Henry+Horne September community service

On Wednesday, September 21, several Henry+Horne employees and family members gathered at Ben’s Bells studio in downtown Phoenix to get crafty for this month’s community service event. Together, they painted over 200 ceramic pieces which the organization will use to assemble wind chimes (“Ben’s Bells”) to be placed around the surrounding community. The only way …

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Understanding Government and Nonprofit Auditing Risks

School districts, townships, municipalities and special districts make up roughly 90,000 local government entities throughout the United States that require an audit by a CPA firm. Additionally, more than 1.5 million tax-exempt organizations in the U.S. also require an audit at year-end. Audits of these types of organizations require planning, testing, and reporting requirements to …

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Those Darn Kids – Millennials and Credit Cards

Those darn kids. They never want to do things the way their parents did. Well, when it comes to credit cards – that’s probably a good thing! Millennials just aren’t pulling out the plastic like their parents did, according to a survey of consumer finances. They saw firsthand the troubles that mom and dad ran …

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Scam Alert! Fake IRS Bills Say You Owe Even More

As if it’s not hard enough already to keep what you pay to the IRS at the legal minimum, the scammers keep coming up with additional ways to make you think you owe them even more! The latest one involves fake emails that say they are from the IRS and have a fake “CP2000 notice” …

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Surviving Recruiting: Land the Job and Keep Your Sanity

Accounting is a unique industry when it comes to recruiting out of college. In very few other industries do you get so many companies that, in reality, maintain such a consistent line of work. Sure, every firm will have its quirks, and some offer lines of service not available in others, but almost every CPA …

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Who Will the IRS Choose for Form 990 Audits?

The Exempt Organizations Division of the IRS has recently made a change in how they select nonprofit organizations for audits of the Form 990. Previously, audit selections were made based on specific types of organizations. For example, after the IRS conducted a study of nonprofit hospitals, those organizations were audited in higher numbers than other …

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Government Forgives Certain Student Loan Debts

The amount of student loans outstanding has been called an economic ticking time bomb by some experts – with a long list of reasons why more and more students are having a hard time paying back the borrowed funds. Student loan debt can be difficult to have discharged even in bankruptcy. But there are ways …

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An Easier, Cheaper 60 Day Rollover Waiver

The IRS has had a major change of heart that is good for taxpayers. They recently issued Revenue Procedure 2016-47 which established a “self-certification” procedure enabling a taxpayer to complete a retirement plan rollover (despite missing the 60-day deadline) by certifying to the administrator of the recipient plan or IRA that the deadline was missed …

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Hardship Distributions

There may be a point in your life when you have an event that requires some cash. If you do not have that cash on hand, you may be forced to look into other options such as selling assets. Another option could be a hardship distribution from your retirement plan. A hardship distribution is when …

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Transfer Pricing, IRC 482 and Control

First let’s start with IRC 482. IRC 482 allows the IRS to make allocations to ensure that taxpayers clearly reflect income attributable to controlled transactions and to prevent the evasion of taxes. This refers to both domestic and international transactions that relate to transfer pricing between two related entities. In order for IRC 482 to …

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