News

Worried about an IRS audit? Prepare in advance

IRS audit rates are historically low, according to a recent Government Accountability Office (GAO) report , but that’s little consolation if your return is among those selected to be examined. Plus, the IRS recently received additional funding in the Inflation Reduction Act to improve customer service, upgrade technology and increase audits of high-income taxpayers. But with proper …

Worried about an IRS audit? Prepare in advance Read More »

Employers should be wary of ERC claims that are too good to be true

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 …

Employers should be wary of ERC claims that are too good to be true Read More »

How to share your nonprofit’s values and limit fraud losses

Every two years, the Association of Certified Fraud Examiners releases its Report to the Nations, an occupational fraud study of for-profit, not-for-profit and government organizations. As in previous editions, the 2022 study reports that most organizations require employees to read and sign a code of ethics or conduct. This relatively simple control can result in …

How to share your nonprofit’s values and limit fraud losses Read More »

FASB proposes last-minute changes to lease accounting rules

Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities adopted the rules in 2019. While the Financial Accounting Standards Board (FASB) conducts its post-implementation review …

FASB proposes last-minute changes to lease accounting rules Read More »

Evaluating “Going Concern” Concerns

Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation basis of accounting may be used instead. It’s up to the company’s management to decide whether there’s a so-called “going concern” issue and …

Evaluating “Going Concern” Concerns Read More »

A financial dashboard can take your nonprofit where it wants to go

Does your board have a quick and easy way to assess your not-for-profit’s financial performance? It does if it has a dashboard with carefully chosen and up-to-date key performance indicators (KPIs). Dashboards can also be set up to provide critical information to multiple audiences regarding specific goals and fundraising campaigns. Here’s how you can get started. …

A financial dashboard can take your nonprofit where it wants to go Read More »

Scroll to Top
Scroll to Top