Documenting (or Updating) Accounting Policies and Procedures

Management has the responsibility to design, implement and communicate internal controls over the accounting and financial reporting of their organization. One method of doing so is the formal documentation of accounting policies and procedures. Not only will a set of formal policies and procedures help to ensure consistency and control over your organization’s accounting and …

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Five Good Reasons to E-file Your Return

Have a Smartphone?  Use an iPad?  Listen to music on an iPod?  If you’re comfortable using those electronics, surely it’s time to file your return using an electronic means.  Here are five good reasons to e-file your tax return: 1. Accurate and complete. E-file is the best way to file an accurate and complete tax …

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Your responsibility for quality single audits

Beginning with the Single Audit Act Amendments of 1996, the Office of Management and Budget (OMB) took a leading role in single audits. Single audits are required of any organization who expends more than $500,000 in federal assistance during the year. In June 2007 the President’s Council on Integrity & Efficiency (PCIE) issued a report …

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What Happens If I Don’t Update My Plan Document?

One of the benefits to establishing a qualified retirement plan is that they are subject to favorable tax treatment.  Did you know that failing to timely amend your plan document for changes in Federal tax laws can affect your plan’s status as a tax-qualified plan?  Companies often engage third party service providers to ensure that …

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Safeguard Your Refund – Choose Direct Deposit

Direct deposit is the fast, easy and safe way to receive your tax refund. Whether you file electronically or on paper, direct deposit gives you access to your refund faster than a paper check. Here are four reasons more than 80 million taxpayers chose direct deposit in 2012: 1. Security.  Every year the U.S. Postal …

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Why Are My Auditors Doing A Yellow Book and Single Audit?

Recently the State of Arizona began requiring Generally Accepted Government Auditing Standards (GAGAS) audits, or Yellow Book audits, of all Title 48 Governmental Districts with just a few exceptions.  This has required smaller governmental entities, largely in more rural areas, to include these requirements in their overall financial statement audits.  But you may be asking …

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