The latest on occupational fraud: Who the perps are

Occupational fraud is an unfortunate reality for just about every employer, nonprofit organization or otherwise. But you might be able to reduce the risk of costly losses if you understand some of the common traits of fraud perpetrators. The 2016 Report to the Nations on Occupational Fraud and Abuse from the Association of Certified Fraud Examiners ("ACFE") provides some useful insights on these characteristics.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

News for Nonprofits

Posted by Maura Noonan, Supervising Senior on Feb 22, 2017

Is your next board chair prepared to lead?

Only half of board chairpersons are prepared for their leadership role when they take on the post, according to a recent survey by the Alliance for Nonprofit Management.

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

Prescription for an ailing practice

Managed care, Medicare and Medicaid reimbursements, and the Affordable Care Act (ACA) all present challenges for a medical practice. On the other hand, many problems that arise are self-inflicted. Is your medical practice not performing as well as expected? Are revenues dropping? Are you having problems covering costs? Take a hard look at your practice and diagnose the problem. To help put you on the road to recovery:

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Topics: Accounting Tips, Tax, Healthcare, Audit

Checking the background of new hires

Posted by Jonathan Cook, Senior II, Tax Services on Jan 26, 2017

A monthly average of 178,000 employees were added to employer’s payrolls in the United States in 2016, according to an “Employment Situation Summary” released by the U.S. Bureau of Labor Statistics. Further, significant averages of new hires per month are projected to continue into 2017.

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Topics: Accounting Tips, Tax, Audit

Soggy numbers

6 common accounting mistakes to avoid

You’re probably familiar with the term “crunch the numbers.” Well, in a tumultuous industry like construction, it’s all too easy to let crisp, timely financials go soggy with outdated data and flat-out mistakes. Here are six common accounting errors to avoid.

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Topics: Accounting Tips, Tax, Audit, Construction

Avoiding UBIT: Follow the rules for corporate sponsorships

Posted by Nicole Ansiaux, Senior I, Tax Services on Nov 9, 2016

Many non-profits dream of landing hefty corporate sponsorships to help pay for the costs of a conference, fundraiser, or other costly event. Money from deep pockets is optimal, but you don’t want the IRS to consider the payments “paid advertising”, and thus taxable as unrelated business income.

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Topics: Accounting Tips, Not-for-Profit, Audit

How manufacturers can bridge the cash gap

Accounts receivable is often one of the most significant assets on a manufacturer’s balance sheet.  However, the faster you’re able to convert receivables to cash, the sooner you’re able to pay suppliers, employees, and lenders — and the less likely you’ll be to draw on your line of credit to make up for working capital shortfalls.

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Topics: Manufacturing & Distribution, Accounting Tips, Tax, Audit

Are You There, Supporter? It’s Me, Not-for-Profit

Posted by Victoria Hernandez, HR Specialist on Oct 5, 2016

As people have become more vocal about socializing online, businesses have been listening. Social listening. And now not-for-profits are beginning to join them.

This new approach has become a cost-effective way organizations can see what interests their supporters, along with a great way to gain more momentum within their organization. So, what exactly is social listening, and how do I get started? 

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Topics: Accounting Tips, Not-for-Profit, Tax, Audit

Are you getting all that you deserve?

Don’t overlook the research credit

Construction businesses are often surprised to learn that they may be eligible for the research tax credit, often referred to as the “research and development,” “R&D” or “research and experimentation” credit. Too often, they assume that this tax break is for only large pharmaceutical, biotechnology, software, and aerospace companies, so they don’t bother to investigate whether any of their activities qualify.

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Topics: Accounting Tips, Tax, Audit, Construction

NFPs See Biggest Accounting Changes in More Than Two Decades

The Financial Accounting Standards Board, also known as FASB, has released Accounting Standards Update (“ASU”) 2016-14 with huge changes for Not-for-Profit Entities (“NFPs”). You’re probably wondering why there even was an update. Great question.

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Topics: Accounting Tips, Not-for-Profit, Audit