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Category: Audit and Assurance

May 19, 2016

Collaborative Activities: Are You Reporting Them Correctly?

More and more nonprofits are joining forces to better serve their client populations and cut costs. But such relationships can come with complicated financial reporting obligations. Your organization’s reporting requirements will depend on the type of relationship you enter. Collaborative arrangements The simplest relationship between nonprofits for accounting purposes may be a collaborative arrangement. These are typically contractual agreements in which two or more organizations are active participants in a joint operating activity. And both are vulnerable to significant risks… Read more ›

January 21, 2016

Compilations, Review & Audits: Not All Financial Statement Preparation is the Same

Do you know the differences between financial compilations, reviews and audits? CPAs engage in all three types of financial statement reporting for auto dealerships and other businesses. But each endeavor has its own level of requirements, depth and outcomes. It’s important to understand that, depending on the level of assurance selected, CPAs perform procedures of varying degrees of complexity when evaluating a company’s assets, liabilities, revenues and expenses. Here are descriptions of the three main types of CPA engagements. Sticking… Read more ›

August 21, 2014

Do’s & Don’ts for Deducting Meals, Entertainment & Travel

If you are claiming a deduction for meals, entertainment, auto or travel expenses, expect the IRS to closely review it. Too often, taxpayers have incomplete documentation or try to re-create records months (or years) later. In doing so, they often fail to meet the strict substantiation requirements set forth under tax law and by the IRS. Tax auditors are adept at rooting out inconsistencies, omissions and errors in taxpayers’ records, as illustrated by a recent U.S. Tax Court case. (Crawford… Read more ›