/Tag: accounting and audit gumbiner savett

Is it time for your mid-year checkup?

By |2018-07-19T00:43:09+00:00July 19th, 2018|Categories: Audit & Accounting|Tags: , , , , |

Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. Midyear financial reports can be a great tool to assess where you are. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might [...]

3 Ways to Prepare for an External Audit

By |2018-03-22T17:06:51+00:00March 22nd, 2018|Categories: Audit & Accounting|Tags: , , , , , |

If your company issues audited financial statements and follows a calendar year end, the following steps are a part of your existing external audit preparation procedures. Once the engagement letter is signed, the process begins with preliminary financial statements and possible year-end physical inventory counts. However, audits can be complicated, so taking time to additionally streamline [...]

What to do when you receive a letter from the IRS

By |2017-05-24T13:42:02+00:00March 2nd, 2017|Categories: Tax Planning|Tags: , , , |

Do you know what to do when you receive a letter from the IRS?  Your first reaction may be to panic, but your letter is most likely one of millions that the IRS sends to taxpayers every year.  So, wipe the perspiration from your forehead, take a deep breath, and calm the shaky hands. The [...]

Receive an IRS audit letter? Here’s what you need to do.

By |2017-05-24T13:42:03+00:00February 15th, 2017|Categories: Non-profits|Tags: , , , , |

In recent years, the IRS has increased its scrutiny — including actual audits — of not-for-profits. Do you know what to do if your organization receives an audit letter? What is an audit? An audit begins with the initial contact from the IRS and continues until a closing letter is issued. Before closing an audit, [...]

3 steps to ensure a smooth external audit

By |2017-05-24T13:42:03+00:00January 30th, 2017|Categories: Audit & Accounting|Tags: , , , |

If your company issues audited financial statements and follows a calendar year end, these steps are a part of your external auditing procedures. Once the engagement letter is signed, the process begins with preliminary financial statements and possible year-end physical inventory counts. However, audits can be complicated, so taking time to additionally streamline audit fieldwork [...]

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