Does Your Not-for-Profit Need an Audit?
- June 4, 2012
written by Joe Page Not-for-profit entities are subject to significant scrutiny from various sources such as contributors and directors to lenders...
Change of Accounting Rules/Audit Instructions Issued on New Repair Rules
- April 2, 2012
At the end of 2011, the IRS issued comprehensive and far-reaching temporary regulations on the capitalization of costs relating to tangible...
Administration unveils Framework for Business Tax Reform
- March 1, 2012
A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more...
Not-for-Profit Entity Corporate Governance
- June 14, 2010
It can be an honor to be asked to serve on the board of a not-for-profit entity but doing so comes with a great deal of responsibility. A not-for-profit entity’s board of directors is responsible for establishing the organization’s policies, procedures and overall organization direction. It is also the board of directors that must ultimately answer to the public and the organizations donors.
Audits of Wealthy Individuals Trending Upward, IRS Oversight Board Reports
- June 2, 2010
The IRS Oversight Board recently released its 2009 annual report to Congress. The report evaluates the IRS's performance during the 2009 fiscal year (FY), enumerates strategic challenges affecting tax administration, and provides measures the agency's performance during FY 2009. According to the Oversight Board's report, audits of individuals with incomes above $1 million grew 29 percent in FY 2009 compared to FY 2008. However, the number of audits of wealthy individuals represented only 2.58 percent of all individual audits in FY 2009.
Electronic Filing Of All Form 5500s Is Now Mandatory
- March 3, 2010
The Department of Labor is moving to electronic filing of all Form 5500s starting January 1, 2010. Electronic filing is mandatory. They will not accept paper filings for plan years beginning after January 1, 2009.
What Happens When Your Business Value Declines?
- August 25, 2009
I recently read the article, "The 5 Stages of Valuation", that compares the phsycological character of our clients that receive a declining business valuation to the character outlined in the "Five Stages of Grief".
IRS Issues New Rules For 403(b) Retirement Plans
- July 1, 2009
written by Joe Page Changes Are Substantial While the Internal Revenue Service and Department of Labor have collectively spent a considerable...
Grant Thorton Addresses Bank Capital Requirements in Letter to Regulators
- May 13, 2009
On May 6, 2009 public accounting firm, Grant Thorton sent a letter to Timothy Geithner, Ben Bernanke and Sheila Bair addressing bank capital requirements and the allowance for loan losses. I believe that this letter completely explains the auditor's viewpoint on these two issues and offers the regulators a solution to protecting banks from future losses.