Compliance

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

Do You Really Need An Audit?

By |2019-04-18T12:06:47-05:00February 6th, 2019|Assurance, Board, Compliance, Internal Control, Nonprofit|

For those of you that go through an audit each year, you know how costly and time consuming they can be. You may have wondered, “Do I really need an audit? Is there something else that I can do to satisfy my financial reporting requirements?” To accurately answer those questions, you first need to understand [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34-05:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Here They Are…More Changes to Financial Statements!

By |2019-05-22T10:02:36-05:00December 11th, 2018|Accounting, Board, Budget, Cash Flow, Change, Compliance, Investment, Nonprofit, Preparation|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?” we provided information on the changes to net asset presentation and underwater endowments under the new financial statement presentation standard. Now we will address the new presentation and disclosure items related to liquidity and availability disclosures, functional expenses, investment expenses, and the statement [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30-05:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

4 Items to Consider Before the End of The Year

By |2018-11-16T15:18:26-05:00November 9th, 2018|Advisory, Compliance, Deductions, IRS, Preparation, Tax Planning, Tax Reform, Vehicle|

It’s the time of year when we like to sit down with clients to project current year results and see how we can help them manage their tax liabilities and avoid surprises.  Planning is more important than ever with the changes brought about by the Tax Cuts and Jobs Act. It’s not as simple as [...]

What Accounting and Payroll Reminders Should You Keep in Mind for 2019?

By |2018-11-16T15:25:13-05:00October 16th, 2018|Accounting, Compliance, IRS, Payroll, Preparation, Tax, Tax Planning, WOTC|

The end of the calendar year will soon be upon us.  There are a few items to keep in mind as you begin to think about government forms that must be submitted in January. Bonuses Employers often give their employees holiday bonuses around the end of the year. It is important to remember that all [...]

Does Your Business Have to Begin Collecting Sales Tax on All Out-of-State Online Sales?

By |2018-08-24T13:51:12-05:00August 23rd, 2018|Change, Compliance, Tax Reform|

You’ve probably heard about the recent U.S. Supreme Court decision allowing state and local governments to impose sales taxes on more out-of-state online sales. The ruling in South Dakota v. Wayfair, Inc. is welcome news for brick-and-mortar retailers, who felt previous rulings gave an unfair advantage to their online competitors. And state and local governments [...]

Considering Red Flags of Occupational Fraud

By |2019-04-10T13:37:37-05:00February 9th, 2018|Compliance, Forensic Accounting, Fraud, Internal Control, Investigation|

Internal fraud, also called occupational fraud, is defined by the Association of Certified Fraud Examiners (ACFE) as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.” Included below are some interesting statistics related to Occupation Fraud as reported in the ACFE's 2016 Global Fraud [...]