by Mary Doherty | Oct 30, 2023 | Accounting, Business Planning
Every fall, CPAs are busy preparing for audit season, which generally runs from January to April each year. This includes meeting with clients, assigning staff and scheduling fieldwork. Likewise, organizations with calendar year ends should prepare for audit...
by Mary Doherty | Oct 30, 2023 | News, Tax Planning
Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid...
by Mary Doherty | Oct 26, 2023 | Nonprofit
In recent years, the IRS has increased its scrutiny of tax-exempt organizations. Most nonprofits that fail to file Form 990 for three consecutive years will have their exempt status revoked automatically. The IRS is also cracking down on nonprofits that don’t properly...
by Mary Doherty | Oct 24, 2023 | Accounting, News, Tax Planning
On August 30, 2023, the Financial Accounting Standards Board (FASB) unanimously voted to finalize its proposed improvements to the disclosure rules for income taxes. Here’s what’s changing and when those changes are effective. Rate Reconciliation Under the updated...
