Change is on the horizon for nonprofits in the form of the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. Released in August 2016, ASU 2016-14 will result in significant changes to financial reporting and disclosures, leaving some wondering how to begin revamping their processes, procedures,…

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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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The short-term highway funding extension that passed during 2015 has modified the due dates for several common tax returns for Tax Year 2016 (Filing due date in 2017).  The due date changes with the most impact will be those changes for partnership tax returns (Form 1065) and C Corporation tax returns.  Essentially those due dates…

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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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Oregon’s new minimum wage law takes effect on Friday, July 1, 2016, and employers have a few things to do in order to be prepared. Each employer’s to-do list depends on the type of workers they have: If your business employs workers who report to a fixed location and work there every day, be prepared…

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As the new year begins, it is time to start thinking about and preparing for filing your Personal Property Tax Returns.  Personal Property Tax Returns have a new filing date of March 15th and can no longer be extended.  Returns filed after March 15, 2016 will be assessed a penalty of at least 5%.  The…

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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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2016 Housekeeping

Now that 2015 is coming to a close it is time to start thinking about 2016 and all that comes with the new year.  Below is a summary of housekeeping items to keep in mind for the upcoming year. Filing Requirements for 2015 forms in 2016 Form 1099s – Be sure to review your records…

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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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