Tag: News

  • Coming soon: 5 accounting rules that take effect in 2023

    It can be challenging to keep track of which accounting rules are changing, when the changes kick in and for which types of entities. Plus, implementing the necessary revisions to your organization’s procedures and systems often takes time and resources. Here are five updates that go live for certain entities this year. 1. Targeted improvements […]

  • 5 steps to take now to cut your 2022 tax liability

    It has been quite a year — high inflation, rising interest rates and a bear stock market. While there’s not a lot you can do about any of these financial factors, you may have some control over how your federal tax bill for the year turns out. Here are some strategies to consider executing before […]

  • Close-up on sources of substantive audit evidence

    Organizations that understand how auditors verify account balances and transactions can minimize disruptions during audit fieldwork and maximize the effectiveness of financial statement audits. Here’s a summary of the types of “substantive evidence” auditors gather to help them form opinions regarding your financial statements. Original source documents Auditors can verify an account balance or record […]

  • 2023 tax calendar

    To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2023

  • Auditing accounting estimates

    When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets. How do auditors evaluate whether amounts reported on the financial statements for these items seem reasonable? Inquiry and testing […]

  • Passing the public support test

    Unless 501(c)(3) organizations prove they’re publicly supported, the IRS assumes they’re private foundations. The distinction is important, because publicly supported charities enjoy higher tax-deductible donation limits and generally are exempt from excise taxes and related penalties. The tax code recognizes several types of publicly supported organizations, but most 501(c)(3) charities fall into one of two categories. The […]

  • Data analytics is more accessible than you might think

    Data analytics is the science of collecting and analyzing sets of data to develop useful insights, connections and patterns that can lead to better informed decision making. It can be enormously useful for not-for-profits. For example, data-driven nonprofit Community Solutions partners with local charities to help them reduce, and even end, homelessness in their communities. […]

  • Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances

    You generally must pay federal tax on all income you receive but there are some exceptions when you can exclude it. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and […]

  • Claiming losses on depreciated or worthless stock

    Have you bought stock in a company that later dropped in value? While you may prefer to forget such an ill-fated investment, at least you can claim a capital loss deduction on your tax return. Here are the rules that apply when a stock you own is sold at a loss or becomes completely worthless. […]

  • The 2022 gift tax return deadline is coming up soon

    Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2022 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Filing requirements The annual gift tax […]