CHOOSING AN AUDITOR FOR YOUR RETIREMENT PLAN

In general, employee benefit plans, or pension plans, with 100 or more participants are required by law to have a yearly audit. These audits need to be performed by an independent, qualified CPA. There are a number of questions you should ask when considering an auditor, including inquiries about the CPA firm's experience, certification, and independence. The Department … [Read more...]

THE DIFFERENCES BETWEEN A FINANCIAL AUDIT, REVIEW AND COMPILATION

At some point, most small businesses and non-profit organizations need a CPA for financial statement services. The type of service is determined by your organization’s needs. Often, banks require a full financial statement audit for lending and credit agreements. Other times, a simpler review or compilation is sufficient. There are three main levels of financial … [Read more...]

IS ONLINE ACCOUNTING FOR YOU?

Online accounting programs are becoming more and more popular with small businesses. They offer a cost-effective way to meet the needs of most small businesses, while targeting only what your business needs in accounting software. Having your accounting software in the cloud can provide a number of advantages over traditional accounting software: Reduces your need for … [Read more...]

5 REASONS NOT TO FIRE YOUR ACCOUNTANT – Cloud Accounting

Cloud accounting is getting more popular, especially with small businesses. A variety of services are available online, including monthly accounting, payroll, and invoicing. With all these choices, a business can be tempted to think they can replace their accountant with cloud accounting. In a recent blog post on Huffington Post, Kirk Simpson, the CEO and co-founder of … [Read more...]

HOW LONG DO I HAVE TO KEEP THIS STUFF? Part 2

Record Retention Guidelines for Individuals Record keeping is vital to keeping a household running smoothly. Between house records and tax returns and monthly bills, it is easy to get overwhelmed by paper. Knowing how long to store documents can save a lot of space and headaches. Carpenter, Evert and Associates has compiled a list of important household documents … [Read more...]

THE INTERNAL REVENUE SERVICE CAN BE YOUR FRIEND!

We often view the IRS as the bad guy, lurking in the shadows and waiting to jump out and spring a tax audit on us. Actually, the IRS can be quite helpful to businesses and individuals when it comes to tax information.  Their website, www.irs.gov, has a huge amount of information that can answer our tax questions in simple terms that we can understand.  All the information … [Read more...]

DOMA SUPREME COURT DECISION – Tax and Legal Implications

Washington, D.C. – Yesterday, the U.S. Supreme Court overturned a key part of the Defense of Marriage Act, also known as DOMA. The original purpose of DOMA was to federally define marriage as a union between a man and a woman. By overturning DOMA, legally married same-sex couples now have access to the same federal benefits as married heterosexual couples. The federal … [Read more...]