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Category: Audit & Attest

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June 29, 2022
Election Season is Here! Watch Your Nonprofit’s Activities

Many states have already held primary elections, and the airwaves are clogged with candidate ads. Yes, the November “mid-terms” election season has begun! So now is a good time to review political activity restrictions that affect Section 501(c)(3) organizations....

March 2, 2022
No Audit Required? Do It Anyway.

Your not-for-profit may not be required to undergo regular audits. But an audit can reassure donors and other stakeholders that you take seriously your responsibility. An audit can also help you identify risks before they become intractable problems. Here’s how to initiate...

August 4, 2021
5 Ways Nonprofits Can Prepare for an Audit

No not-for-profit looks forward to annual audits. But regular maintenance and preparation specific to an impending audit can make the process less disruptive. We recommend taking the following steps....

September 9, 2020
What to do When the Audit Ends

Financial audits conducted by outside experts are among the most effective tools for revealing risks in not-for-profits. They help assure donors and other stakeholders about your stability — so long as you respond to the results appropriately. In fact, failing to act on is...

March 27, 2020
COVID-19 Impacts on the Employee Benefit Plan Deadlines

With the COVID-19 pandemic changing the way businesses are operating on a daily basis from locally to world-wide, the employee benefits plan auditing industry is also facing changes. The SECURE Act and retirement plan filing requirements have experienced impacts....

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. ...