Nonprofits: 4 ratios worth watching
What if we told you that only four ratios mattered when it came to managing your nonprofit? OK, that would be an exaggeration. But there are four measures that generally matter more than the rest.
Demystifying deferred taxes
When reviewing a company’s financial statements, you may wonder: What are deferred taxes and how does the company quantify them? Wonder no more.
How businesses can use stress testing to improve risk management
Business owners: The recent news stories about failed or troubled banks has probably caught your eye. Consider it fair warning to engage in sound risk management practices, such as stress testing.
What do the 2023 cost-of-living adjustment numbers mean for you?
Business owners: Be advised that penalties levied under the Affordable Care Act will be going up next year. Now’s a good time to determine whether your company could be at risk.
Make a fraud recovery plan now, before your nonprofit is defrauded
Even if you’ve implemented solid internal controls, occupational fraud can strike your nonprofit. But a fraud emergency plan can help reassure stakeholders and get your organization back up and running.
President Biden’s proposed budget includes notable tax provisions
Here’s a rundown of the business and individual tax provisions included in President Biden’s recently released budget proposal.
Keep an eye out for executive fraud
Many business owners believe no one on their leadership team would ever steal or cheat. Yet executive fraud costs companies hundreds of thousands of dollars annually.
Close-up on sources of substantive audit evidence
What types of information and procedures do auditors use to verify account balances and transactions? Anticipating document requests and inquiries can help make your next audit more efficient.
U.S. Supreme Court rules against the IRS on critical FBAR issue
In Bittner v. U.S., the U.S. Supreme Court ruled that the penalty for non-willingly failing to file an FBAR applied on a lower per-report basis, not on a per-account basis.
11 ways your construction company can avoid accounting mistakes
Construction companies can’t afford to make mistakes on job sites, and they shouldn’t make them in their books either. Here are 11 tips for avoiding accounting errors.
Supreme Court: Overtime rules still apply to highly compensated employees
Many businesses today are short-staffed, making overtime a distinct possibility. A recent U.S. Supreme Court decision serves as a reminder that the overtime rules aren’t always easy to follow.
Passing the public support test
Is your nonprofit a publicly supported charity? Are you sure? Two IRS public support tests can help you determine, and prove, your status. Learn more about them: