The word “audit” covers a lot of ground. Upon hearing it, most people immediately think of an IRS review of tax returns, a Single Audit under Uniform Guidance or another of the various legally mandated audit types. Those are big deals, to be sure, but it is the often-overlooked and purely voluntary internal audit that frequently brings the most value to an organization. An internal review of processes and procedures can identify significant issues and provide insight that helps organizations of every size mitigate risks, strengthen internal controls and improve operations.
Read More »Author: Kyle Henn
Invest in Your Children’s Education–Contribute to a 529 Plan!
Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.
Tax Incentives for New Businesses
Starting a business means paying business taxes. While that’s not something most business owners get excited about, here’s a fact that might inspire more enthusiasm: in addition to the tax deductions for routine business expenses, there are a number of federal tax credits that can reduce the tax burden on businesses.
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Common Single Audit Findings Part 2: Procurement, Suspension and Debarment
Single audits under the Office of Management and Budget’s Uniform Guidance are a routine responsibility for nonprofit organizations. When the single audit produces findings that must be addressed, they typically fall into one of four categories: allowable costs; procurement, suspension and debarment; reporting; and sub-recipient monitoring.
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Choosing the Right Accounting Software for Your Organization
Growth brings change, and outgrowing your current accounting system is a clear sign that change is necessary. But with so many options to choose from, how can you be sure a new system will fully meet your needs?
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You’ve Received an IRS Audit Notice: Now What?
Congratulations, you have been selected for an audit! Those words are as likely as any to cause terror in the unlucky individual who reads them. The IRS may not phrase an invitation to participate in an audit exactly that way, but the gist is unmistakable: You are about to undergo an official examination of your tax return for at least one filing year. What should you do?
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Why You Need an Estate Plan
One of the most common financial myths is that estate planning is only relevant for individuals and families with high net worth. In reality, nothing could be farther from the truth. Everyone needs an estate plan, even if the estate is a modest one.
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Fun With Form 990
OK, it’s not actually fun. Much to the chagrin of nonprofit leaders, tax-exempt does not mean filing-exempt. Most nonprofit organizations must file Form 990, which is due to the IRS by the 15th day of the 5th month after the close of each fiscal year. A few church-affiliated organizations can escape this annual requirement by applying for an exemption. For everyone else, the best approach is to understand the reporting rules and adopt an organized approach.
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Tax Treatment of Rental Property
Accurate tax categorization of rental activity is one of the most challenging aspects of annual reporting for many filers. That’s not surprising, given the complex way the IRS treats rental income and expenses. Just two key questions control most tax-related questions regarding rental activities:
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What Your CPA Wants From You and How to Provide It
Filing taxes—it’s a complicated ordeal that makes most of us feel grateful for our CPAs. Just turn it over to the tax professionals and skip the whole messy thing, right? There’s just one flaw in the plan: your CPA, no matter how skilled, can only work with the information you provide.
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