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Welcome to the MSL Blog!  A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment


MSL BLOG

Accounting Standards Update significant changes of not-for-profits financial reporting requirements

Accounting Standards Update significant changes of not-for-profits financial reporting requirements

Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, significantly changes the financial reporting requirements for not-for-profits (NFPs).  Reporting changes include (a) net assets, (b) investment income and expenses...

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PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings

PCAOB Publishes Staff Inspection Brief Previewing 2016 Inspection Findings

Issued: November 10, 2017

Summary: 
This brief highlights certain observations from 2016 inspections of auditors of public companies and other issuers, including three recurring areas where audit deficiencies were most frequently identified

  • Assessing and responding to risks of material misstatement. Example: the auditor did not perform tests of details specifically related to fraud risks assessed by the auditor...
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Employee Benefit Plans Update

Employee Benefit Plans Update

New Correction Fees for the Voluntary Correction Program (VCP) 
Currently, there are three programs for correcting retirement plan errors with the IRS; the main two programs are the Self-Correction Program (SCP) and the Voluntary Correction Program (VCP).

Under the SCP you can self-correct an insignificant operational error at any time to preserve the tax-favored status of your plan. An operational error occurs when you don't follow the written terms of the plan. Even when the operational error is significant...

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Accounting Alert – Implementation of FASB Standards

Accounting Alert – Implementation of FASB Standards

The FASB has been active over the past few years and issued several Accounting Standards Updates (ASU) that have implementation dates beginning in 2018 and on.  We have provided a summary of the most impactful ASU below and a link to where additional resources on this subject matter can...

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Alex Brinister Named Shareholder at MSL CPAs and Advisors

Alex Brinister Named Shareholder at MSL CPAs and Advisors

Orlando, FL-January 15, 2018 - MSL CPAs and Advisors, a regional certified public accounting and advisory services firm, is proud to announce that Alex Brinister, MSA, has been admitted to the Shareholder group, effective January 1, 2018.  

Alex Brinister was a Senior Manager with MSL's Middle Market Practice Group.  He is the leader of the Firm's Manufacturing and High-Tech Specialty Group, and a member of the Securities and Corporate Finance Group.  Alex has over 22 years...

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Joel Knopp Named Shareholder at MSL CPAs and Advisors

Joel Knopp Named Shareholder at MSL CPAs and Advisors

Orlando, FL-January 15, 2018 - MSL CPAs and Advisors, a regional certified public accounting and advisory services firm, is proud to announce that Joel Knopp, CPA, has been admitted to the Shareholder group, effective January 1, 2018.  

Joel Knopp was a senior manager with MSL's Governmental Practice Group.  He has over 20 years of experience in accounting and auditing and has provided services to numerous municipalities...

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MSL Pulse January 2018

MSL Pulse January 2018

We’d like to wish all of our readers a safe and prosperous 2018! Right out the gate, long-term care providers are facing significant challenges that will impact the entire industry for years to come. Legislative session begins early with several issues on the table including Certificate of Need (CON), Emergency Preparedness (Generator Rule) legislation, the implementation of the the Prospective Payment System (PPS) for Medicaid reimbursement...

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MSL Pulse December 2017

MSL Pulse December 2017

The current version of The House Committee on Ways and Means draft of the tax reform bill could have significant implications on the Municipal Bond Market in general, and on 501(c) 3 organizations in particular. The proposed changes would become effective December 31, 2017 and will affect 501(c)3s in a variety of ways. Most importantly, proposed provisions could alter both the way in which, and the rate at which 501(c)3s...

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2017 Business Tax Reform Update

2017 Business Tax Reform Update

Photo Credit:  Susan Maxwell

As you may be aware, major tax reform legislation may be passed this year and could mean sweeping changes to the tax code for the first time in about 30 years. Although the bills have only recently been proposed and the timing of their passage is uncertain, businesses should be aware of the bills that have been released...

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TAX ALERT - Employee Retention Credit for Employers Affected By Hurricanes Harvey, Irma, and Maria

TAX ALERT  - Employee Retention Credit for Employers Affected By Hurricanes Harvey, Irma, and Maria

Photo Credit:  WikiImages

If you are an employer and had to close your trade or business during Hurricane Irma and you kept your employees on the payroll during the close down period, you may get a credit against your federal income tax. 
 
Consequent to the recent natural disasters, Congress enacted the Disaster Tax Relief and Airport and Airway Extension Act of 2017, Public Law 115-63, which provides a tax relief for victims of Hurricanes Harvey, Irma, and Maria...

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HURRICANE  FINANCIAL TIPS FOR LONG-TERM CARE

HURRICANE  FINANCIAL TIPS FOR LONG-TERM CARE

It is the peak of hurricane season in Florida, and the Sunshine State is recovering from the impacts of Irma.  We hope that you, your residents, employees, and their families made it safely through the storm. We want to remind our long-term care friends of some important financial issues in dealing with disasters:

Cash is king
When a major storm is imminent, ensure sufficient cash is on hand with several key staff members or department heads...

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ALERT: New Law Creates Ad Valorem Property Tax Exemption for Non-profit ALFs

ALERT: New Law Creates Ad Valorem Property Tax Exemption for Non-profit ALFs

During the 2017 Legislative Session, HB 7109 passed which modifies the definition of “nursing home” or “home for special services” in section s.196.012 (9), Florida Statutes, to include facilities possessing a valid license under part 1 of chapter 429 (the regulatory law for assisted living facilities). This change appears to totally exempt non-profit assisted living facilities (ALFs) from ad valorem property taxes beginning in... 

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Corporate America still counting on tax reform

Corporate America still counting on tax reform

(Bloomberg) Corporate America and money managers are hugely divided on the prospects of changing the U.S. tax code.

Businesses are "still optimistic on fundamental U.S. tax reform" while "investors have given up," Bank of America Merrill Lynch strategists Athanasios Vamvakidis and Ronald Man wrote in a note Friday, citing surveys conducted by the bank...

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PPS for Medicaid Approved

PPS for Medicaid Approved

As most of you may already know, the 2017-18 budget will implement the Nursing Home Prospective Payment System (PPS). The PPS Plan included in the budget places in statute the Senate PPS model with its quality components and transition period, with an implementation date of October 1, 2018. Although there are still several details to be determined, we wanted to briefly summarize for our readers some of the basics of the new system based on what is currently in the language.

Unlike the current system that calculates each provider’s rate based on their cost and current Fair Rental Value (FRV) calculation, the PPS model utilizes the following main components...

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Proposed Tax Reform for 2017

Proposed Tax Reform for 2017

Last week the Executive Office released an overview of its proposed 2017 tax reform. The plan provided a summary of the goals of the tax reform for individuals and businesses. The key points of the plan are outlined below.

BUSINESS REFORM

  • Reduce corporate tax rates
  • Allow these reduced rates for small and medium business owners
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