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We recently had an inquiry regarding “What funds count for federal funds for single audit?” Unfortunately, the answer to this inquiry isn’t exactly straight forward. 

Organizations that expend $750,000 or more of federal funds annually are required to have a Single Audit. Recipients of federal funds are responsible for identifying their federal awards and determining if they are subject to Single Audit requirements. In trying to determine if you are required to have a Single Audit, the first step is to determine the source of grant funds.

The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to the business meals and entertainment deduction starting in 2018. On October 3, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment as a follow up to the TCJA. This guidance was in response to confusion regarding the clarity of the changes made by the TCJA. We now have a much clearer picture of what is and isn't considered deductible and to what extent.

January marks the beginning of busy season for auditors. If your company is subject to an audit (as of and for the year ending December 31, 2018), this means it is time to start preparing.

Companies need audits for a variety of purposes, and the accounting personnel of auditees vary in size, background, and experience. Suppose you are the owner of a construction company that's subject to an external audit for insurance purposes. Maybe you are the internal accountant of a larger company. Whatever the reason for your audit, or the position you hold, sometimes it can difficult to know how to best prepare for your audit.

During the holiday season, we tend to be thinking about those who may not be as fortunate or who have a hard time making ends meet this time of year.  We open our checkbooks and donate money to charities.  We purchase toys for those families that may not have the means to buy gifts to put under the tree.  We pack up our gently used items and give them to organizations that distribute or sell them to those in need. There are many benefits associated with charitable giving, lower blood pressure, depression, stress level, to name a few.  Many of these benefits will coincidentally help us get through the stress of the holiday season.  However, with the right planning some might help you get through tax season.  

With the holiday season behind us and tax season upon us, the following is an overview of six different charitable contributions and how to reap their tax benefits.  

Many of us use our personal vehicle for business purposes to one extent or the other. This doesn't seem fair since the added miles can reduce the value of your vehicle and reduce your equity, not to mention other associated costs you might pay for out of pocket. Because of this, the Internal Revenue Service (IRS) allows taxpayers to recover the costs associated with the business use of a vehicle. We'll discuss the two methods of recovering the costs associated with the business use of a vehicle.

The holidays are quickly approaching and the year-end is right around the corner. Before running the last payroll of the year, business owners not only need to make sure they have completed any W-9s for vendors that will be receiving 1099s, as well as make sure that any taxable fringe benefits are included in the owners and employees W-2s. Given the vast number of fringe benefits offered and how they are taxed, it can be confusing determining what is to be included in wages.  

In 2017 President Trump signed the Tax Cuts and Jobs Act.  As a result, there are many changes to the tax code which will affect us this tax season. Now that the 2018 tax year is almost over, you’ll want to start planning how this new tax provision will affect you. Below is a brief run-through of the most critical changes that are effective beginning with your 2018 tax return.  

With the increased usage of smartphones and tablets, many clients ask if they can use QuickBooks on their mobile devices such as a smartphone and tablet. The answer is yes; however, it does depend on which version of QuickBooks the client is using.

In 1935, Social Security was signed into law as part of President FDR's "New Deal" response to the Great Depression. This was the first time the Federal Government took responsibility for economic security of the old-aged, temporarily unemployed, children, and handicapped. Over 80 years later and social security has become an integral part of the retirement process.

What is the best way to send my accounting data to my accountant so that they can prepare my tax return?

The answer is not the same for every client. Clients often send a copy of their financial statements without realizing that it's insufficient. From the accountant’s perspective, it is much more efficient to have a copy of clients' QuickBooks file so that the information needed is right at their fingertips.