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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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What You Need to Know About This Summer’s IRS Phone Scams

Summer is a time to relax, spend time by the pool and forget reality for a bit. Forget your stress, forget making school lunches for the kids, forget the cold. However, there is one thing you should not forget. Criminals and scammers don’t take summers off, so don’t let your guard down in the midst of summer; keep an eye out for IRS phone scams.

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