Internal Audit 2.0: Paperless and Continuous Auditing Trends

Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather [...]

By |2019-10-17T12:38:32-04:00October 7th, 2019|Categories: Audit, Blog, Tax|0 Comments

The Chances of an IRS Audit Are Low, But Business Owners Should Be Prepared

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations [...]

By |2019-10-16T16:33:35-04:00October 2nd, 2019|Categories: Audit, Blog, Small Business Services|0 Comments

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the [...]

By |2019-10-16T16:47:09-04:00September 16th, 2019|Categories: Audit, Blog, Small Business Services, Tax|Tags: , , , |0 Comments

Auditing Grant Compliance

Has your organization received any public or private grants to fund its growth? Grants sometimes require an independent audit by a qualified accounting firm. Here’s what grant recipients should know to help facilitate matters and ensure compliance at all [...]

By |2019-10-16T17:15:02-04:00September 6th, 2019|Categories: Audit, Blog, Small Business Services|0 Comments

What to Expect During a Franchise Audit

It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and [...]

By |2019-10-16T17:29:47-04:00August 19th, 2019|Categories: Audit, Blog|Tags: |0 Comments

Businesses Can Utilize the Same Information IRS Auditors Use To Examine Tax Returns

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws [...]

By |2019-10-17T12:32:02-04:00July 22nd, 2019|Categories: Audit, Blog|Tags: |0 Comments

M&A Transactions: Avoid Surprises From The IRS

If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase [...]

By |2019-10-17T12:52:25-04:00July 15th, 2019|Categories: Audit, Blog|0 Comments

How Auditors Use Non-Financial Information

Every financial transaction your company records generates nonfinancial data that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, nonfinancial data can also help them analyze your business from [...]

By |2019-10-17T14:08:19-04:00June 17th, 2019|Categories: Audit, Blog, Small Business Services, Tax|0 Comments

AUP Engagements: A Middle Ground Between Audits and Consulting Services

Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP). Consulting services, in [...]

By |2019-10-17T13:41:59-04:00June 17th, 2019|Categories: Audit, Blog, Consulting, Small Business Services, Tax|Tags: , |0 Comments

Consider a Roth 401(k) Plan — And Make Sure Employees Use It

Roth 401(k) accounts have been around for 13 years now. Studies show that more employers are offering them each year. A recent study by the Plan Sponsor Council of America (PSCA) found that Roth 401(k)s are now available at [...]

By |2019-10-17T16:23:43-04:00May 13th, 2019|Categories: Audit, Blog, Tax|0 Comments