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The Red Flag Rule: Up For Discussion Again … This Time by the SEC and CFTC
March 14, 2012
Michelle Mackey, MFA Cornerstone Consulting
The topic of “red flags” initially came about through the Fair and Accurate Credit Transactions Act of 2003. The Red Flag Rule, adopted by the Federal Trade Commission in 2007, called for “creditors” to implement [...]
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MA Privacy Compliance – Time’s Up!
March 7, 2012
Lisa Whittemore , MFA Cornerstone Consulting
I believe that over the past two years, we have effectively communicated to you the requirements of the MA Privacy Act through articles, blogs and in-person discussions. A brief reiteration for those who missed it: [...]
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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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R&D Tax Credit Documentation is Critical
January 6, 2012
Erin Carmody
As I emphasized in an earlier post, the R&D Tax Credit represents an excellent opportunity for companies that make investments to improve their business, yet many remain unaware of the fact that they could qualify. When claiming the credit, however, it important to bear in mind that [...]
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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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What Makes a Great Audit Committee?
September 28, 2011
Christine Schneider
Your audit committee can serve as a powerful tool for your company, and its potential to do so is determined by the expertise of the individuals that comprise it. [...]
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The 5 Principles of a SOC 2 Report
September 21, 2011
Matt Pettine, MFA Cornerstone Consulting
The new SOC (Service Organization Control) 2 reports provide information and assurance relating to a service provider’s non-financial control environment and are most commonly based upon a combination of one or more of the Trust Services Principles.
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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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Liquidation Diligence and the Importance of Acting Quickly
August 10, 2011
Steve Jones
When the economy is down, bankruptcies are up. Consequently, as protection against the impending costs associated with this increased risk, lenders should be focusing their attention not only on the quality of collateral but also on just how [...]
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Internal Controls Assessments: You Have Now Reached a Comfortable Cruising Altitude
July 27, 2011
Lisa Whittemore, MFA Cornerstone Consulting
When a business is first founded, the President has their hand in each and every business process. They make the widgets. They sell the widgets. They collect the cash for the widgets.
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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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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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10 Steps to Prepare for a SOC Report Audit
June 6, 2011
Rob Busch, Michelle Mackey and Matthew Pettine
A Service Organization Control (SOC) report can help your company meet requests you receive from your clients on behalf of their auditors, gain a competitive edge, and benchmark against best practices. [...]
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What You Need to Know About the Davis-Bacon Act and Employee Benefit Plans
May 11, 2011
Scott Tuxbury, New Wealth Advisors — Retirement Plan Advisory Practice
Many companies don’t feel they can competively bid on federally funded contracts because they cannot afford the increase in employee payroll [...]
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Leveraging Controls for 3rd Party Assurance Reports
May 2, 2011
Joseph Landry
Have you been contemplating obtaining a service auditor’s report in order to meet the assurance needs of your customers and/or your customer’s auditors? [...]
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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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Attention All Landlords - The IRS Intends to Scrutinize Your Rental Income More Closely
March 15, 2011
Jim Guarino
Back in 2008, the Government Accountability Office (GAO) reported that over 50 percent of taxpayers (with rental real estate activity in the 2001 tax year) [...]
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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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Checklist for the Sale of a Business
January 19, 2011
Travis Drouin
We received a lot of great feedback last month from my post Checklist for Newly Formed Entities – thank you all for the emails, tweets, etc. All of your feedback got me thinking though [...]
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2011 Means Greater Transparency for 401(k) Plan Sponsors
January 12, 2011
Scott Tuxbury, New Wealth Advisors — Retirement Plan Advisory Practice
Back in July of 2010, the Department of Labor (DOL) issued revised disclosure rules for providers of services to 401(k) and other retirement [...]
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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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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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Deferring the Roth IRA Conversion Tax — A No-Brainer? Not So Fast!
June 22, 2010
Jeff Arsenault
In past MFA blogs on the subject of Roth IRA conversions, we’ve discussed how to determine if a Roth conversion makes sense for you; [...]
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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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CFOs Seeing Steps to Recovery… Are You?
May 4, 2010
Travis Drouin
One of the best things about my role as a certified public accountant in a vibrant economy such as Massachusetts is how I get to meet and work with companies of all sizes, across a broad range of industries.
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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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Estate Planning Benefits of a Roth IRA
April 6, 2010
James Guarino
2010 certainly offers some new and interesting financial planning opportunities for high net-worth individuals.
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Who’s Ready for IFRS? Anyone…Anyone…Hello?
March 23, 2010
Travis Drouin
If procrastination is an art, the Museum of Fine Arts should set aside a wing for IFRS.
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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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Roth IRAs: Divide and Conquer
February 16, 2010
Jeff Arsenault
As my MFA Partner Jim Guarino mentioned in a November 2009 blog post on Roth IRA conversions, starting this year all taxpayers — regardless of income levels — can now convert a traditional IRA to a Roth IRA.
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IRS Changes Fees for Some Nonprofit Requests
February 9, 2010
Joyce Ripianzi
I wanted to bring to our readers’ attention changes to some fees for nonprofits, as the IRS updated amounts for various exempt organizations’ user fees.
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Important Tax Information for Haiti Relief Donations
February 2, 2010
Joyce Ripianzi
We applaud any and all efforts to assist the recovery in Haiti, and the IRS is also doing its part to ease the burden on taxpayers and organizations that want to help.
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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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Minimizing Risk With Internal Controls Audits
January 13, 2010
Will Andronico
A recent fraud case caught my attention as it brought to life the concern I expressed in a November post (Small companies may get SOX audit relief).
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March Deadline for Massachusetts Privacy Law
January 5, 2010
Matt Pettine
One of the most significant tasks introduced in 2009 was presented by new guidelines under the Massachusetts Privacy Law, which requires a slew of changes to administrative and security processes.
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Capturing Strategic Opportunities in a Reshaping Market
December 16, 2009
Carl Famiglietti
No doubt, American Businesses have seen one of the worst economic maelstroms in over 50 years.
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Preparing for Uptick in Deal Flow with FAS 141R in Mind
December 8, 2009
Bill Duratti
We’re taking a close look at FAS 141R as it relates to M&A, especially in light of the traditional year-end wrap-up of deal flow and our upcoming webcast on FAS 141R this week.
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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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Small Companies May Get SOX Audit Relief
November 23, 2009
Will Andronico
On the heels of a study that points out the imbalance in proportionate costs for small companies to comply with SOX, Accounting Today reports that The House Financial Services Committee voted that small and midsized public companies should be exempt from Sarbanes-Oxley audit requirements.
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Panel Yields Key Insight into Manufacturing Issues
November 18, 2009
Travis Drouin
I shared - and gained - valuable insight participating in a panel entitled “What keeps you up at night? Solving strategic financing challenges for today’s lean manufacturers“ for the Greater Boston Manufacturing Partnership last week.
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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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Obama Backs Down on Multinational Tax Law - For Now
October 21, 2009
Craig Eaton
Excellent write-up in the Wall Street Journal on the saga surrounding the tax code for multinational companies.
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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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Financial Literacy Emphasized by CPAs
September 17, 2009
James Guarino
Back in April, we highlighted Financial Literacy Month with the belief that a better understanding of finance will help people navigate this uncertain climate.
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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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New Delivery Option for MFA’s Business Insights!
September 3, 2009
Matthew Boyle
MFA’s Business Insights blog is growing in popularity, and we want to make the most of the insight and information we can share with you.
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With Deadline for Massachusetts Privacy Law Looming, Security Lapses Continue
August 11, 2009
Matt Pettine
We’ve gone into detail in the past about the new Massachusetts Privacy Act that will take effect next year, and this Boston Business Journal story on data security breaches at Citigroup and Bank of America struck us as the deadline for compliance comes into sight.
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View From the Top, With Insight from AICPA President and CEO Barry Melancon
August 6, 2009
Matthew Boyle
During MFA’s annual Education Week this summer, we were lucky enough to get some time with Barry Melancon, President and CEO of the AICPA.
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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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Deadline Looms for Massachusetts Privacy Law
June 16, 2009
Joyce Ripianzi
We’ve been keeping close track of the Massachusetts Privacy Law, with some recent comments specifically about the compliance work nonprofits will need to perform.
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M&A Deal Structures and the Value of NOLs
June 9, 2009
Craig Eaton
Interesting focus lately on a couple of areas that relate to M&A in this environment; companies are getting more creative about deals and thereby run the risk of triggering tax issues that weren’t as prevalent in the bull market days.
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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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Laser Focus on Credit Risk for Lenders
May 12, 2009
Carl Famiglietti
In the wake of the highly publicized stress tests on U.S. banks, there is no shortage of commentary on concerns about credit and the environment in which banks and borrowers are operating today.
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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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April is Financial Literacy Month
April 2, 2009
James Guarino
April is National Financial Literacy Month, bringing into focus the major concern we have in this country around understanding finance.
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A Return to Basics: The Customer Focus
March 25, 2009
Travis Drouin
There’s nothing like a recession and economic crisis to get us all thinking about costs, efficiencies and productivity.
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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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Massachusetts Delays Compliance to New Privacy Standards
February 24, 2009
Richard Pacheco
In November of last year we called attention to pending changes to the privacy law in Massachusetts that protects state residents’ personal information, and we’ve also just come out with a Perspectives article that details the steps to compliance.
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Aligning Stock Option Valuation with the Market
February 10, 2009
Bill Duratti
As we continue to adapt to the downturn, there are a number of factors around the valuation of companies that are coming into play and, in the end, motivating leaders to re-value options.
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SEC Says No SOX Delays for Small Companies, But Extends SOX Survey Deadline
January 29, 2009
Peet Rapp
Last week, new SEC head Mary Schapiro made it clear that small companies will have to comply with SOX.
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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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Disaster Prevention During Winter in New England!
January 14, 2009
Peet Rapp
December’s ice storm caused major power outages in communities in the north central MA, southern NH and ME areas.
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See You Next Year...
December 24, 2008
Carl Famiglietti
We at MFA wish you all the best in the Holiday season, and we look forward to resuming our blog entries in 2009.
Happy Holidays!
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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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Massachusetts Privacy Law Calls for Tighter Information Security
November 25, 2008
Peet Rapp
The Commonwealth of Massachusetts enacted a law in September protecting state citizens’ personal information.
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Where Does Corporate Investment Policy Rank For You?
November 19, 2008
Travis Drouin
Despite the current economic environment, many companies still have healthy balance sheets and cash reserves to manage.
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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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Sarbanes Oxley Compliance: Small Publics Enter the Fray
November 5, 2008
Peet Rapp
After 5 successive years of delays, fiscal year 2009 will mostly likely be the year of reckoning for non-accelerated filers.
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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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Before You Cut, Collect
October 22, 2008
Travis Drouin
We have said before that despite the difficult market environment, “hunkering down” may invite even more trouble.
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Fraud, Front and Center
October 16, 2008
Richard Pacheco
Big news from Duane Reade, as the drug store chain is facing fraud charges that allegedly account for a $17.5 million overstatement of pre-tax income. Interesting, but more important are the fraud cases that we are not seeing publicized.
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Liquidity and The Capital Markets
October 6, 2008
Travis Drouin
On Tuesday, September 23rd, the Financial Management Association of New Hampshire (”FMA of NH”) hosted its first event entitled “Preparing for a Successful Liquidity Event in Today’s Volatile Markets“.
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Navigating the Turbulent Business Climate
September 22, 2008
Carl Famiglietti
The volatility on Wall Street last week was another in a long line of events that is making for an historically unstable economic environment.
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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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Fraud Prevention Guidelines - Staying Alert on Your Home Turf
August 20, 2008
Richard Pacheco
New guidelines on fraud prevention tactics were issued this summer in a joint effort by the Association of Certified Fraud Examiners, the AICPA, and the Institute of Internal Auditors.
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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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Q&A on Economic Stimulus Act
July 8, 2008
Doug Sweazey
The federal government’s Economic Stimulus Act is best known for its individual rebates, but there are components that are designed to jumpstart business spending as well.
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Q&A On Ecommerce Sales Tax
June 23, 2008
Rosanna DiFilippo
Even without the recent headlines regarding Amazon’s lawsuit against New York, eCommerce Sales Tax has become a pressing issue for companies that sell online.
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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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Opening the Conversation
June 9, 2008
Carl Famiglietti
For decades, we have made it our business to connect with our clients and our community.
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