is some evidence that the credit market is loosening, it is clear that the harsh lending environment of the past two years has taken a toll on a wide range of businesses.

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Arbitrage Strategy and Roth IRA Conversions

March 9, 2010
Carl Famiglietti

I would like to highlight an interesting perspective for those who hold within their IRA accounts unregistered securities or investments in limited partnerships such as private equity, venture capital and mezzanine: using an arbitrage strategy.

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IRS to Consider Closer Look at FIN 48

February 23, 2010
Craig Eaton

More changes may be on the way for the now infamous FIN 48, the guidelines for reporting uncertain tax positions.

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Planning Around the Estate Tax Repeal in 2010

January 26, 2010
James Guarino

Here we are in late January, and we find ourselves between year-end tax planning and the actual filing period for most individuals.

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Proposed Revamped Accounting Standard May be the Lease of Your Worries

December 1, 2009
Mike Piessens

The FASB and IASB have been involved in a joint project on leases, with the objective of creating a common standard on lease accounting to ensure that assets and liabilities from lease contracts are properly recognized in the balance sheet.

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The Big IRA Question: To Convert or Not to Convert?

November 16, 2009
James Guarino

There has been a lot of discussion about the potential benefits of converting from a traditional IRA to a Roth IRA, spurred on by new rules that go into effect in 2010.

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Do New Revenue Recognition Rules Smooth Out Life Science and Biotech Wrinkles?

October 30, 2009
Pam Sintros

Earlier this month we wrote about how the new revenue recognition rules are having an impact in the technology sector, but it doesn’t end there.

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Revenue Recognition’s Real Life Impact

October 14, 2009
Michelle Kupka

We recently issued an alert about FASB’s new rules regarding “Revenue Arrangements with Multiple Deliverables” and “Applicability of AICPA Statement of Position 97-2 to Certain Arrangements That Contain Software Elements.”

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Small Companies Paying Big Price for SOX Audits

October 8, 2009
Travis Drouin

The anecdotal evidence was already there, but now the hard numbers are in from an SEC report that proves smaller companies are paying a disproportionately high cost to comply with Sarbanes Oxley.

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Changes on Horizon for Revenue Recognition on Multiple Element Arrangements

September 8, 2009
Mike Piessens

So you want to recognize revenue on your multiple element arrangement sooner?…Well, the FASB genie looks like it may actually grant that wish…but nothing comes for free…

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IFRS Education is Still the First Step

July 16, 2009
Travis Drouin

Perhaps in response to slow adoption of International Financial Reporting Standards (IFRS) among private companies, a new “quick guide” has been issued that condenses the standards to 230 pages or less.

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Upcoming Webinar on FASB Codification

June 22, 2009
Mike Piessens

FASB is coming up on the launch of its “codification” effort, as it streamlines rules into more of a single-source organization.

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New IASB Guidance on Fair Value

June 2, 2009
Travis Drouin

The International Accounting Standards Board made another attempt to bring order to the global uncertainty around fair value.

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Multinational Tax Rules to Bring Revenue Home

May 26, 2009
Rosanna DiFilippo

Interesting red flag thrown up by CFO magazine in its recent article on the new administration’s multinational tax plan.

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FIN 48, A Challenge for Nonprofits

May 5, 2009
Joyce Ripianzi

Nonprofits should be ready to adjust this year to new guidelines around FIN 48, a regulation that calls for improved disclosure of uncertain tax positions.

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Thoughts on the Future of Multinational Tax Policy

April 22, 2009
Rosanna DiFilippo

An interesting look ahead, flagged for us by our peers at TaxProf Blog: Mihir A. Desai (Harvard Business School) has posted a new paper on evolving tax policy for companies operating overseas.

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May 15 Deadline for MA Life Science Tax Incentive Applications

April 7, 2009
Rosanna DiFilippo

A reminder that May is fast approaching, and with it comes the deadline for companies to apply to be considered for the Massachusetts Life Sciences Tax Incentive Program.

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FASB Staff Positions Focus on Fair Value

March 24, 2009
Will Andronico

As noted on the FEI blog, FASB is taking more steps towards addressing fair value.

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Form 990 for Nonprofits: It’s No Longer a Draft

March 17, 2009
Joyce Ripianzi

The IRS gave it’s official blessing to the new form 990 that is required filing for nonprofits.

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Proper Tax Planning Will Tap Opportunities for Many Taxpayers in 2009 and 2010

March 11, 2009
James Guarino

The recent passage of the Stimulus Package (American Recovery and Reinvestment Tax Act of 2009) creates a wealth of tax planning opportunities for 2009 and 2010.

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More Push-Back on IFRS

March 4, 2009
Travis Drouin

No surprise to see that the saga around IFRS (International Financial Reporting Standards) lives on.

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Fair Value Tug-of-War Continues

January 26, 2009
Will Andronico

The question of whether fair value is, well, “fair” could be sorted out sometime soon, although the priority placed on addressing the issue remains in question.

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New Year, New Tax Changes

January 8, 2009
Doug Sweazey

As we keep our feet under us making the transition to a new year, we also have to keep our eyes on changes to the tax code that will impact filers.

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XBRL Is In The Books

December 18, 2008
Travis Drouin

The SEC voted yesterday to make XBRL the official standard for communicating business and financial information.  As XBRL Blog Magazine reports, the mandate comes out of a roundtable held by the SEC, and might require compliance for companies reporting as early as June 2009.

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Mark-To-Market Here To Stay?

December 10, 2008
Travis Drouin

The SEC’s study of mark-to-market accounting is winding down, and Compliance Week’s Tammy Whitehouse published some interesting insight into the initial comments made by SEC Chariman Christopher Cox.

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Goodwill Impairment Top of Mind For Year-End

December 3, 2008
Bill Duratti

As we head for the New Year, identifying goodwill impairment is fast becoming a crucial activity for year-end filers and, indeed, for public and private companies at all stages of reporting.

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Change is Coming: A New President with New Tax Plans

November 12, 2008
Craig Eaton

As I sat late Tuesday evening on November 4th watching the President Elect, Barack Obama, deliver his victory speech, a reality became apparent that the Bush administration is actually approaching its close and a new administration will be entering Washington.

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Bailout Goes Beyond Banks: Benefits For Taxpayers

October 29, 2008
Craig Eaton

At this point, everyone has heard of the new Emergency Economic Stabilization Act of 2008 (EESA), more commonly known as the “Bailout Plan.”

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Multinational Tax Strategies - Tax Avoidance or Playing by the Rules?

October 1, 2008
Doug Sweazey

A recent article in Accounting Today investigates a study on reporting practices by multinational companies, and seems to question the intentions of these filers.

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FAS 141R: Will Revised M&A Accounting Standards Kill Deals?

September 17, 2008
Bill Duratti

New M&A guidelines under FAS 141R are taking effect in 2009, and there’s been some talk about how it might impact the deal process.

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IFRS To Be a Reality?!

September 3, 2008
Travis Drouin

Well, it looks like we may be on our way.  After years of false starts and conjecture about U.S. adoption of - or complete convergence with - International Financial Reporting Standards (IFRS), the SEC issued a press release on August 27th entitled “SEC Proposes Roadmap Toward Global Accounting Standards to Help Investors Compare Financial Information More Easily."

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Simplifying Revenue Recognition

August 27, 2008
Travis Drouin

I’ve heard some describe the Sarbanes-Oxley Act as the accountant’s version of the full employment act.

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Keeping an Eye on Massachusetts Tax Reform

August 13, 2008
Doug Sweazey

This summer marked the passage of some noteworthy tax reform in Massachusetts that will be on our minds as year-end strategies start to take shape.

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Discussion Heats Up On IFRS

August 6, 2008
Travis Drouin

A June forum on International Financial Reporting Standards (”IFRS”) held in New York saw some urgency around getting the United States aligned on timing and action steps for making a transition to IFRS.

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Getting Ready For XBRL

July 30, 2008
Travis Drouin

If you haven’t heard of XBRL before, don’t worry, many others haven’t either.

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Transparency in Business

July 21, 2008
Travis Drouin

My inaugural blog for MFA has me thinking about transparency in business.

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New York’s Battle Over Ecommerce Sales Tax

July 15, 2008
Rosanna DiFilippo

The world of e-commerce sales tax has been active of late, complete with high profile legislation that could in the end impact the way sales tax is applied to online retailers across the country.

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Stock Option Valuation: 409A, Fair Value and Audit Prep

June 30, 2008
Will Andronico

From 409A to audits, independent valuations are a popular topic of discussion these days…and for good reason. They can make all the difference in defending your position – and that of portfolio companies – with the IRS and financial statement auditors.

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Transfer Pricing and Cross-border Business

June 16, 2008
Rosanna DiFilippo

Business is global – and so are taxes. Companies that are connected by common control and share resources across borders need to ensure they address transfer pricing when goods or services change hands.

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