Blog

Category: Audit & Attest

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February 19, 2020
How to Prepare For a Nonprofit Financial Audit

Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. But undergoing regular audits allows your organization to identify risks early and act quickly to prevent problems. Independent audits also provide ...

November 14, 2019
Accounting for Contributions and Grants is Now Easier

Accounting for contributions and grants has often proven complicated for not-for-profits, especially when they come with donor-imposed conditions. But 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification of earlier instru...

June 28, 2019
What to do if Your Nonprofit Receives an Audit Letter

The IRS’s staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. If your organiz...

November 19, 2018
Warning: Partnership Audit Regime Rules Ahead

With all the new tax law issues to address, one of the provisions from way back in 2015 is going to affect the tax filings and responsibilities associated with partnerships starting in year 2018. The Bipartisan Budget Act of 2015 (BBA) established a new audit regime for par...

September 13, 2018
Choosing the Right CPA Firm for Real Estate Compliance Audits

Choosing the right CPA firm for your annual real estate compliance audit:  Depending on the type of mortgage on your property, that may determine what type of compliance requirements are required to be reported annually. Property owners with mortgages that require any type ...

January 26, 2018
I Went ESOP. When Should I Expect our DOL Audit?

There is a high likelihood that if you are an ESOP, then you will be visited by the DOL (Department of Labor).  This is different than an IRS audit.  The chances from my experience is 20%.  IRS audits are much lower, more like 2%....

January 15, 2018
Two Sets of Books?!

You don’t have to be Tom Petters or Al Capone to have two sets of books.  In fact, I believe that most if not all businesses can benefit from having two sets of books (financial statements), legally. ...

January 14, 2018
Do You Need a Retirement Plan Audit?

As your company continues to grow, the number of participants in your retirement plan will likely grow as well. This can often trigger the need for an audit of your retirement plan. If your plan is approaching 120 participants, it’s time to start thinking about the audit p...

January 1, 2018
What is an Audit?

Many companies or organizations that borrow from a bank, are looking to raise capital, looking to potentially sell the entity, or meet certain Federal or state specifications, are required to have some kind of independent or outside assurance of their financial statements by...

January 1, 2018
Do Reviewed or Audited Financial Statements Add Value?

Many privately held companies have their financial statements compiled, reviewed or audited due to requirements from a governmental agency, lender, or a bonding company, but what other advantages can these services provide to a company besides meeting a requirement?  ...

September 23, 2017
Restaurant Sales Tax Audits – What to Watch For – Tip #3

Third of 3 Blogs on this topic: The Minnesota Department of Revenue has dramatically increased the number of Sales and Use Tax audits in recent years. The audits are getting more sophisticated and focused on a few key areas that can really trip up business owners. ...

May 20, 2014
GAAP Accounting for Goodwill – Accounting Standards Update (ASU) Impacts Private Companies

The Financial Accounting Standards Board (FASB) issued ASU No. 2014-02 in January 2014 which now allows private companies to amortize goodwill for book purposes (Generally Accepted Accounting Principles – GAAP)....