Are you developing tomorrow’s governmental accounting leaders?

I have attended several governmental conferences over the past few years and looked around the room and wondered where is the generation that will assume the finance responsibilities in 10 to 20 years. Governmental finance is a specialty and is not covered in detail at colleges and universities. You should be thinking outside the box …

Keep Reading

The benefits of timely financial reporting

It’s the holiday season – you’re busy, your staff is busy, life is full of interruptions, and for you December 31 ending governments out there, you’ve still got to close your books at year-end. There’s only so much time between your actual year-end, when your entity is really performing closing entries to begin your annual …

Keep Reading

Understanding audit risk assessment procedures

Risk assessment is the foundation of an audit. For auditors, it is how we come to understand your company and plan our audit procedures to provide the most reliable information for you and the users of your financial statements. What is risk assessment? I will help you understand what is involved and make the audit …

Keep Reading

2019 Tax season concerns, tax reform impact

In case you haven’t heard it enough, there have been a ton of changes in the tax world recently. With the Tax Cuts and Jobs Act (TCJA) of 2018 being the first major tax reform in over 30 years, there is an estimate of about 450 forms, publications and instructions that need to be revised …

Keep Reading

Tips for testifying in court – stress may not be that bad

If you have experience testifying in court and you felt no stress of any sort, you must be a robot. Not me. As a CPA, I’ve testified over 150 times in state courts in Arizona, New Mexico, Nevada and California as well as federal courts in Arizona and Texas. Before I became an accountant, I …

Keep Reading

2019 Retirement plan limits released

The cost-of-living adjustments (COLA) for the 2018 tax year are out. These rates released by the IRS are used to adjust various tax provisions from the standard deduction and personal exemption to retirement plan limits. Here’s a comparison of the 2019 and 2018 retirement plan limits for 401(k), 403(b) and profit sharing plans: Why there are …

Keep Reading

Is an agreed-upon procedures engagement right for you?

Recently, we covered the differences between audits, reviews and compilations. Those aren’t the only types of engagements our audit and accounting group performs. We provide various agreed-upon procedures and consulting engagements for several clients. Not only can these be a better fit to clients in certain situations, they can be less costly as well. Agreed-upon …

Keep Reading

Avoid getting caught in the cyber web

While technology continues to revolutionize business industries, its ever-changing nature constantly poses new risks that we must actively protect our businesses against. According to the Better Business Bureau’s Scams and Your Small Business Research Report, the sum of losses for small businesses due to cyberattacks amounts to approximately $7 billion per year (2018). These attackers …

Keep Reading

Spousal consent for retirement plan changes

Many retirement plans require plan participants to obtain spousal consent prior to several events, including change of beneficiary, distributions and loans. Typically, the plans that most frequently require spousal consent for these changes are defined benefit plans, commonly known as pension plans. Defined contribution plans, such as IRAs or 401ks, may also require consent. Change …

Keep Reading

What can SOX do for nonpublic companies?

When you think about the Sarbanes-Oxley Act of 2002 – SOX – Section 404 what comes to mind? Large scale fraud that caused the act? Increased government regulation around financial reporting? Requirement of controls and the disclosure of the assessment of internal controls? One of the last words that might come to mind is efficiency. …

Keep Reading