Featured News

  • The ABCs of HSAs

    The ABCs of HSAs

    One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help you achieve your estate planning goals...Read More »
  • GAAP vs. Tax-basis Reporting

    GAAP vs. Tax-basis Reporting

    Which model is best for your company, GAAP or tax-basis reporting? Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting ... Read MoreRead More »
  • Tax-related Identity Theft

    Tax-related Identity Theft

    Let's face it, the number of places our personal information may be stored and shared seems endless. Unfortunately, thieves have succeeded in illegally obtaining this information for years. The recent data breaches at many companies increase the chances of personal...Read More »
  • Nexia Day

    Nexia Day

    Maloney + Novotny celebrates Nexia Day! Today, September 13th, 2017, Maloney + Novotny joins firms across the world in celebrating Nexia Day. Nexia Day was established to enable Nexia International and its member firms to promote and celebrate being part of a global network of independent accounting and consulting firms. Maloney + Novotny is a proud Nexia member and supports their key values: ... Read MoreRead More »
  • Upcoming Maloney Speaking Events

    Upcoming Maloney Speaking Events

    Several Maloney+Novotny team members will be speaking to various groups around Northern Ohio this Fall. If you are interested in attending any of these events, please contact them directly or call Diane Gallagher, Maloney+Novotny, Director of Marketing at (216) 344-5240.Read More »
  • Undoing a Roth IRA Conversion

    Undoing a Roth IRA Conversion

    Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn't converted it? Fortunately, it's possible to undo a Roth IRA conversion, using a "recharacterization."Read More »
  • Ohio Tax Update – July 2017

    Ohio Tax Update – July 2017

    Ohio Tax Update – Governor John Kasich signs new biennial budget bill (Fiscal year 2018 -2019) By Paul E. Valencic, CPA On June 30, 2017, Ohio Governor John Kasich signed into law Ohio’s biennial budget bill, House Bill 49, which made several changes to the existing Ohio income tax code. Individual income tax Two individual income tax brackets eliminated  For ... Read MoreRead More »
  • Retirement Plan Compliance

    Retirement Plan Compliance

    In What Kind of Shape is Your Retirement Plan? By Dave Reyes, CPA, CEBS, Shareholder For the sponsor of any retirement plan, like a 401(k) plan, those involved with the operation of the plan will tell you that things can and will go wrong. The rules that plans must follow are numerous and complicated. So it should come as no surprise that ... Read MoreRead More »
  • Church Retirement Plan Ruling by Supreme Court

    Church Retirement Plan Ruling by Supreme Court

    The Supreme Court Rules On the Issue Of Church Retirement Plans By Chris Villari, CPA, Shareholder, Maloney+Novotny Since the Employee Retirement Income Security Act of 1974 (ERISA) became law, most retirement plans have been subject to its many provisions intended to protect participants and beneficiaries from perceived (and, in some cases, real) abuses. Until that point, the legacy of retirement ... Read MoreRead More »
  • Back Door Roth IRA Explained

    Back Door Roth IRA Explained

    Roth IRA options for those in higher income brackets A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the trade-off is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might ... Read MoreRead More »
  • Strategic IT Plan – Does Your Company Need One?

    Strategic IT Plan – Does Your Company Need One?

    A Strategic IT Plan can reduce risk, improve infrastructure Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. ... Read MoreRead More »
  • Nonprofits Critical Importance of Cybersecurity

    Nonprofits Critical Importance of Cybersecurity

    Is your organization prepared with an effective cybersecurity framework to address growing risks?  Area nonprofit organizations are invited to join the Licking County Foundation, the United Way of Licking County and Maloney + Novotny LLC as we examine the critical importance of cybersecurity on Wednesday, April 19, 2017 from 9:00 am to 10:30 am at TrueCore Federal Credit Union Community ... Read MoreRead More »
  • OSCPA Employee Benefit Plan Audit Conference

    OSCPA Employee Benefit Plan Audit Conference

    Dave Reyes, Shareholder at Maloney + Novotny will be speaking at the Ohio Society of CPAs (OSCPA) Employee Benefit Plan Audit Conference, Leading Practices for Pressing Issues at Lewis Center in Columbus, Ohio on Wednesday, April 26, 2017.  Dave will be speaking on Tax Compliance Issues as part of a full day of presentations on leading practices for dealing with ... Read MoreRead More »
  • Affordable Care Act Update

    Affordable Care Act Update

    Health Reimbursement Arrangements Get a Second Life By: Dave Reyes, CPA, CEBS, Shareholder The Affordable Care Act (ACA) made sweeping changes to how employers provide health coverage for their employees. Health Reimbursement Arrangements (HRA’s) were significantly impacted by the ACA. Prior to the ACA, many small employers would use an HRA to not only reimburse employees for their out of ... Read MoreRead More »
  • Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Nonresidential real estate owners should be aware of recent tax law changes that could increase depreciation deductions significantly. The 2015 PATH Act modified Sec. 168(k) to create a new category of property called Qualified Improvement Property, or QIP, which qualifies for the taxpayer-friendly accelerated bonus depreciation. QIP property is any improvement to an interior portion of a nonresidential building after the building was originally placed in service. Amounts paid for an enlargement, elevators, escalators, or the internal structural framework of the building are not included as QIP.Read More »
  • FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    The FASB issued ASU 2015-03 on April 7, 2015, which changes the presentation of debt issuance costs in financial statements. Under the new guidance, debt issuance costs related to term loans should be presented as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of the new standard, debt issuance costs were presented as a deferred charge (as an asset) on the balance sheet rather than a direct reduction of the carrying value of the debt.Read More »
  • Cybersecurity: Not an IT issue, but a Business Issue

    Cybersecurity: Not an IT issue, but a Business Issue

    As organizational structures evolve, the growing integration and reliance on information technology introduces a variety of risks into the operating environment. Information technology and cybersecurity are often addressed separately from the operations side of the organization. The policies and procedures related to cybersecurity must be implemented from an operations standpoint in order to effectively address the associated risks to the organization.Read More »
  • Ohio Tax Update – Nov 2016

    Ohio Tax Update – Nov 2016

    As a background, Ohio Revised Code (ORC) 5747.212 requires certain nonresident investors to apportion the gain on the sale of their ownership interest in a closely-held investment. What would otherwise be considered nonbusiness income from the sale of an intangible asset (i.e. common stock or equity interests in a pass-through entity), ORC 5474.212 requires an apportionment using a special 3-year apportionment factor.Read More »
  • Fighting the Threat of Ransomware

    Fighting the Threat of Ransomware

    Ransomware is a fast growing cyber security threat. The FBI estimates that over $200 million in ransom was paid so far in the first quarter of 2016. This figure will top $1 billion by the end of the year, up from just $24 million in 2015(1).Read More »
  • Not a new LEASE on life

    Not a new LEASE on life

    In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements for lessees.Read More »
  • FASB Not-For-Profit Update

    FASB Not-For-Profit Update

     Late last week, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. This release is the first significant change to financial statements of not-for-profits in 20 years and is the first of two standards changes stemming from the FASB exposure draft released in Spring 2015.Read More »
  • IRS Phone Scams: What taxpayer’s need to know

    IRS Phone Scams: What taxpayer’s need to know

    The Internal Revenue Service (IRS) faces a growing list of issues they must combat on a daily basis. One of the more problematic issues they are facing is criminals making threatening phone calls to unsuspecting taxpayers impersonating IRS agents. The IRS states they have received reports of roughly 896,000 fraudulent calls being placed since October of 2013 and have become aware of over 5,000 victims who have collectively paid over $26.5 million as a result of the scam.Read More »
  • New Overtime Rules Issued: What it Means for You

    New Overtime Rules Issued: What it Means for You

    A change in the rules governing overtime has been coming for two years, with a sneak preview of proposed modifications last year. But on May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.Read More »
  • Long Awaited Lease Accounting Standard Released

    Long Awaited Lease Accounting Standard Released

    The Financial Accounting Standards Board issued its long-awaited lease accounting standard Thursday, one of the major convergence projects on which it has collaborated for a decade with the International Accounting Standards Board. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months.Read More »
  • March 31 ACA Filing Deadline Nears

    March 31 ACA Filing Deadline Nears

    Have your employees received their 1095-B's and 1095-C's yet? These new forms required under the Affordable Care Act inform the government whether or not individuals had health coverage during 2015. They allow the IRS to enforce both the individual mandate and employer mandate penalties. 2015 is the first year for these new forms which were originally required to be provided to employees by February 1, 2016.Read More »
  • Jonathon P. Ruple Named to MEACO Board

    Jonathon P. Ruple Named to MEACO Board

    Jonathon P. Ruple Brings Deep Non-Profit, Accounting And Management Experience. MEACO is a non-profit Certified Development Corporation specializing in small business lending. As a partner with the U.S. Small Business Administration, MEACO provides SBA 504 loans to businesses throughout Northeast Ohio.Read More »
  • ACA Reporting Deadlines Extended

    ACA Reporting Deadlines Extended

    With the deadline for employers to file new IRS forms under the Affordable Care Act a little more than a month away the IRS in a surprise move extended the upcoming deadline. For a detailed summary of these new rules, here is a link to an article from our September 2015 newsletter. The following is a quick summary of the new forms required for calendar year 2015.Read More »