in Taxes

IRS BULLETIN: Claiming Income The Right Way… Or Else!

When filing your taxes, you must report all your incomes on your federal income tax return. However because of some exceptions, some of it is not taxable. Most people are confused about the difference in what is taxable and what actually falls under the IRS’ exceptions. In fact, according to the IRS, all income is taxable unless the law specifically excludes it. Indeed, some income...

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25 Feb 2014
in Non-Profits

4 Different Forms of Assurance for Nonprofit Organizations

The financial statements of nonprofit organizations need to be examined by a qualified, independent and objective professional. The purpose of doing so is to determine their accuracy and whether they fairly reflect the NPO’s financial situation. These statements must comply with the standard accounting principles. If there are any concerns regarding the financial state of the NPO then the board and its members need to...

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19 Feb 2014
in Taxes

Depreciation for Rental Properties – What You Need to Know

One of the benefits of owning rental properties is the ability to take a depreciation expense deduction on your income tax return. But what is depreciation? And how is it calculated? And what will my benefit be? Depreciation is used to recover the cost of your rental property through yearly tax deductions. You will do this by deducting some of the cost of the property...

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13 Feb 2014
in Non-Profits

How to Prepare for the Auditor

Nonprofit Organizations are likely to be required to present more audits in comparison to profit making businesses. The reason is that they depend solely on donations and government help. Since they are held accountable to donors and the government, it is important to show transparency. These entities must ensure that the money is spent accordingly. This will be done through audits. Audits also help to...

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10 Feb 2014
in Non-Profits

3 Reasons Nonprofits Might Have an Audit

An audit is an examination of your accounting records and financial statements. Not all nonprofits are required to have an audit. Generally speaking, the federal Office of Management and Budget (OMB) requires an audit if the nonprofit spends more than $500,000 in federal funds (either directly or by passing through to other nonprofits). Some states require an audit if the nonprofit has a certain amount of revenue derived...

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22 Jan 2014
in Taxes

How to Spend a Tax Refund?

So, you just received that great big refund check from the IRS. What should you do with the money? Well, the first thing to think about is that it is really a refund of YOUR money – you did not just get a windfall from the Government. Once you deposit that money into your bank account – and that big balance is just sitting there...

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17 Jan 2014
in Taxes

2013 Tax Deadlines Extended into 2014

2013 is over and we are off into the New Year. For most, this this marks the end of quite a few beneficial tax savings opportunities.  But for a few lucky people, a handful of deadlines have been extended into 2014. Below are the dates in which tax extensions have been granted for the New Year. January 15th 2014 If you have been making estimated...

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06 Jan 2014
in Fraud

Top 5 Ways Employee Fraud Could Be Draining Your Organizations Bottom Line.

When you hear of fraud, what often first comes to mind is the CEO or CFO misrepresenting the company’s books to appear favorable for investors. But according to the 2012 Association of Certified Fraud Examiners Report to the Nations, Financial Statement Fraud Schemes only account approximately 8% of the incidents of Fraud. Asset misappropriation schemes are far more common and according to the report are estimated...

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19 Dec 2013
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