As the end of the traditional tax year approaches, giving is on the minds of many business leaders and philanthropists. It’s a busy season for nonprofit professionals and you’re likely ramping up your fundraising efforts so that your organization has every opportunity to meet its financial objectives. Meeting your fundraising goals is important, but so […]
The Nonprofit Boardmember: Understand Your Responsibilities
Every corporation is required to have directors and officers. This includes public benefit corporations. Your nomination to the role of nonprofit board member is a tremendous honor, and also a great responsibility. As a board member of a nonprofit organization, you are subject to specific guidelines, set forth by the State of California. The Role of […]
California Nonprofit Audit Requirements
Not all businesses and organizations are for-profit. Some of these organizations, known as nonprofits, provide for the marginalized, to help raise awareness on certain issues, and to promote good will and peace. Today, we will look more into nonprofits and the requirements for a California nonprofit audit. What are Nonprofit Organizations? Nonprofits come in the form […]
Do You Need a Full Scope or Limited Scope Audit?
When the number of all eligible employees, retirees, separated participants, and beneficiaries of deceased participants is at least 100 as of the first day of a plan year, an audit of both defined contribution and benefit plans is required. Once you’ve verified that an audit is necessary, you’ll need to determine which type of audit […]
Guidelines for a Broker Dealer Audit
Broker dealer audit services are required by the SEC to provide enhanced protection to investors. Keeping on top of regulatory changes is a must for any firms who offer this service.Recent changes to the laws that regulate these audits have made the process more stringent. These laws are designed to protect investors, but they do […]
Tax Questions When Selling A Home
Maximizing your tax benefits when selling a home involves knowing which real estate tax questions to ask. If you realize a profit on the sale of your home, that income could be taxed. Alternately, if you take a loss on the sale of your home, you won’t pay taxes on the funds you receive but […]
How to Choose a Tax Return Preparer
Tax return preparation is a complicated and lengthy process. That’s why so many people decide to hire a professional tax return preparer for assistance along the way. But how do you choose the right one? Since you are the only one who is legally responsible for filing your proper and accurate tax return, it is […]
Audit Requirements for Employee Benefit Plans
As your small business grows so do your responsibilities, one of which is the employee benefit plan audit. Once your benefit plan reaches 100 eligible participants, it will need an audit as stipulated in the Employee Retirement Income Security Act of 1974 (ERISA). ERISA a federal law that protects the money American employees set aside […]
Broker Dealer Audit Deficiencies – No End in Sight
A problem that shows no signs of improvement is the high level of deficits in broker dealer audits. The PCAOB (Public Company Accounting Oversight Board) report that found inspections staff deficiencies at the 66 firms reviewed in 2014. The State of Broker Dealer Audits The examination conducted under the United States audit watchdog interim inspection program found that 87%, […]
Which Small Business Records Do You Need to Keep and For How Long?
As a responsible business owner, you want to stay in compliance with local and federal regulations regarding recordkeeping. The process becomes manageable if you know exactly what to keep and for how long. Here is a quick rundown on which small business accounting recordsyou need to keep and for how long.Gross Receipts – Any source of […]