Attention Company Retirement Plan Fiduciaries: Do You Know Your Role?
Retirement plans offered by a company must follow a multitude of administrative and regulatory requirements established by the Department of Labor and Internal Revenue Service. The plan’s fiduciaries, according to acceptable standards of conduct, are the individuals...
THE HBE INTERN EXPERIENCE
HBE’s intern program has been designed to provide college students considering a career in public accounting with real world experiences in audit, tax, and business advisory related services. Unlike traditional intern programs, our intent at HBE is to provide our...
First Day of School 2014
Unpacking Internal Controls
WHAT INTERNAL CONTROLS REALLY MEAN TO YOUR ORGANIZATION “Our audit will include obtaining an understanding of the entity’s environment, including internal control.” Have you ever noticed this line in the audit engagement letter? It’s often overlooked, but encompasses...
Does Your Business Qualify for the Research & Development Tax Credit?
When most people think about the type of businesses that would qualify for the Research and Development (R&D) tax credit, they automatically think of large laboratories, software, chemical, and biotech companies. However, contrary to popular belief, many small to...
Legally Binding Contracts
In business, the importance of forming quality contracts cannot be underestimated. A well-written contract can protect all parties involved, whereas a poor contract can lead to disaster. Contracts are entered into often, whether they are oral or written. In fact,...
FEDERAL GRANT RECIPIENTS: CLARIFYING SINGLE AUDITS
By Mikaela Davis, CPA The Office of Management and Budget (OMB) issued 2 CFR Part 200 on December 26, 2013, which will bring changes to the information federal grant recipients and their auditors use to navigate federal grant programs. To understand the impact...
Making a Tax Free IRA Deduction to Charity
Over the past several years, Congress has flip-flopped on legislation that allows individuals age 70 ½ to receive a tax break for charitable contributions from individual retirement accounts. The provision, known as the qualified charitable distribution (QCD) rule,...
Five Realistic Control Measures for Smaller Nonprofits to Avoid Fraud
By Nidhi Rao and Laurie De Armond Fraud is a damaging and disturbing event in any organization, but its impact on nonprofit organizations can be devastating. With limited staff and resources for internal controls, executives and Boards of small nonprofits struggle...
TAX RELIEF FOR LOSSES CAUSED BY NATURAL DISASTERS
A natural disaster or other casualty can be bad news for your home or business, but you might be able to salvage a tax break. Taxpayers can claim a casualty loss deduction on their tax returns if they’ve suffered a “sudden, unexpected or unusual” event — including a...