4 ways to prepare for next year’s audit
It’s time to prepare for next year’s audit. Are you ready for fieldwork to begin?
News & Insights4 ways to prepare for next year’s auditIt’s time to prepare for next year’s audit. Are you ready for fieldwork to begin? Do you have to return a donation when a donor requests it?Sometimes donors ask for their money back. Must your nonprofit comply? It depends on several factors. But the best defense against these requests is an effective offense: Create a gift refund policy. 10 ways construction companies can tighten up their estimatesEstimating is among the most important areas of proficiency for any construction business. Here are 10 ways to potentially improve your company’s estimates. Trust and internal controls can coexist in your nonprofitTrust tends to be the biggest potential fraud weakness for nonprofits. But by beefing up certain internal controls, you can continue to operate like a happy family and still reduce employee-perpetrated fraud. FASB approves updated rules for disclosing income taxesUpdated rules have been approved that will require more detailed disclosures on income taxes to help stakeholders better understand your company’s tax position. Here’s what you should know. Could your construction business qualify for an energy-efficient tax deduction?Construction business owners: Does your company substantially contribute to the design of government-funded projects? If so, you may be able to claim a valuable tax deduction. Build a better nonprofit board with term limitsAlthough there are potentially a few disadvantages to board term limits, they generally benefit nonprofits. Read on for more about how term limits can promote diversity and cooperation. FASB finalizes new crypto standard in record timeGood news: Companies that invest in or exchange cryptocurrency assets will soon be allowed to report them at fair value, rather than under the accounting rules for intangible assets. Here’s what you should know about the new crypto standard. To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax prosAggressive marketing to ineligible applicants highlights unacceptable risk to businesses and the tax system 4 best practices for effective strategic planning meetingsBusiness owners: If you don’t make time for strategic planning, competitors may get the better of you. Let’s discuss some ways to ensure your meetings are productive. Why nonprofits should be transparent about compensationNonprofits whose states or municipalities have passed pay transparency laws must comply by, for example, revealing salary ranges in job postings. But even if you’re not required to, consider adopting these practices. Navigating the percentage-of-completion methodThe accounting rules for reporting income from long-term contracts for book and tax purposes can be confusing. Here’s a brief overview of the accounting rules. |
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