Internal Audit Services

Recognizing that many employers were unaware of their responsibility to file an annual return for various types of retirement and welfare employee benefit programs, the Department of Labor (DOL) created the Delinquent Filer Voluntary Compliance Program (DFVCP) in 1995.  DFVCP allows an employer who has not filed required Form 5500s to file all required Form 5500s for a particular program at one time, and pay a reduced one-time penalty.  The penalty amount will vary depending on the number of...

Lease Accounting

As we have previously discussed in other venues and publications, an FASB Exposure Draft was issued in 2010 that would significantly change lease accounting.  Briefly, virtually all leases would be considered a form of financing and even today’s operating leases would become capital leases.  An intangible asset consisting of the “right of use” of the asset equal to the lease liability is recorded at inception.  Because debt would go up and what is presently rent expense would...

There are several new accounting pronouncements as well as significant proposed changes for 2013 and beyond.  There are also some “hot topics” in the areas of auditing and reporting that you should consider.

Fair Value Disclosures

Financial Accounting Standards, issued by the FASB, now require nonpublic companies to make some additional disclosures for calendar 2012, principally in the form of a discussion of the valuation process and certain quantitative details involving Level 3 investments....

This month's Not-for-Profit Update includes:

• New Governmental Accounting Standards Board (GASB) Pronouncements
• Political Activities by Tax-Exempt Organizations
• Pay Bias in the Boardroom
• Audit/Finance Committee Review for Form 990 - Key Considerations
• IRS.Gov Website Redesign
• Nonprofit Risk Management
• IRS Provides Guidance on Deductibility of Charitable Contributions to Domestic Disregarded Entities
• Congressional Focus on Tax-Exempt Organizations
• Avoiding a Troublesome Audit
• More FAQs on...

“Practice?  We’re talking about practice?” I doubt that Allen Iverson knew that his words would live in infamy when he discussed practice in an interview a number of years ago.  I think that many of us would disagree with the lack of importance he associated with practice – practice is the time that the head coach, his or her assistants, and the team discuss and implement strategies for their next game.  It is a time that can be used to regroup and make sure that everyone is on the “same page”...

Firm completes third CPA firm acquisition in 2012

October 10, 2012 – CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm, has completed the acquisition of Lomax, Soful & Foster, a CPA firm located in Akron, Ohio. The firm has been providing accounting, tax and consulting services to Akron companies since its founding in 1929.

All employees of Lomax, Soful & Foster will join Skoda Minotti’s existing Akron office located at 3875 Embassy Parkway, Suite 200, Fairlawn, OH. 

“The...

This month's Not-for-Profit Update includes:

• Cost Allocations For Non-Profits
• IRS (Finally) Issues 2012 Exempt Organizations Work Plan
• Update on 2011 Form 990: Some Changes and Clarifications
• Bonuses and Incentives for Tax-Exempt Organizations?
• Corporate Sponsorship
• 2011 Final Revision of Government Auditing Standards Issued
• Words!...Words!...(With apologies to Eliza in My Fair Lady)
• Best Practices for Travel and Expense Reimbursement Policies
• Other Items to Note...
  
   

Cost Allocations for...

April 23, 2012 – CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm, is proud to announce that Gregory Skoda, Jr. recently earned the Certified Information Systems Auditor (CISA) designation, through Information Systems Audit and Control Association (ISACA).

With this designation, Skoda joins a group of world renowned professionals who audit, control, monitor and assess an organization’s information technology and business systems.

The CISA designation was created for...

Thanks to Brad Nellis of the Northeast Ohio Software Association (NEOSA) for a great interview and article on his blog, highlighting Skoda Minotti and its extensive technology and telecommunications practice - Skoda Minotti Technology Partners.

Read an exerpt of the article below:

NEOSA members are a diverse lot: software companies, web companies, IT services and so forth. But our membership also includes an IT services provider embedded in a CPA firm, Skoda Minotti Technology Partners. It does...

The Internal Revenue Service (IRS) has been increasing its audit activity in the qualified plan area.  The IRS recently indicated that it had audited approximately 10,000 qualified plans in 2011 (an 18% increase from 2007, the last year for which data is available), as well as conducting 4,500 “compliance checks,” new program which includes a lower level of review than an audit.  Additionally, the IRS has created a new program (Employee Plans Team Audit) which targets plans that have in excess...

CLEVELAND – Skoda Minotti is pleased to announce the acquisition of Core Information Management, Inc. As a part of the acquisition, Joseph Compton, CISSP, CISA joins the firm as principal in charge of Skoda Minotti Financial Institution Services Group.

“Joe has spent the last 15 years helping clients in the financial institution industry solve compliance and security management challenges and has developed a very specific skill set that can benefit our current financial institution clients...

This month's Not-for-Profit Update includes:

• Predicting the Impact of Changing Tax Treatment of Charitable Contributions
• Payroll Audit Updates                
• The Age of Nonprofit Mergers is Upon Us
• The Case of Exempt Organizations in the Tax Reform Debate
• New District of Columbia Nonprofit Corporation Act
• Executive Compensation: Did We Do All The Right Things?
• The IRS Issues Guidance on Tax Treatment of Cell Phones and Provides Recordkeeping Belief 
• More Changes and Debate Over the FASB's Proposed...

Captive insurance companies are often owned by a large sophisticated financial entity, because there are minimum net worth and other regulatory requirements.  In many cases, the regulatory authority will accept a letter of credit in lieu of an actual cash investment for the initial capital requirements of the captive.  This results in “GAAP exception” financial reporting but is perfectly acceptable to the regulator.

Normally, single sponsor captives are wholly-owned subsidiaries and are included...

Have you put together your 2012 marketing plan? There is still time.

The Coming Year

Moody’s, Goldman Sachs, the Economist and other sources point to 2012 as another year of stagnate growth for the U.S. economy. Most of these sources point to less than 2% growth in GDP. As you know, anything can happen but it appears to be another tough year to grow your business. You need to plan for more of the same and hope for better. 

Part of this planning should include developing your marketing programs and...

The issue of whether a worker should be treated as an employee or an independent contractor has been an area of significant IRS interest for decades. The IRS has the ability to assess significant employer penalties for failure to withhold employment and income taxes on a worker who should have been treated as an employee.

If an employer is faced with this issue upon an IRS examination, the IRS will typically offer to settle the penalties at a discounted rate under Internal Revenue Code (IRC)...

Skoda Minotti has been recognized by Inc. Magazine, CPA Digest and Case Western Reserve University's Weatherhead School of Management as one of the most outstanding and fastest growing privately held companies in the United States, and awarded the North Coast 99 as one of the best places to work in the Northeast Ohio. The driving force that differentiates us at Skoda Minotti is a passion for helping our clients achieve their goals by providing them with an unprecedented level of service and...

Summary of Responsibilities:

Responsible for technical research, drafting and supporting SEC filings and benefit plan statements; providing support to other areas of Corporate finance in relation to business unit analyses provided to management and externally; providing support to the Corporate Accounting department in the monthly close and assisting with coordination of the external audit process.  

About the company:

Our client is a privately-held, global leader in aluminum rolled products and...

The buzz of cloud computing seems to have hit a fevered pitch in industry magazines, trade publications, and the mainstream media recently.  It seems like every day our Technology Services Group is being asked by clients what the "cloud" is, or to suggest cloud-based solutions for applications or services that were (or are) typically on a server in their offices.  

Is your business thinking about making the switch to cloud computing? If so, we've put together a quick list of things you need to...

Tax Analyst Job Description:

• Prepare and file international tax compliance forms and disclosures within the US federal income tax return, such as forms 5471, 8858, 1118, etc.. including calculations of Subpart F, foreign E&P, foreign tax credit and Section 987 within the required time limit established by the taxing authority.
• Assist as needed in the preparation and filing of foreign, federal, state and local income tax returns, and property tax returns within the required time limit established...