Using agreed-upon procedures to target specific items of concern
Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s covered?
What makes charitable donors give?
People give to charity for many reasons — to “make a difference” or “give back,” to reduce their tax burden and even to impress their peers. These many motivations can be frustrating for not-for-profits looking for a magic formula.
Why auditors prefer in-person interviews to assess fraud risks
Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why face-to-face meetings are essential when assessing these risks.
Want to see into the future? Delve deeper into forecasting
For a company to be truly successful, its ownership needs to attempt the impossible: see into the future.
Is your income high enough to owe two extra taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8% NIIT
How your nonprofit can break bad budget habits
Autumn is here and many not-for-profits are starting to think about their 2023 budgets.
A financial dashboard can take your nonprofit where it wants to go
Does your board have a quick and easy way to assess your not-for-profit’s financial performance? It does if it has a dashboard with carefully chosen and up-to-date key performance indicators (KPIs).
Inflation Reduction Act provisions of interest to small businesses and climate/energy-related tax credits
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations.
How QuickBooks Online tracks products and services, part 2
Last month, we created records for products and services. Now, we’ll talk about where they’re used in QuickBooks Online.
How to share your nonprofit’s values and limit fraud losses
Every two years, the Association of Certified Fraud Examiners releases its Report to the Nations, an occupational fraud study of for-profit, not-for-profit and government organizations.