2019 Standard mileage rate, minimum wage

Government employers need to be aware of two rate increases this year. One is the standard mileage rate set by the IRS and the other is the minimum wage rate set by Arizona voters. Standard mileage rate Every year, the IRS establishes a standard mileage rate and this year is no different. Many government entities …

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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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Anticipated Changes in Lease Accounting

The Governmental Accounting Standards Board (GASB) issued an exposure draft on January 25, 2016 proposing significant changes in accounting for leases. Primarily the GASB proposal would result in accounting for all lease contracts for nonfinancial assets as capital leases and eliminating the operating lease option. The proposal does not apply to grants, donated assets or …

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Heard about the New Overtime Rule?

The United States Department of Labor updated its regulations governing the exemption of executive, administrative and professional employees (EAP) employees from the minimum wage and overtime pay protections of the Fair Labor Standards Act. The Fair Labor Standards Act ensures minimum pay and overtime protection for most employees, but the executive, administrative and professional employees …

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Engaging Younger Citizens Through Technology

A hot topic for many governmental entities these days is how to engage their citizens. Many governments are looking to technology to engage the younger generations of citizens including millennials. The choices in technology are based on a number of factors including the availability of resources, the community’s appetite for engagement and the motivation of …

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Information Security

Earlier this month the United States Computer Emergency Readiness Team (US-CERT) and the Department of Homeland Security issued an alert that Symantec and Norton antivirus software contain multiple vulnerabilities. Symantec has, in response, released patches that will fix the vulnerabilities and the US-Cert encourages all users to patch their software immediately. The alert is good …

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Upcoming Changes to the CPA Exam

Whether you sat for the CPA exam or not, it is widely known to be an incredible test of not only one’s technical expertise, but also one’s endurance to make it through the rigorous process. To make things even more difficult, it changes year to year to reflect the most recent updates in accounting standards, …

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Do You Reconcile Your Governmental Capital Assets?

It can be hard to remember, but it is a requirement of most all federal grants in which capital assets are purchased, that a governmental entity performs a physical inventory of all capital assets at least once every other year. In the case of Arizona school districts, they must inventory their capital assets, or property …

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GASB Issues 2016 Implementation Guide

Government accountants are aware that the hierarchy of accounting for state and local government’s generally accepted accounting principles (GAAP) fall in one of two categories. Category A is the official Governmental Accounting Standards Board (GASB) Statements. Category B includes GASB Technical Bulletins, GASB Implementation Guides and literature of the American Institute of Certified Public Accountants …

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Performing a Monthly Bank Reconciliation

A bank reconciliation compares the transactions that occurred in the organization’s bank account to the transactions that occurred in the organization’s general ledger or accounting software. It is important to note that the ending cash balance for the bank account is referred to as the “bank balance” and the ending cash balance for the organization’s …

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