Coronavirus: Financial Reporting Considerations

Source: RSM US LLP.  PBMares is a member of RSM US Alliance.  The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.

2020-03-19T16:09:06-04:00March 18, 2020|Categories: Accounting, Audit & Assurance|

Excessive Profits as a Government Contractor: Windfall or Downfall?

Government spending has increased, leaving Congress no choice but to review the Pentagon’s enforcement of the law related to the incomplete and inaccurate cost and pricing data used to establish contract pricing. First implemented in 1962 to level the playing field during contract price negotiation, the law has left many government contractors raking in the profits today. But what may seem like a windfall could lead to a downfall.

2020-01-02T15:02:54-05:00December 20, 2019|Categories: Accounting, Government Contracting|Tags: |

Automation, the Human Touch, and Cloud Accounting

Organizational leaders can spend less time on repetitive accounting tasks and more time connecting with clients and by using automated and cloud computing software. Learn how cloud accounting can save you time, money and frustration so you can focus on what matters most.

2019-11-21T16:41:12-05:00November 21, 2019|Categories: Accounting, Business Advisory|Tags: , |

Government Contractors-Protect Against Unallowable Subcontractor Costs

The Defense Contract Audit Agency recently questioned the allowance of subcontractor costs, not based on their reasonableness, but on the contractor’s lack of supporting documentation as defined in the cost principle. Government contractors can protect themselves and recover the costs they are owed, but there are steps to follow and documents to submit.

2019-09-19T15:21:01-04:00September 19, 2019|Categories: Accounting, Government Contracting|Tags: , |

We Are All Ethical, Until We Are Unethical

For government contractors, it is important to recognize your ethics and business conduct program must be tailored to your company’s specific risk profile.  This is a dynamic compliance process and has to be monitored and revised accordingly to keep it relevant and effective. Does your company’s business conduct and ethics program meet the necessary requirements?

2019-09-23T14:25:52-04:00July 25, 2019|Categories: Accounting, Government Contracting|Tags: |

Are Nonprofits Required to Pay Taxes for Employee Parking?

Under the Tax Cut & Jobs Act, nonprofits are required to allocate parking expenses provided to employees and report unrelated business taxable income (UBTI) on the transportation fringe benefit. Learn about the four-step process used to determine the amount of employee related parking expenses subject to UBTI.

2019-03-19T14:50:42-04:00February 22, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

Developing an Indirect Cost Allocation Plan

Was your rate structure used to allocate indirect costs to your products or services established to satisfy your accounting software? Was it dictated by your customer? Did you set it up because you thought that is what was needed to win contracts? Did you get it from a book or seminar, or even Google? If you answered “yes” to any of these questions, you need to read further.

2019-03-19T15:29:09-04:00February 7, 2019|Categories: Accounting, Government Contracting|Tags: , , |

Make It Count: How to Determine ROI on Fundraising Events

If your not-for-profit has over $15,000 in fundraising event contributions and gross income, then it will probably be required to report the events on Schedule G with the 990. Use the PBMares Accounting for Fundraising Events Tool to compile the information needed to complete the reporting on Schedule G.

2019-07-24T19:22:04-04:00January 23, 2019|Categories: Accounting, Not-for-Profit|Tags: , , |

Does My Rental Real Estate Qualify for the Section 199A (QBI) Deduction?

On Friday, January 18, 2019, the Treasury Department issued Final Regulations for 199A and IRS Notice 2019-07, which provided a safe harbor for rental real estate enterprises.  Rental activities that meet each of the following tests can be considered Section 162 trades or businesses for purposes of Section 199A, and are thus eligible for the 20 percent deduction.

2019-03-19T15:45:32-04:00January 21, 2019|Categories: Accounting, Tax: Business|Tags: , , , |