More and more non-profits are turning to events as a major source for generating funds. As if event planning isn’t complicated enough, organizations also must properly present the associated revenues and costs in their financial reporting. To help, Doeren Mayhew’s Non-Profit Group shares accounting and tax considerations for fundraising events.
When you sponsor an auction, golf outing, “fun ru... more
Doeren Mayhew today announced a merger with credit union CPA firm Orth, Chakler, Murnane & Company (OCM). The merger combines two of the nation’s top credit union auditing firms as ranked by Callahan & Associates’ “2015 Supplier Market Share Guide: Credit Union Auditors.”
Founded in 1996, OCM has been solely dedicated to assisting credit unions and credit union service organizations in meeting their aud... more
Doeren Mayhew has announced the promotions of four of its Troy, Mich. staff. Effective Oct. 1, 2015, Vallorie Ebert, Perry McBride, Megan McCandlish and Matt Okkerse will assume their new positions as managers in the firm.
Each staff member being promoted within their designated service area will take on added responsibilities in their new positions, including increased engagement oversight and interaction with clients... more
As a result of increased IRS efforts to prevent tax return refund fraud, more Doeren Mayhew clients are being contacted by the IRS via letter to confirm their identity once a return has been filed. Read below for more on this issue and recommended steps if you receive a letter.
In an effort to protect your tax refund, the IRS announced early this year that it will continue to increase the number and efficienc... more
Sometimes taking the next step to a bigger size project seems impossible. In such cases, it can be easier to put it within reach by partnering up with another construction company in a joint venture.
But joint ventures themselves are, perhaps conversely, a bit like taking a leap of faith, if you will. You never quite know how they’ll turn out until a job is well underway. That doesn’t mean, however, that you should... more
If I’m considering selling my businesses, should I have an independent audit of my financial statements completed to help add value to the sale price?
In my experience, when privately held business owners go to sell or transition their business, the company is typically able to command a higher price if an annual audit was recently performed on their books and records.
Additionally, having an audit may shorten a b... more
The tax treatment of investment income varies, and not just based on whether the income is in the form of dividends or interest. Qualified dividends are taxed at the favorable long-term capital gains tax rate (generally 15 percent or 20 percent) rather than at the applicable ordinary-income tax rate (which might be as high as 39.6 percent). Interest income generally is taxed at ordinary-income rates. So stocks that pay qu... more
Doeren Mayhew has once again been honored by INSIDE Public Accounting (IPA) as one of the nation’s best-managed CPA firms for the 19th year.
Based on more than 70 management and operational metrics, the annual IPA list recognizes the top 50 managed CPA firms among every major accounting firm in the United States. Firms making the list displayed the right combination of planning, strategy and execution, as well as lon... more
The Financial Accounting Standard Board (FASB) announced a new approach would be used to measure inventory in an effort to reduce complexity related to subsequent measurements.
The new Accounting Standards Update (ASU) 2015-11, Inventory (Topic 330),Simplifying the Measurement of Inventory, will apply to all inventory measured using first-in, first-out (FIFO) or the average cost method, not entities that measure invent... more
If you’re a collector, donating from your collection instead of your bank account or investment portfolio can be tax-smart. When you donate appreciated property rather than selling it, you avoid the capital gains tax you would have incurred on a sale. And long-term gains on collectibles are subject to a higher maximum rate (28%) than long-term gains on most long-term property (15% or 20%, depending on your tax bracket) ... more