Category: Audit & Attest

An accounting standard from the Financial Accounting Standards Board (FASB) that takes effect in mid-December, 2022, could require your not-for-profit organization to act. Accounting Standards Update (ASU) No. 2016-13, Financial Instruments — Credit Losses (Topic 326), Mea...

Whew! That’s probably your reaction when outside experts announce that their audit of your not-for-profit is complete. But even if auditors have left your premises and returned the documents they’ve reviewed, the work isn’t really over. Not only do your executive direc...

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....

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...

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....

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...

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...

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...

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 ...

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%....

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. ...

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...