Currently, US companies follow the U.S. Generally Accepted Accounting Principles (U.S. GAAP) to report their financial information to internal and external stakeholders. This will not be the case in the near future. Continue reading “Goodbye to GAAP?” »
You have specific talents but you are not good at everything. As the President, CEO or Executive Director your time and talent can best be devoted to creating and implementing the organization’s vision and pursuing rapidly emerging opportunities. This should be your core focus. So why are you spending your precious time and talent building an internal finance function, an information technology process, or other noncore operations? Continue reading “Delegating so you can focus on your mission” »
Maintaining an in-house fully staffed accounting department weighs heavily on your overhead cost. Lumix, PC can provide you all the layers of experience and expertise of a well functioning accounting department at a fraction of the cost. Continue reading “How do we save money by outsourcing?” »
For those of us who don’t like organizing a yard sale and hassling over a fair price for our precious collection on the Doobie Brother albums, there is always the option of calling the Salvation Army, or a similar not-for-profit organization that will pick up our unwanted items in exchange for a receipt. The Pension protection Act of 2006 (PPA 2006) includes several provisions that require enhanced recordkeeping of these charitable contributions. Continue reading “Non-Cash Donations” »
There are times when an employer feels the need to reward an employee outside of a regular bonus, or to reward for an outstanding job done on a particular project. Continue reading “Gifts to Employees” »
The financial history of any organization is partially recorded in the accounting system through transactions and adjustments. But there are undocumented bits and pieces of information that are accumulated through years which are very impractical to document. Continue reading “Continuity as a benefit of outsourcing” »
A robust Accounting Policies and Procedures Manual (APP manual) is the organization’s written blue print defining the process and responsibility of each accounting/financial function in the organization. With the recent changes in the accounting profession which affect a not-for-profit’s governance and reporting to the Internal Revenue Service, the APP manual has become increasingly relevant but also in desperate need of revision. Continue reading “Accounting Policies and Procedures Manual” »
Under IRC sections 62(a)(2) and 62(c), reimbursements for travel (including amounts allowable under established per diem rates) that meet established tests for an accountable plan, are not subject to employment taxes (federal income tax withholding, social security and Medicare). Continue reading “Employees Expense Reimbursements: Beware of IRS’s accountable plan requirement!” »
Are your tax records still cluttering your desk or dining room table, even though you filed your return? Continue reading “Feng Shui and your old documents” »
In today’s economic turmoil, many face hardship and need to use the funds in their retirement account in order to make ends meet. While withdrawing funds out of your retirement account is not a recommended strategy for a long term investment; however, if it is the inevitable last resource to cope with hardship, it is important to know and weight your options. Continue reading “Need to use retirement funds right away?” »
