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...

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...

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,...

  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...

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,...

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...

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...

THE ANSWER MAY SURPRISE YOU! Self-directed Individual Retirement Accounts (IRAs) can be attractive investment options for taxpayers who are looking for a nontraditional approach to growing their retirement accounts. However, if the IRA owns a publicly traded...

It is with profound sadness that we announce that John Hanigan passed away on Saturday, March 8, after a brief, yet valiant fight against cancer. He will be deeply and dearly missed. John was the beloved husband of Sharon Hanigan and is survived by two sons and...

Written by Krystal Siebrandt, CPA, CFE As a business owner in today’s economic environment, you may be faced with challenging situations you’ve not experienced in the past. Hopefully, fraud is not one of them. However, the hard reality is that when pressures arise in...