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Audit and Assurance Articles

 

403(b) Plan Changes Through 2026 Impact Nonprofit Organizations

403(b) Plan Changes Through 2026 Impact Nonprofit Organizations

Posted by Thomas Burns on February 14, 2024

As discussed here, the SECURE Act 2.0 has many changes that affect 403(b) retirement plans. It is important that your organization stays current on all regulatory rules and the enhancements available to your employees.

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Exploring the Optimal Accounting Method for Business Taxation

Exploring the Optimal Accounting Method for Business Taxation

Posted by Douglas Muth on February 12, 2024

Businesses can strategically align their accounting practices with their tax objectives, thereby maximizing tax efficiency and compliance.

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Overcome the Traps of Unrelated Business Income Tax (UBIT)

Overcome the Traps of Unrelated Business Income Tax (UBIT)

Posted by Cathleen Karpik on December 27, 2023

There are different rules for taxability of advertising vs. sponsorships payments based on the “substantial benefit” received.

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Managing Work in Progress Inventory

Managing Work in Progress Inventory

Posted by John George on November 21, 2023

When preparing your balance sheets, it is critical to the accuracy of your financial statements to record WIP correctly.

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Is Cash Basis Accounting Beneficial for Nonprofit Organizations

Is Cash Basis Accounting Beneficial for Nonprofit Organizations

Posted by Sarah Hopkins on June 08, 2023

Understanding why year-end adjustments are required when nonprofits use the cash basis method of accounting.

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Stay in Compliance with Federal Single Audit Requirements

Stay in Compliance with Federal Single Audit Requirements

Posted by Cathleen Karpik on April 27, 2023

For nonprofits who are required to prepare a Single Audit based on expenditures of federal funds, it's important to stay in compliance with the Uniform Guidance.

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The Impact of a New FASB Accounting Standard on Nonprofits

The Impact of a New FASB Accounting Standard on Nonprofits

Posted by Jill Johnson on December 20, 2022

For nonprofit organizations who adhere to GAAP will not be required to report credit losses on receivables, loans, and financial assets under a new accounting standard.

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Tax Treatment of Intangible Assets

Tax Treatment of Intangible Assets

Posted by Douglas Muth on December 01, 2022

The IRS has specific regulations on the cost of intangible assets. We can guide you through the rules.

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Using the Audit Report for Better Internal Controls

Using the Audit Report for Better Internal Controls

Posted by Michael Grimaldi on November 16, 2022

Your management team and Board of Directors especially the audit committees should pay special attention to the final audit report and act accordingly to improve internal controls.

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How to Prepare for a HRSA Audit

How to Prepare for a HRSA Audit

Posted by Jill Johnson on October 07, 2022

HRSA requires government and nonprofit organizations to undergo  a federal Single Audit when federal grant expenditures meet or exceed $750,000 in one year.

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