Articles

Mid-Year 1099 Updates Source: McKonly & Asbury Businesses typically file Form 1099 to report certain payments made to individuals or other businesses to the IRS. The IRS uses these forms to help verify that recipients have accurately reported the full amount of income they received. Individuals and businesses that receive these forms should use them…

U.S. Chamber Secures Victory Against New York’s Retroactive Liability Law Source: US Chamber WASHINGTON, D.C. — The U.S. Chamber of Commerce secured a victory in a federal lawsuit that challenged the constitutionality of New York’s retroactive liability law. Neil Bradley, Executive Vice President and Chief Policy Officer at the U.S. Chamber of Commerce, issued the…

PA Chamber Seeks Changes to Proposed Corporate Tax Rules Source: PA Chamber, Sentinel The PA Chamber is urging the State Department of Revenue to revise its proposed regulations governing how businesses determine which sales of services count as Pennsylvania sales when calculating their corporate net income tax. The Chamber submitted comments last week to the Independent Regulatory Review…

Small Business Accounting Setup: The Ultimate Guide to Managing Your Finances Source: US Chamber, Jessica Elliott Accounting is a critical business task that every company has to contend with, regardless of industry, business model or sales method. Setting up your accounting correctly from the very beginning will save you a lot of headaches and hassle…

Healthcare Revenue Recognition Source: McKonly & Asbury When healthcare entities record patient service revenue, ASC 606 Revenue from Contracts with Customers governs how it is recorded. ASC 606 requires a five-step process to recognize revenue.  The fifth step, recognizing revenue when (or as) the entity satisfies a performance obligation, can be challenging for healthcare organizations, since the…

Who can help with natural gas procurement in the U.S.?  Source: World Kinect Understanding the role of the natural gas marketer in modern energy procurement A natural gas marketer helps U.S. organizations with natural gas procurement by sourcing supply, structuring contracts, managing price risk, and supporting broader energy procurement, energy management, and operational strategies. Introduction: When natural gas procurement becomes strategic…

What Is P.L. 86-272 and How Can It Be Beneficial for State Compliance? Source: McKonly & Asbury, Karley Berry State nexus is the connection between a business and a state that gives the state authority to impose tax obligations, including income tax filing requirements. In some states, nexus is easy to identify because the law…

5 Things to Review as a Reader of Form 990 Source: McKonly & Asbury, Alyssa Irish Whether someone is a donor, board member, or community stakeholder, understanding what to look for when reading the IRS Form 990 can help draw meaningful conclusions about an organization’s health and transparency. Form 990 is a public document filed…

The Productivity Dividend of Better Benefits Source: My Benefit Advisor Employee benefits are often evaluated based on cost, utilization, or annual renewal increases. However, one of the most important measures of a benefits strategy may be its impact on workforce productivity. Employees who struggle with physical health issues, financial stress, or access to care often…

LLC in Name Only — Governance Gone Wild Source: MPL Law Firm Oops Files, Part 1: By James Sanders Some of the costliest legal problems start with a simple structural mistake: the business is not clearly set up, documented, or governed in a way that matches how it actually operates. Owners and management often treat entity…