Tax season is stressful for many, especially if you’re worried about penalties. Either as an individual or a small business owner, IRS penalties can be …
In recent years, major tax legislation—like the TCJA, CARES Act, and SECURE Act 2.0—has introduced new rules and credits, adding layers of complexity to tax …
If you’ve been impacted by a hurricane, like Hurricane Debby or the more recent Hurricane Helene, I want to make sure you’re aware of the …
s Baby Boomers approach retirement, many small business owners are beginning to plan their exits, creating what’s being called the “silver tsunami.” For Millennials and …
In today’s economic environment, considering a Roth IRA conversion is more important than ever. With the government deficit at historic highs, it's reasonable to expect …
Suspended losses in an #S-corporation arise when a shareholder's losses exceed their basis in the corporation. These are the losses you couldn’t deduct in previous …
The failure of the Tax Relief for American Workers and Families Act to pass in the Senate adds to the uncertainty surrounding the tax treatment …
With the potential sunsetting of TCJA provisions in 2025, we want our clients to consider some planning tips.
Let’s debunk the myths surrounding tax extensions and understand the benefits they offer.
The kiddie tax applies to unearned income (investment income) exceeding a certain threshold. For 2024, if your child's investment income surpasses $2,600, it will be …
United States launch process requires obtaining an Employer Identification Number (EIN). This unique identifier is essential for tax and payroll reporting, and U.S. banks typically …
Understanding tax implications to avoid potential penalties and ensure compliance with tax laws is necessary for onboarding employees. State tax withholding is required in the …
When you first became eligible to participate in your employer’s retirement plan, you were asked to complete beneficiary information. While this choice may seem straightforward, …
One test the IRS looks at in determining if a business has a profit motive or is a hobby, is if it is run like …
Employment classifications, the distinction between employees and independent contractors, is not governed by the application of rules. The implications of how a worker is classified …
A Virtual CFO, or Chief Financial Officer, provides high-level financial guidance and strategic advice to businesses on a remote basis. Unlike traditional CFOs who are …
In the ever-evolving realm of business regulations, the Corporate Transparency Act (CTA) has emerged as a pivotal player, ushering in new reporting standards for U.S. …
Retirement accounts are a cornerstone of financial planning for the future, yet they can often feel like a maze of acronyms and options. What exactly …
If you are a sole proprietor or receive a 1099 for contract work then you will want to consider tax deductions attributable to the income …
Estimated tax is the way you pay the IRS and the State income tax on the income you earn throughout the tax year. It is …
HRSA is the largest funding source for most federally qualified heath centers and rural health centers. Since COVID funding has substantially increased the reporting requirements …
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a …
Audits are expensive. They are the highest level of assurance; therefore, require the most work. The fee quoted will depend on several factors: How many …
If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement of functional expenses …
Contributions can be made to a nonprofit in either cash or property. Non-cash contributions can be tangible or intangible. Tangible property could be vehicle donations, …
Volunteers are an integral part of many nonprofit organizations. Some organizations depend on their very survival by incorporating volunteers. Since volunteers are non-paid staff, does …
All nonprofit organizations that expend $750,000 and more are required to have a single audit under the Uniform Guidance One of the required statements included …
A subrecipient is an organization that receives federal awards from a pass-through entity rather than directly from the federal grantor to carry out a program. …
Accounting for grant revenue is vital for the nonprofit organization. Careful attention to detail must be provided throughout the life of the grant. In addition …
All nonprofit organizations, even the smallest of nonprofits, benefit from having a well-defined year end closing process. The first step is to determine the procedures …
Smaller nonprofit organizations often do not have the volume of transactions to require multiple level controls. Too many controls can unnecessarily slow the accounting process. …
Part of a nonprofit organization’s board of director’s and management’s fiscal responsibility is a review of the information return, form 990. The review ensures the …
The operating reserve is cash to be used in the organization. It is part of an overall cash flow plan. Reserves can be for a …
Recently, I overheard a board member of a North Carolina nonprofit state they did not have to charge sales tax because they are exempt. Nonprofit …
Accounting for grants can quickly become chaotic if not properly administered. Nonprofit Auditors know grant funding has to be properly categorized and recorded as grant …
As a nonprofit auditor in North Carolina I often encounter incomplete vendor files and vendor on-boarding procedures. A file should be set up for each …
If you are a nonprofit organization in North Carolina you may be required to prepare a statement of functional expenses. The statement of functional expenses …
The board is responsible for their own policies and procedures, like having all board members sign a related parties disclosure and code of conduct. The …
Once year end hits, the clock starts ticking. Most audits required by regulatory agencies or grantors, impose a deadline for completion of the audit. The …
The first question I ask as a nonprofit auditor when receiving a request for an audit quote is “Why do you need an audit?” Audits …
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