Full Scope vs. Limited Scope Audits

When a 401(k) or other retirement plan requires an annual audit, a plan administrator may have a choice to engage an audit firm to perform a full-scope audit or a limited scope audit of the financial statements. To be qualified for a limited scope audit, a bank or insurance carrier must act as a trustee …

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June community event a huge success!

On Saturday June 13, fifteen Henry+Horne employees and family members cleaned carpets, washed windows and wiped down chairs, desks and tables for The Children’s Center for Neurodevelopmental Studies. Rob from the Center was BLOWN AWAY by how hard-working our team was and was so thankful for the work done. The Center is a school that …

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Divorce business valuations: double dip, reasonable compensation conundrums

Family Law Court magistrates often face two dilemmas regarding what monthly spousal maintenance payments should be when a business is owned by the divorcing couple and is an asset to be distributed in the property settlement part of the divorce. For purposes of discussion, let us assume that the spouse who runs the couple’s business …

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Shareholder debt or equity, does it affect value?

Shareholders of a small business sometimes will infuse cash into their Companies when needed. This cash is often recorded as a loan to the business. The shareholder and the Company may or may not have documented the “loan” setting forth the terms including interest rate, payback period, etc. When developing an equity value of a …

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IRS filing calendar for raffles

When it comes to IRS filing requirements relating to charities holding raffles, there are many steps to remember and they can be difficult to keep straight! Getting stuck trying to meet the filing requirements after the deadlines can result in late fees and a strained relationship with the winner of the raffle. Colette Kamps, CPA

Exploding growth in crowdfunding

Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet. Crowdfunding has grown dramatically over the last few years. As shown in the chart below, crowdfunding websites helped companies and individuals worldwide raise $89 million from members of the public in …

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Reduced Corrective Contributions

During April 2015, the Internal Revenue Service (IRS) released Revenue Procedure 2015-28 that made amendments to the safe harbor corrective contributions for employee benefit plans. The Employee Plans Compliance Resolution System (EPCRS) allows plan sponsors to correct certain failures and thereby, continue to provide employees with retirement benefits. The IRS received numerous comments requesting special …

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How to Properly Record Petty Cash

Many companies reserve a small amount of cash in a petty cash fund to cover minute, miscellaneous expenses. The petty cash fund is typically replenished at month end or when the balance drops to a pre-determined level, i.e. $50. The organization should select one employee to be responsible for the petty cash fund. This person …

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Telephone fraud: beware of the big prize promise

I know an elderly lady who is disabled and in early stages of dementia. Her name is Doris. Doris was the recent victim of a telephone scam. Doris’ four adult children recently told me that two months ago their mother received a telephone call, out of the blue, from Jamaica. It was from a slick …

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Henry+Horne team members garden for community service at the Growhouse

This past Sunday employees and family members from Henry & Horne volunteered at the Growhouse in downtown Phoenix. We split into teams to accomplish a few tasks while we were there. One team prepped a garden bed and planted squash. Another team pulled weeds and helped clean up the grounds at the Growhouse. The staff …

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