Audit, Compilation & Review

Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company as employees entitled to more benefits and legal protections. The DOL has received 12,469 comments on the proposed rule, so the agency may not issue…

Independent financial statement audits are designed to provide assurance that the amounts reported in them are reasonably stated. An integral part of the audit process is an assessment of the effectiveness of an organization’s system of internal control.  As a result, the independent auditor gains valuable insight on how the organization works – from top…

While most of the financial relief benefits driven by the pandemic have expired, there are some after-effects to consider as we head into 2023. If your business received financial assistance from a federal agency through the CARES Act, you may be subject to single audit requirements. The CARES Act provided federal funding to many organizations…

Monthly financial reporting helps owners, managers, and potential lenders get a better understanding of a company’s current financial status and anticipate future performance. You can see financial trends when you examine daily, weekly, and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress…

Every year, the IRS mails millions of letters and notices to taxpayers for a wide variety of reasons. In this article, we’ll explore some of the reasons IRS mails these letters or notices and give you some tips on what to do, and not do, if you receive one from the IRS. Each letter or…

From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act (TCJA) kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it…

On Memorial Day weekend, the US Treasury and the Small Business Administration (SBA) released two new Interim Final Rules regarding the Paycheck Protection Program (PPP). Key updates and clarifications for PPP loan forgiveness include: Borrowers may seek forgiveness for payroll costs for the eight weeks beginning on either: The date of disbursement of the borrower’s…