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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
On June 21, 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-08 to help determine when income received by a not-for-profit organization should be accounted for as a contribution or an exchange…
Read MoreSEC and PCAOB Developments
1. PCAOB Announces 2018 Forums on Auditing in the Small Business Environment and on Auditing Broker-Dealers
Read MorePBGC Missing Participant Program is Open for Defined Contribution Plans that Terminate in 2018 or Later
The Pension Benefit Guaranty Corporation (“PBGC”) has opened its missing participant program to permit defined contribution plans that terminate on or after January 1, 2018 to elect to transfer the benefit…
Read MoreSecurities and Exchange Commission and Public Company Accounting Oversight Board Developments
1. ASU 2018-01 Leases (topic 842): Land Easement Practical Expedient for Transition to Topic 842
Read MoreThe Agency for Health Care Administration (AHCA) is working to gather data related to Fair Rental Value (FRV). This data will be used by the Agency in the Nursing Home Prospective Payment System model. Deadline to submit 4/30/18. More info...
Read MoreAccounting 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...
Read MoreIssued: 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
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...
Read MoreThe 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...
Read MoreOrlando, 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...
Read MoreOrlando, 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...
Read MoreWe’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...
Read MoreThe 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...
Read MorePhoto 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...
Read MorePhoto 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...
This downloadable resource spreadsheet compares and contrasts the key tax reform provisions of the House and Senate plans.
Recently, we have received many inquiries related to the potential impact of FEMA funds associated with Hurricane Irma. Below is information on the April 2017 Compliance Supplement which addresses the recording of expenditures on your Schedule of Expenditures of Federal Awards (SEFA). >>
Read MoreAs an update to our previous Tax Alert, the IRS issued IR-2017-155 on September 15, 2017, to expand the Hurricane Irma Tax Relief to taxpayers located in any area designated by FEMA as qualifying for either individual assistance or public assistance in Florida....
Read MoreIt 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...
