Article Archives: 2016

Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

Are your company’s financial matters in order? Have you adequately addressed its financial risks? These are important questions your company should be answering regularly to address financial matters and enhance business value.

A strong financial house supports growth and sustainability – enhancing the value of a business. The following are key areas that should be considered when evaluating your company’s financial strength.

Audit Readiness

How would you rate your company in terms of being “audit ready”? Even if an outside accounting firm does not audit your financial statements, it is good business practice to have effective financial reporting processes in place.

 » Read more

Posted by: Candi Avery

Candi Avery, CPA, CGMA

Up until now, there has not been guidance related to going concern analysis and financial statement disclosure requirements in U.S. GAAP. Existing guidance has been embedded in the auditing standards, which have always required that auditors, not management, evaluate an organization’s ability to continue as a going concern for a reasonable period of time.

To help provide clarity around the issue, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.

 » Read more

Posted by: Karen Dunn

By Karen Dunn, JD, LLM

Typical year-end tax planning advice for individuals and corporations expounds on the virtues of accelerating deductions and deferring income. Charities and private foundations would be wise to consider the possible impact this advice may have on donations.

It appears likely that income tax rates will drop under a GOP-controlled executive and legislative federal government. There is no clear understanding of the details or what will actually come to pass. However, the consistency in proposed ideas suggests it may be a good time for charities to talk to their donors about the possible tax benefits of accelerating their donations.

 » Read more

By Anthony “Skip” Smith, CPA

Typical year-end tax planning advice expounds on the virtues of accelerating deductions and deferring income, where opportunities are both possible and economically viable. With the prospect of early 2017 GOP control in both the executive and legislative branches of the federal government, the strategy takes on a higher sense of urgency with the prospect that income tax rates may drop in the future.

Both the House GOP blueprint and President-Elect Trump have emphasized tax reform as a major goal. Tax reform involves both tax simplification and reduction of the marginal tax rates for C corporations,

 » Read more

Posted by: Karen Dunn

By Karen Dunn, JD, LLM

Your charity just received a donation of a painting valued at $6,000. You have diligently sent the donor a thank you note that includes all the information that an acknowledgment must have for the donor to take a charitable deduction. That is a very good habit, but is that all that is required?

Additional forms may have to be filed with the IRS or provided to the donor. Suppose your charity sold the painting during the year. Here, additional reporting is required to the donor as well as the IRS. Many charities are unaware of the additional reporting requirements the IRS imposes on certain types of transactions involving donated personal property.

 » Read more

Posted by: Karen Dunn

By Karen Dunn, JD, LLM

It is an election year and a CEO of a charitable, exempt organization personally endorses a presidential candidate at a forum sponsored by another public charity. The sponsoring organization of the event also invites one of the local gubernatorial candidates to speak to their members, but does not invite all of the candidates.

An employee of another public charity writes a letter to the editor of the local newspaper announcing her support for the incumbent mayoral candidate. Her organization also provides free advertisements supporting the incumbent mayor.

Meanwhile, the pastor down the street urges his congregants to get out and vote because no vote is a vote for the other presidential candidate.

 » Read more

Posted by: Mike Nurse

According to a State of the Sector Survey done in 2015, 32% of non-profits say that achieving long-term sustainability is a top challenge for their organization. This is understandable because doing so takes a great deal of time, planning, and cultivation.

Under your duty of care as a board member, you play an important role in making sure that your organization is successful and maintains long-term viability. One of the most important things you can do in this process is to evaluate and ask questions about the organization’s financial statements. However, sometimes it is difficult to know where to start, or even what types of questions to ask when handed a set of financials.

 » Read more

Posted by: Julie Eisenhauer

By Julie Eisenhauer, CPA

Successful business owners invest time working on their business instead of in the business on a regular basis. Making the time to focus on business value enhancement, through defining a direction for the company, focusing resources, and setting priorities and action steps; is important to a company’s success.

Now is the time of year for business owners and management to review their current year successes, reevaluate their direction, and develop goals and action steps for the next year. This sounds like an easy step, but in reality, it can be an overwhelming task. Many would argue that the time spent on year-end planning can be time consuming and ineffective.

 » Read more

Posted by: Kelly Rancourt

By Kelly Rancourt, CPA

In July 2016, the Census Bureau, under the Federal Audit Clearinghouse (FAC), released the newest version of the data collection form (DCF) for Single Audits performed under both the Single Audit Act of 1984 (amended in 1966), and Title 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, or the “Uniform Guidance.”  The FAC serves as a central repository of all required Single Audits – compiling and monitoring the related data for over $1.1 trillion in Federal assistance, annually.

Federal Agency Inspector Generals and other grant administrators, including pass-through agencies,

 » Read more

Is your global company up to date on the latest IRS transfer pricing requirements? If it participates in the international exchange of goods, services, or intangible assets with related entities, it should be. The IRS has identified transfer pricing as one of its most prominent audit issues – and other revenue-strapped tax authorities are following suit. The good news is that you can mitigate the risk of potentially steep penalties of 20% – 40% on transfer pricing adjustments through proper documentation and implementation. A well-documented transfer pricing study will allow you to make that happen, proactively.

Background

Transfer pricing restrictions aren’t limited to international transactions.—they also apply to domestic companies that do business across state lines with related parties.

 » Read more

1 2 3

Media Contact

Melissa Takade
Director of Marketing
Clark Nuber
Phone: 425-454-4919
Contact Melissa

Articles Archives

  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013