OMB SUPER CIRCULAR GUIDANCE
WHAT THE NEW RULES MEAN FOR ORGANIZATIONS THAT RECEIVE FEDERAL AWARDS What is the Super Circular? According to the Federal Register, the Office of Management and Budget (OMB) Super Circular guidance was created in order “to deliver on the promise of a 21st-Century...
Reviewing the IRS Form 990: Five Tips and Best Practices
By Rebekuh Eley With filing season upon us, nonprofits are now busily diving into the process of preparing and reviewing their Form 990s. Thankfully, BDO has written extensively about Form 990 best practices in their Executive Review Guidelines for the IRS Form 990...
HOT DOG! PIZZA! SODA!
Young Game Day Vendor Learns Valuable Financial Literacy Skills in Earning and Saving Money By Christopher Bedient, Financial Advisor, HBE Wealth Management Last spring, my son Kaiden decided to submit a job application to the University of Nebraska-Lincoln....
Last Minute IRS Penalty Relief for Small Employers That Pay Individual Policy Premiums for Employees
On February 18, 2015, the IRS issued a notice to retroactively waive the $100-per-day-per-employee market reform penalty for small employers who reimburse or pay premiums for individual health care policies for their employees. Although the relief may create...
The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit
Recently, the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) issued its sixth Plan Advisory, The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit. As described in the publication’s introduction, this advisory describes why...
Implementation of New IRS Tangible Property Regulations
(EXPENSING VS. CAPITALIZING AND DEPRECIATING) SUMMARY The IRS has released final regulations providing guidance on the deduction and capitalization of expenditures related to tangible property. The rules associated with these regulations apply to all business activity...
WHAT GOES IN MUST COME OUT
DOES YOUR FINANCIAL REPORTING SUPPORT YOUR STRATEGIC PLAN? By Michael G. Hogan, CPA, CGMA STRATEGIC PLANNING IS THE FOUNDATION FOR SUCCESS IN ANY ORGANIZATION. But the decision-making that flows from that planning is only as good as the information upon which it is...
W-2 Reporting of Healthcare Costs
Under the provisions of the Affordable Care Act (ACA) of 2010, employers are required to report the aggregate cost of group health plan coverage provided to employees on their Form W-2. However, in April 2011, the IRS published Notice 2011-28, which provided interim...
New Affordable Care Act (ACA) Medical Insurance Rules for S Corporation Shareholders and Employees
Owners and employees of small businesses (specifically, those who own more than 2% of the stock in an S Corporation) face new rules to follow under the Affordable Care Act (ACA) regarding the reporting requirements and taxability of health insurance and other...
HAPPY HOLIDAYS FROM HBE BECKER MEYER LOVE LLP
HAPPY HOLIDAYS FROM HBE BECKER MEYER LOVE LLP Please note that our office will close at noon on Wednesday, December 24, and will remain closed Thursday, December 25, through Friday, December 26. In addition, we will close at 3:00 PM on Wednesday, December 31, and be...