Worried about an IRS audit? Prepare in advance
IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report (visit www.gao.gov/assets/gao-22-104960.pdf), but that’s little consolation if your return is among those selected to be examined.
Deducting a trust’s charitable donations
If you’re charitably inclined, it may be desirable to donate assets held in a trust. Why? Perhaps you’re not ready to let go of assets you hold individually. Or maybe the tax benefits of donating trust property would be more attractive than making an individual donation.
Is it time to review and refresh your nonprofit’s board?
Perhaps your not-for-profit has lost a few board members in the turmoil of the past few years. Or maybe your current lineup simply isn’t meeting your organization’s leadership challenges. There are many reasons to review and rebuild a board of directors.
How to give your QuickBooks Online forms a new look
Your sales forms are a part of your company’s identity. Make them professional, personalized, and polished.
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?
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).