What are the tangible property regulations? These regulations were issued by the Internal Revenue Service (IRS) to provide guidance for the acquisition, production or improvement of tangible property—buildings, furniture, fixtures and equipment assets, typically—which must be capitalized and depreciated, deducted in the future or deducted immediately. On a more granular level, these rules dictate how Read More…
As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared and made Read More…
The IRS expects to receive more than 150 million individual income tax returns this year and issue billions of dollars in refunds. That huge pool of refunds drives scam artists and criminals to steal taxpayer identities and claim fraudulent refunds. The IRS has many protections in place to discover false returns and refund claims, but Read More…
Technology has led to significant changes in the way we work, substantial efficiencies in time savings, and increases in accuracy. Technology has also become the principal tool of fraudsters. We have evolved to a state where a computer is a required tool for the perpetration of fraud. That same technology offers challenges for the examiners Read More…
If you ask most business owners, “what software do you use to run your business”, the answer will be QuickBooks. The Desktop Version of QuickBooks is currently being used by thousands of small law firms. QuickBooks offers a Professional Services version of this popular software. Law firms require special handling of Client Trust Funds and Read More…
Normalization adjustments are unique to business valuation engagements. It is not uncommon for the valuator to make normalization adjustments. Normalization adjustments are intended to change certain financial data of a subject business to make the historical financial operations look like normal conditions so as to be on a consistent basis with comparable companies and what Read More…
The Treasury Department and Internal Revenue Service released much-requested guidance, simplifying the procedures for small taxpayers to comply with the final tangible property regulations (T.D. 9636) and disposition regulations (T.D. 9689). The new procedures allow small businesses to change a method of accounting under the final tangible property and disposition regulations on a prospective basis Read More…
Although it is not common to have a tax-exempt status revoked, it does happen. Decrease the chance that your organization’s tax-exempt status could be revoked by following these rules: Corporate Records: All nonprofit organizations must keep good records. These records should consist of, at a minimum, the original articles of incorporation, including any amendments, bylaws, Read More…
A donor’s perception of your organization is very important in making the decision on where to contribute their hard earned dollars. It is useful to think about how donors view your non-profit organization. Some questions donors may consider include the following: Are the organization’s resources allocated in the most efficient manner in order to fulfill Read More…
The requirements for preparing and filing information returns, such as Forms 1099 and W-2, apply to all businesses, including owners of rental properties. Current IRS Regulations require that information returns be issued to all non-corporate businesses that provide goods or services, to your business or rental activity, aggregating $600 or more during the year. The Read More…
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