MFA Business Insights Blog Feed

Revealing the Value of Human Capital

Wed, 16 May 2012 14:47:57 -0400

Last month, the Society for Human Resource Management, the world’s largest association devoted to human resource (HR) management, which advances the interests of the HR profession, proposed a new, voluntary standard [...]

BESP - Have You Made Your List and Checked It Twice?

Tue, 15 May 2012 16:36:49 -0400

If not, you may find the new rules are a bit naughty and not so nice …
Effective, January 1, 2011, both public and privately-held companies are required by the FASB to use [...]

Nonprofit Governance: Detecting & Preventing Fraud

Wed, 09 May 2012 08:40:14 -0400

The risk of occupational fraud can be high at organizations where individuals “wear many hats,” and nonprofits have a tendency to fall into this category more often than not. The positive environment resulting from a shared mission may also create [...]

The JOBS Act is a Crowd Funding Game Changer

Wed, 18 Apr 2012 14:16:06 -0400

The Jumpstart Our Business Startups (JOBS) Act, recently signed into law by President Obama, changes the playing field for small and emerging businesses in several important ways. In this blog post, I’ll focus on the Act’s significant [...]

Workers’ Comp: Why You May Want to Consider Carrying Coverage for Your Partners and LLC Members

Wed, 04 Apr 2012 08:59:22 -0400

Under Massachusetts General Laws Ch. 152, Sec. 25A, employers are required to carry worker’s compensation insurance covering all of their employees. The purpose of this mandatory insurance is to make certain workers [...]

Selling a C Corp? Don’t Forget about Personal Goodwill – Part 1

Tue, 20 Mar 2012 14:33:04 -0400

Readers of our blog will most likely find the concept of goodwill pretty straightforward – an intangible asset tied to a name, reputation, existing relationships and other factors that can be established [...]

The Red Flag Rule: Up For Discussion Again … This Time by the SEC and CFTC

Wed, 14 Mar 2012 10:18:11 -0400

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 [...]

MA Privacy Compliance – Time’s Up!

Wed, 07 Mar 2012 13:28:17 -0500

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: [...]

Nonprofit Governance: Understanding Independence

Wed, 29 Feb 2012 13:48:41 -0500

In light of the recent New Hampshire legislation which mandates training for nonprofit board members, it is clear that legislators are recognizing a need for increased education regarding the fiduciary responsibilities [...]

Estate and Gift Tax Planning Opportunities Extend into 2012

Wed, 29 Feb 2012 13:48:12 -0500

As we head into 2012, we are afforded another opportunity to employ wealth transfer strategies at unprecedented levels for at least one more year. I’ve put together this blog post to help you understand the major advantages [...]

Dispelling the Myth That a SOC Report is Merely a Checkbox

Wed, 29 Feb 2012 13:47:48 -0500

Some companies believe that once a SOC 1, SOC 2 or SOC 3 report is issued and in their customer’s hands, the box can be checked and the report can be filed away in a drawer to be forgotten. This perception couldn’t be further from the truth. [...]

The FASB Actually Wants to Make Our Lives Easier Sometimes!

Tue, 28 Feb 2012 12:09:12 -0500

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 [...]

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

Wed, 25 Jan 2012 10:18:07 -0500

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 [...]

Will the U.S. Adopt Global Accounting Standards?

Tue, 10 Jan 2012 08:49:11 -0500

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.

R&D Tax Credit Documentation is Critical

Fri, 06 Jan 2012 15:23:17 -0500

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 [...]

Good News for 990 e-Filers

Wed, 28 Dec 2011 11:07:00 -0500

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. [...]

5 Reasons to Avoid an Employee Stock Ownership Plan

Wed, 28 Dec 2011 11:07:00 -0500

As mentioned in my November post, an employee stock ownership plan (ESOP) is an employee benefit plan that serves as a tax-qualified, defined-contribution retirement plan and presents [...]

What Crowd Funding Legislation Reform Means for Entrepreneurs

Tue, 27 Dec 2011 10:54:31 -0500

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. [...]

Is XBRL More Than Just a Compliance Expense?

Mon, 26 Dec 2011 08:09:28 -0500

With XBRL (eXtensible Business Reporting Language) now in its third phase of implementations, nearly all public companies using U.S. GAAP are now required to submit data in the fully searchable, digital format. [...]

2011 Means Greater Transparency for 401(k) Plan Sponsors

Thu, 01 Dec 2011 09:28:12 -0500

Back in July of 2010, the Department of Labor (DOL) issued revised disclosure rules for providers of services to 401(k) and other retirement [...]

A Bit of Perspective in This Anxious Investment Environment

Thu, 01 Dec 2011 08:42:22 -0500

The current anxious investment environment will eventually pass. While that may be of little consolation, it is a future point of focus that should not be ignored. [...]

5 Reasons to Implement an Employee Stock Ownership Plan

Wed, 16 Nov 2011 11:57:30 -0500

An employee stock ownership plan (ESOP) is an employee benefit plan that serves as a tax-qualified, defined-contribution retirement plan. [...]

Charities Must Notify Attorney General of Major Changes

Wed, 02 Nov 2011 11:59:14 -0400

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 [...]

Three Tax Issues to Keep in Mind when Forming a Partnership

Wed, 26 Oct 2011 12:06:17 -0400

When speaking to owners of startup companies and others who are considering the formation of a partnership or LLC, I find that many are curious about the tax implications of such a move. [...]

Tips for Nonprofit Audit Committees

Wed, 05 Oct 2011 08:07:00 -0400

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.

What Makes a Great Audit Committee?

Tue, 27 Sep 2011 14:35:42 -0400

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. [...]

The 5 Principles of a SOC 2 Report

Wed, 21 Sep 2011 08:51:51 -0400

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.

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

Wed, 07 Sep 2011 10:04:06 -0400

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. [...]

Disclosing Your Tax-Exempt Information

Tue, 16 Aug 2011 16:13:33 -0400

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? [...]

Liquidation Diligence and the Importance of Acting Quickly

Wed, 10 Aug 2011 08:20:00 -0400

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 [...]

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

Fri, 05 Aug 2011 12:26:18 -0400

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 [...]

Internal Controls Assessments: You Have Now Reached a Comfortable Cruising Altitude

Fri, 15 Jul 2011 09:58:54 -0400

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.

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

Wed, 13 Jul 2011 11:42:30 -0400

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.

Impaired or Not Impaired: That is the Question

Wed, 06 Jul 2011 11:57:43 -0400

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

Staying in Shape for Retirement

Wed, 29 Jun 2011 08:09:01 -0400

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

10 Steps to Prepare for a SOC Report Audit

Mon, 06 Jun 2011 16:08:06 -0400

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. [...]

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

Wed, 01 Jun 2011 13:43:19 -0400

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

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

Wed, 25 May 2011 10:40:46 -0400

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

What You Need to Know About the Davis-Bacon Act and Employee Benefit Plans

Wed, 25 May 2011 09:42:48 -0400

Many companies don’t feel they can competively bid on federally funded contracts because they cannot afford the increase in employee payroll [...]

Leveraging Controls for 3rd Party Assurance Reports

Wed, 04 May 2011 10:38:03 -0400

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? [...]

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

Wed, 13 Apr 2011 08:19:51 -0400

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

A Closer Look at the Benefits of the Refundable AMT Credit

Wed, 06 Apr 2011 11:22:08 -0400

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

AICPA SOC Reports – Now That’s a Big Deal!

Wed, 30 Mar 2011 09:42:27 -0400

In my November 2010 blog post on the demise of the SAS 70 standard (“SSAE 16 to Supersede SAS 70 Standard – What's the Big Deal?”), [...]

Attention All Landlords - The IRS Intends to Scrutinize Your Rental Income More Closely

Fri, 25 Mar 2011 11:42:00 -0400

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) [...]

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

Fri, 25 Mar 2011 08:27:58 -0400

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

SEC Begins to Make Progress on Dodd-Frank Act

Wed, 16 Feb 2011 09:31:59 -0500

In a follow-up to my October 2010 blog post, The SEC Will Be Busy This Fall Thanks to Dodd-Frank, I am back with an update [...]

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

Wed, 09 Feb 2011 11:32:39 -0500

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

New 1099 Requirements Hit Landlords Hard

Wed, 02 Feb 2011 09:46:47 -0500

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 [...]

New Year, New Tax Changes

Tue, 25 Jan 2011 16:13:00 -0500

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.

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

Tue, 25 Jan 2011 16:12:00 -0500

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.