Businesses use internal controls to prevent fraud, waste, and abuse, and to ensure the accuracy and integrity of their financial statements. Internal and external auditors place a lot of specific focus on internal controls because of their high importance. In order to ensure a comprehensive assessment, many auditors use detailed internal control questionnaires to evaluate…

As the economy recovers from the COVID-19 pandemic, the number of new businesses being launched has increased significantly. In fact, the U.S. Census Bureau reports that business applications are up 18.6% from June 2020 through June 2021, based on the number of businesses applying for an Employer Identification Number. Unfortunately, many of the expenses incurred…

Companies looking to survive and thrive in today’s competitive landscape will need agility, or the ability to react quickly. Although they were originally used in software development, agile techniques have many applications in the world of modern business, and can be useful to companies approaching their internal audits. Here’s a quick guide to agile auditing…

Under current tax law, investment-related expenses—including the cost of subscriptions to financial services, clerical costs, and home office expenses—aren’t deductible through 2025 if the costs are considered investment expenses for the production of income. However, these costs are deductible if they’re considered trade or business expenses. Although production-of-income expenses were deductible for years before 2018,…

For businesses today it isn’t a question if they’re going to be exposed to ransomware, but how and when. So how do you prevent it? Two cybersecurity experts who have worked first-hand with hacked businesses are joining us to show you how to: Put a proactive prevention plan in place Prevent hacks caused by users…

If you own or manage a business with employees, you could be at risk for paying a harsh tax penalty called the “Trust Fund Recovery Penalty.” The Trust Fund Recovery Penalty applies to the Social Security and income taxes businesses are required to withhold from their employees’ wages. The employer holds these taxes in “trust”…

If you work in an industry that takes raw materials and turns them into products for your customers, you know that production is a continuous process. Under U.S. Generally Accepted Accounting Principles (GAAP), any work you’ve started but haven’t yet completed by the end of the accounting period must be reported as work in progress…

You may be eligible to take the deduction for qualified business income (QBI), a valuable tax break also known as the pass-through deduction, QBI deduction, or Section 199A deduction. Here are 10 things to know about the deduction: The QBI deduction is available to owners of sole proprietorships, partnerships, S corporations, and single member limited…

When planning their estates, many people choose to divide their assets equally among their children—but an equal distribution may not always be the same as a fair one. Different families have different circumstances, and when it comes to providing for your grandchildren, equal division of your assets among children could result in unfairness. One example…

When it comes to financial reporting, timing matters. The end of the accounting period serves as a hard “cutoff” for recognizing revenue and expenses—but during the COVID-19 pandemic, managers may wish to show earnings or reduce losses, and may want to delay reporting expenses until the next period or extend revenue cutoffs beyond the period’s…

The American Rescue Plan Act (ARPA), enacted in March of 2021, extended and modified the Employee Retention Tax Credit (ERTC), a valuable tax break. Here’s a quick explanation of the rules involved. History of the ERTC Congress originally enacted The ERTC in March of 2020 as part of the CARES Act. It was intended to…

Estate planning doesn’t only determine what happens to your assets—it can also protect yourself and your loved ones. In the event that an illness or injury renders you unconscious or otherwise incapacitated, you’ll want a plan for making critical medical decisions in the event you’re unable to make them yourself. And as with any other…