What do you do with your financial statements when your auditor delivers them? Resist the temptation to just file them away — they’re more than an exercise in compliance. With a little finagling, you can calculate key financial ratios
If you have a child or grandchild who’s going to attend college in the future, you’ve probably heard about qualified tuition programs, also known as 529 plans. These plans, named for the Internal Revenue Code section that provides for
National Taxpayer Advocate issues midyear report to Congress; expresses concern about continued refund delays and poor taxpayer service. National Taxpayer Advocate Erin M. Collins today released her statutorily mandated midyear report to Congress. The report expresses concern about continuing delays
Accounting Standards Codification Topic 842, Leases, requires organizations to report the full magnitude of their long-term lease obligations on their balance sheets — a historic first. For private companies and nonprofits, the changes take effect this year. Public entities
Cost-of-living adjustments affecting limitations have been announced by the IRS for tax year 2023. 2023 2022 401(K) AND 403(B) CONTRIBUTION LIMIT $22,500 $20,500 401(K) AND 403(B) CATCH UP CONTRIBUTION LIMIT (OVER AGE 50) $7,500 $6,500 DEFINED CONTRIBUTION LIMIT (415)
On March 7, 2005, the Ohio Department of Transportation announced a change in the method of calculating the fixed fee (profit) portion of fees in consultant agreements. The new method used a statewide average overhead rate for all fixed
Now that fall is officially here, it’s a good time to start taking steps that may lower your tax bill for this year and next. One of the first planning steps is to ascertain whether you’ll take the standard
As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8%
The Internal Revenue Service announced that victims of Hurricane Ian in Florida now have until February 15, 2023, to file various individual and business tax returns and make tax payments. This means individuals who had a valid extension to
An interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know about this statistical technique,
Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial information. What’s Covered? Agreed-upon procedures can cover various items.
