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…
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 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.…
When you hear of fraud, what often first comes to mind is the CEO or CFO misrepresenting the company’s books to appear favorable for investors. But according to the 2012 Association of Certified Fraud Examiners Report to the Nations, Financial Statement Fraud Schemes only account approximately 8% of the incidents of Fraud. Asset misappropriation schemes are…
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Year-end tax planning is especially important this year because of the many changes in the tax law and the tax breaks that will not be around next year unless Congress acts to extend them, which, at the present time, looks doubtful. Some of the tax breaks that may not be available after 2013 include, for…
Having an audit can be a very stressful process. However, one of the things that you can do to make things better is to find a skilled and knowledgeable auditor who will turn out to be your ideal auditor. Because auditing is a very meticulous process, it is important for any organization to partner with…
For any business, bookkeeping can be a hectic and challenging process. It involves dealing with all the various financial records and documents pertaining to a business. Since this can be a challenging job, but a job that must be done correctly, it is highly recommended that one hire the services of a professional to deal…
Mishandling your business receipts is one major accounting mistake that could be costing you money. To avoid losing crucial information about the transactions your company makes, it is important for you to keep every receipt that you receive. By keeping your receipts organized, you will be able to assess your spending more easily and accurately.…