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It Policies – What Are They and Why Do We Need Them?

Policy. The one word guaranteed to bring glazed eyes and stifled yawns to any conversation. Surely there are better things to talk about. For example, yesterday’s baseball scores or the latest crazy cat video. Plenty of organizations, be them small, medium, large, non-profit, partnerships and yes, even multi-national enterprises, exist without them, so WHY do you need them? AND, for that matter, what is a policy anyways? We will attempt to break all of this down and help you get started in the wild world of corporate policy.

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TCJA Brings Changes for Construction Contractors and Manufacturers

With the recent tax legislation come changes that affect businesses in every industry. What’s changing? A lot – everything from the tax rates you’ll pay to the deductions you can claim. For government contractors in the construction and manufacturing sectors, TCJA’s impact is mostly positive, although the law is not without costs for these companies. Here’s a look at some of the most significant impacts, both good and bad.

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Document Retention in the Digital Age

“Do you have the necessary policies?”

This question is no longer just an innocent inquiry, but a requirement. As audits become more analytical in today’s digital age, focus continues to shift to companies’ internal controls and the underlying policies influencing them. Among these is the often overlooked document retention policy.

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An Inside Look at the Tax Cuts and Jobs Act

If you own a business, you will want to pay close attention to the Tax Cuts and Jobs Act (TCJA) of 2017. This act, effective for taxable years beginning after December 31, 2017, affects the financials of business owners and their companies. To make TCJA a bit easier to digest, we want to focus on three new additions to the act involving tax deductions, corporate meals and entertainment.

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Preparing for the OMB Circular A-133: Are You Ready?

Do you work for a nonfederal entity? Does your organization receive federal grants and awards? Does your organization expend $750,000 or more in these awards in one fiscal year? If you answered yes to all of these questions, then your organization is subject to a single audit in accordance with the Office of Management and Budget (OMB) Circular A-133.

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Enforcing Internal Controls to Prevent and Detect Fraud in Your Business

For business owners, occupational fraud can be one of the most dangerous threats to a company’s success. According to the Association of Certified Fraud Examiners, the median loss in a business fraud case is about $130,000, and this number is even higher for small businesses. However, don’t let the statistics scare you. Using the following preventive and detective internal controls, any business owner can take action to keep fraud at bay.

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