PMN Blog

Managing Conflicts of Interest

February 29, 2012 Not-for-Profit Newsletter

By Rosalie W. Miller, CPA Most likely, your nonprofit organization relies on your board members’ knowledge, experience, and community connections to help it carry out its mission. Finding board members who possess these traits can be a challenge. Even when you are successful, these board members may face challenges in carrying out their responsibilities caused [...]

2011 Yellow Book Revisions: It’s All About Independence

February 16, 2012 Not-for-Profit Newsletter

By Christopher S. Johnson, CPA For those nonprofit organizations receiving public funding in the form of grants, service contracts or certain loans, and required to have an annual audit in accordance with Government Auditing Standards, AKA the Yellow Book, recent revisions in those standards could impact future audit procedures and services provided by your auditors. [...]

Another Revenue Recognition Exposure Draft

February 16, 2012 Commercial Newsletter

By Stephen H. Johannessen, CPA On January 4, 2012, the FASB released a revised Proposed Accounting Standard on Revenue Recognition, which proposes a five step revenue recognition model in an effort to simplify revenue recognition for the majority of entities. This proposed standard will affect any entity that enters into contracts with customers unless those [...]

Expanded Current Requirements to Report Your “Foreign Financial Assets” with 2011 Income Tax Returns Carry Stiff Penalties for Failure to Comply

February 2, 2012 Commercial Newsletter

By Gary A. Soiref, CPA New legislation was passed as part of the HIRE Act of 2010 in an effort to increase tax compliance relating to certain “offshore accounts.” The IRS recently issued temporary (and proposed) regulations identifying the details behind that reporting, along with penalties which begin at $10,000 for a specified person who [...]

Is Your Organization Prepared for Significant Changes in Funding?

February 1, 2012 Not-for-Profit Newsletter

By Peter H. Dinsmore, CPA With the uncertainty of government and other sources of funding in this economy, many organizations are faced with the risk of traditional sources of revenue disappearing and the need to modify their approach to carrying out their mission. Does your organization have a comprehensive plan that could be implemented in [...]

New Disclosures for Financing Receivables and Credit Losses to Take Effect

January 19, 2012 Commercial Newsletter

By Daniel Hogan The new expanded credit quality disclosures as required by Accounting Standards Update (ASU 2010-20), Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, will be effective for all non-public entities with a reporting year end on or after December 15, 2011. This ASU aims to increase, and [...]

Electronic Banking and Risk Management

January 18, 2012 Not-for-Profit Newsletter

By Brenda J. DeCosta, CPA Electronic banking is an efficient and convenient way for organizations to manage their accounts. However, as with any transactions conducted electronically, it presents potential risk to the Organization. With the frequency and magnitude of security breaches on the rise (we’ve all seen some fairly high-profile cases on the news lately), [...]

Valuing Your Employee’s Personal Use of Business Automobile

January 5, 2012 Commercial Newsletter

By Shannon M. Bollin, CPA, MST If your company supplies business automobiles to employees as “perks” or as necessary tools to help them get their work done, their use of the automobile for personal reasons, including commuting, has tax implications for them and for your company. An employee’s personal use of a company automobile generally [...]

IRS Announces Suspension of Due Dates Until March 30, 2012

January 4, 2012 Not-for-Profit Newsletter

By Barry N. Chait, Esq. The IRS has notified tax-exempt organizations that it will be updating the IRS Modernized e-file (MeF) system between January 1, 2012-February 29, 2012, and therefore tax returns that are due during this period are given an additional time to file until March 30, 2012. The extension of time applies to [...]

Individual Income Tax Actions To Consider Before the End of 2011

December 8, 2011 Commercial Newsletter

By Stephanie L. Tenczar, MSA With 2011 coming to a close here is a quick reminder of some things you, as an individual income taxpayer, might be able to do before the end of the year to achieve some last-minute tax savings. Keep in mind that, with the “discussions” going on in Washington, and the [...]

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