IRS 2014 Tax Changes: Introducing our Four Part Series

2014 has brought a few changes and alterations to taxes for 2014. In addition, the 2013 federal government shutdown affected the start of the 2014 tax season. The first area affected by the IRS tax changes is health care. In particular, everything related to health care reforms. Indeed, the Affordable Care Act has prompted a…

Winners of the Houston West Chamber Star Awards Announced

HOUSTON – FEBRUARY 11, 2014 – Over 650 of West Houston’s business community attended the 16th Annual Star Awards Luncheon and Economic Development Summit on Friday, February 7, 2014 at the Omni West Houston Hotel. This year there were six (6) key competition categories: retail, consumer and restaurants; financial and legal services; healthcare and hospitality; real estate and…

4 Different Forms of Assurance for Nonprofit Organizations

The financial statements of nonprofit organizations need to be examined by a qualified, independent and objective professional. The purpose of doing so is to determine their accuracy and whether they fairly reflect the NPO’s financial situation. These statements must comply with the standard accounting principles. If there are any concerns regarding the financial state of…

How to Prepare for the Auditor

Nonprofit Organizations are likely to be required to present more audits in comparison to profit making businesses. The reason is that they depend solely on donations and government help. Since they are held accountable to donors and the government, it is important to show transparency. These entities must ensure that the money is spent accordingly.…

3 Reasons Nonprofits Might Have an Audit

An audit is an examination of your accounting records and financial statements. Not all nonprofits are required to have an audit. Generally speaking, the federal Office of Management and Budget (OMB) requires an audit if the nonprofit spends more than $500,000 in federal funds (either directly or by passing through to other nonprofits). Some states require an audit…

How to Spend a Tax Refund?

So, you just received that great big refund check from the IRS. What should you do with the money? Well, the first thing to think about is that it is really a refund of YOUR money – you did not just get a windfall from the Government. Once you deposit that money into your bank…

2013 Tax Deadlines Extended into 2014

2013 is over and we are off into the New Year. For most, this marks the end of quite a few beneficial tax savings opportunities.  But for a few lucky people, a handful of deadlines have been extended into 2014. Below are the dates in which tax extensions have been granted for the New Year.…