Knowledge and Insights: Newsletters

Recent headlines involving fraud, waste, and abuse within the public sector serve as constant reminders that conducting proactive audits in organizations are critical to cultivating success and accountability.  These audits may uncover issues and identify findings that give rise to the need for an in-depth forensic investigation.  The role of CPAs has expanded to include investigative accounting…

Nonprofit organizations tend to make almost two times more accounting errors on their public financial statements than similarly-sized for-profit companies; that is according to a study by an associate professor of accountancy at the University of Notre Dame, on which a few recent articles I’ve read were based. For most nonprofits, and particularly in today’s…

The IRS Tax Exempt and Governmental Entities Division recently issued their 2016 priorities. Exempt Organizations (EO’s) overarching compliance strategy is to ensure organizations enjoying tax-exempt status comply with the requirements for exemption and adhere to all applicable federal tax laws. The focus in 2016 will be on significant compliance issues, not on the number of…

The National Flood Insurance Act of 1968 and Flood Disaster Protection Act of 1973 (FDPA), as amended, govern the National Flood Insurance Program (NFIP). Among other things, these statutes require the purchase of flood insurance on certain properties and make available federally subsidized flood insurance to owners of improved real estate or mobile homes located…

After surviving Valentine’s Day now is a great time to talk about love and money especially if you spent more than you should have on February 14th.  In 2015, Valentine’s Day spending reached $19 billion, a new record for the United States, with the average person celebrating the occasion spending more than $150. I wonder…

In an age where few things are still taboo topics, we need to recognize how life-changing it can be to talk about and learn about money. In 2004, Resolution 316 was passed in the U.S. Senate, recognizing April as National Financial Literacy Month. The recognition is an attempt to improve personal financial well-being and reduce…

Keeping year-end tax planning interesting right up until the end, Congress acted in late December to pass The Protecting Americans from Tax Hikes (PATH) Act of 2015. This bill addresses a variety of popular but temporary tax provisions, commonly referred to as “tax extenders,” that expired at the end of 2014, and makes many of…

Happy New Year!  As you celebrated the end of 2015 and start of 2016, you probably spent a few moments reflecting on where life has brought you and envisioning where you would like to be in the future.  You may have made some resolutions about diet and exercise, quitting smoking or other changes you would…

We all need better ways to connect with and understand financial information; luckily, big change is underway. The Mercadien Foundation sponsored a roundtable discussion at its office in early February 2016, bringing together several business, nonprofit and community leaders to tackle workplace issues related to financial capability and education. From the discussion, the Mercadien Foundation…

If you go on a business trip within the U.S. and add on some vacation days, you know you can deduct some of your expenses. The question is how much. First, let’s cover just the pure transportation expenses. Transportation costs to and from the scene of your business activity are 100% deductible as long as…