Virtually all entities will be affected to some extent by the new revenue recognition guidance (ASU 2014-09), Revenue from Contracts with Customers (Topic 606) – even nonprofit organizations. Read more in the following RSM guidance. http://rsmus.com/pdf_download/wp_changes-for-nfp-revenue-recognition.pdf

Any entity receiving more than $750,000 in federal grants or awards is generally required to receive a single audit, which encompasses an audit of the financial statements, as well as an audit of the Schedule of Expenditures of Federal Awards (SEFA). In auditing the SEFA, a few federal awards will be selected for testing. This…

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Significant accounting changes are coming for nonprofit organizations under the theme of simplifying the face of the financial statements together with enhancing the footnote disclosures.  Three things you should know include: (1) net assets classifications are reduced from three to two; (2) significant new footnote disclosures will be required; and, (3) several improvements are made…

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Isler CPA is now connected to the ultimate Internet medium: fiber optic.  Simply stated, there is no better Internet connection than fiber to your building.  Since we rely heavily on quality Internet connectivity for our applications and data, this is a major leap forward for our business. “We’re glad to see this project come to…

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Each quarter, RSM’s accounting thought leaders update middle-market businesses on recently issued and proposed accounting guidance to discuss the implications and effects on middle-market companies, like yours. The following topics will be discussed on the webcast: Recently issued and effective guidance Developments in the financial instruments and leases projects Status of changes to new revenue…

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EMAIL SCAM ALERT

Our spam filtering partner  is reporting a high incidence of scam email designed to trick you into launching viruses on your computer. This virus circulating is the UPS/Fed Ex/USPS Delivery Failure. You will receive an e-mail from UPS, Fed Ex, or USPS along with a packet number. It will say that they were unable to…

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The United States Department of Labor (DOL) Office of Chief Accountant recently stressed, in a letter emailed to plan administrators, the importance of obtaining a quality audit from a qualified and experienced CPA firm. This letter explains that selecting a qualified CPA who has the expertise to perform an audit is a critical responsibility in…

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If you’ve ever dreamed of turning a hobby or vocation into a regular business, there are seven steps Isler CPA encourages entrepreneurs to take to avoid running afoul of the IRS and the Oregon Department of Revenue. Under the so-called hobby loss rules, your deductions for business-type expenses (such as rent, travel, meals or advertising)…

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2015 Legislature Changes

Overall discussion of 2015 Oregon law changes Paid Sick Leave – Senate Bill 454 Effective January 1, 2016, Businesses with 10 or more workers will be required to accrue 1 hour of paid sick leave for every 30 hours worked, or 1 1/3 per 40 hours worked. This can accrue to a maximum of 40…

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Isler CPA is pleased to announce that the Association of Certified Fraud Examiners (ACFE), the world’s leading provider of anti-fraud training and education, awarded Paul Nielson, CPA the globally preferred Certified Fraud Examiner (CFE) designation. CFE’s are knowledgeable in four areas critical to the fight against fraud: Fraudulent Financial Transactions Criminology and Ethics Legal Elements…

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