Preparing for your municipality's audit: what an auditor wants you to know
By: Krista M. Gardner, CPA Member of the Firm
Coming soon: New accounting rule on government assistance disclosures
On November 17, the Financial Accounting Standards Board (FASB) issued a new accounting standard on disclosing certain types of government incentives that businesses receive to set up shop in a locality.
Why excess benefit transactions are out-of-bounds
Emily was a dedicated board member of her community’s most prominent social-services charity. But her commitment to the cause and the nonprofit’s programs didn’t prevent her from inadvertently violating the rule against excess benefit transactions.
Prepare for a new year by reviewing your estate plan
Hopefully, you already have a sound estate plan in place to protect the interests of your heirs and minimize potential estate tax liability. But that doesn’t mean you’re completely in the clear. You should consider your estate plan to be a “work in progress.” Take this time to review your current estate plan and contact the estate planning advisors at SEK with questions or updates.
With year-end approaching, 3 ideas that may help cut your tax bill
If you’re starting to worry about your tax bill, there’s good news — you may still have time to reduce your liability. Here are three quick strategies that may help you trim your taxes before year-end.
Look to the future with a QOE report
Are you thinking about merging with or acquiring a business? CPA-prepared financial statements can provide valuable insight into historical financial results. But an independent quality of earnings (QOE) report can be another valuable tool in the due diligence process.
Loan-hunting tips for nonprofits
To remain financially afloat and retain staffers, many not-for-profit organizations took advantage of government loan programs in 2020 and 2021. But nonprofits shouldn’t think about borrowing only as an emergency solution.
4 red flags of an unreliable budget
Every business should prepare an annual budget. Creating a comprehensive, realistic spending plan allows you to identify potential shortages of cash, possible constraints on your capacity to fulfill strategic objectives, and other threats.
Remember to use up your flexible spending account money
Do you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses? As the end of 2021 nears, there are some rules and reminders to keep in mind. An account for health expenses
How to assess fraud risks today
Auditing standards require external auditors to consider potential fraud risks by watching out for conditions that provide the opportunity to commit fraud. Today more employees may be working remotely than ever before.