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Ideas And Resources

How auditors evaluate fraud risks

Fraud risks are always on your auditor’s mind. Even if your financial statements aren’t audited, to minimize potential losses it’s important to consider the fraud risk factors auditors look at.

Cash- vs. Accrual-basis Reporting

Qualifying small businesses and service firms often use the cash-basis method of accounting. But as a business grows, it usually needs to convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). ...

When Does a Company Need an Audit?

As an owner of a privately held business, you may have concerns about why a company might need audited financial statements. While not required by law, there are some important reasons why an audit might be useful or required, for ...

The Time is NOW for Tax Planning

  As the year draws to a close, closely held businesses have an opportunity to capitalize on the best and the worst of their tax obligations prior to the start of 2015. Actions such as equipment purchases that qualify for ...

Proper Retention of Business Records

Proper retention of your records – more important now than ever Record retention used to be a mundane matter of file cabinets and boxes stuffed with papers. Now, record retention has gone high tech as new forms of business communication ...

2013 Year End Tax Planning Brochure

Tax planning is inherently complex, with the most powerful tax strategies often relying as much on clairvoyance as they do calculations. As 2013 begins to wind down, the need for a crystal ball lessens, and the ability to strategize with more certainty ...

Preparing For Your Audit

Is Your Annual Audit A Positive Experience? You may view an audit as an annual ordeal specifically designed to complicate your life. Actually, it’s simply a verification process of your company’s financial systems and statements. After the auditors gather sufficient ...

How to Select a CPA Firm

Selecting any service professional, whether you are seeking an attorney, physician, or accountant, is bound to be a very personal decision. Even if you are conducting the search for your business, the decision is ultimately still a very personal one. ...

Why Have a Succession Plan?

Why should your business have a succession plan? Who will take over your business if something happened to you? Would family members fight for control? Succession planning maps out your intentions to enable everyone--including family members--to keep business rolling along into the next generation. While you would likely employ an impartial professional to design your plan, there are a few important planning steps to implement immediately