We’ve outgrown our accounting software! Now what?

Many small businesses begin with commercial accounting software, such as QuickBooks or Peachtree and find that, as their business grows, they may spend a considerable amount of time exporting data to create various management reports that can’t be generated within the current accounting system. In addition, they may see their chart of accounts rapidly growing …

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Coming soon: GASB’s new lease standard

The Governmental Accounting Standards Board (GASB) is set to release a new standard dealing with leasing later this month. The new lease standard is set to be effective for reporting periods beginning after December 15, 2019 and earlier application is encouraged. If you are a state or local government that is involved in leasing, then …

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Does your employee benefit plan need an audit?

If your Company sponsors an employee benefit plan (this includes 401(k) plans), an audit of that plan may be required. What triggers the need for an audit? The number of participants. Plans with 100 or more participants at the start of the plan year are considered “large” and generally require an annual audit, while plans …

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Preparing for your 401(K) audit

Proper preparation for your year-end 401(K) audit can lead to a much smoother and effective audit experience for both your company and your auditor. A constant line of communication leading into the audit will allow both parties to be as efficient as possible, especially when it comes to performing fieldwork. In addition to what your …

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Nonprofit finance committee: to serve or not to serve

Many people reach a point in their lives where they ask how they can give back to their communities. Some people may respond to that by donating money to their favorite charity. Others arrive at a conclusion of serving on a nonprofit board of directors and donating their time and expertise (and often money, too!). …

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Tax season ends: from boom town to ghost town

The gold rush is over, how did you fare? Did you find yourself breaking even, did you get your gold back, or did you find yourself stuck in the mine shaft? If you’ve never been around a public accounting firm during tax season, then you probably don’t quite understand my metaphor. Around the beginning to …

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CPAs who testify – can they be advocates for their clients?

I was approached by a prospective client a few years ago requiring forensic accounting services in connection with his divorce. The prospective client made it clear to me what his ultimate objective was. He told me, “I want you to review documents I’m going to show you and conclude with me that my wife stole …

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Tax myths, lies and untruths as told by your CPA

So, as frequently happens, taxes come up in conversation. Well, at least, when I am around, they come up in conversation. But, there are some strange things out there that have been said about taxes or tax preparation that leave tax preparers, both seasoned and unseasoned, scratching their heads. Here are just a few tax …

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A wish list for a tax preparer

A wish list for a tax preparer – what is that, you might wonder? Well, it is sort of like a Christmas list during tax season. Here are some of the things that are on my list, and might be on the list of any tax preparer, in case you are in a giving mood: …

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Alternative investments help diversify employee benefit plans

Alternative investments are generally defined as investments that do not have a readily determinable fair value. This means this type of investment is not listed on a national exchange, and quoted market prices are not published in financial publications. These investments also do not face the restrictions or regulations that a typical investment, such as …

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