Category: Auditing

Why you might need an audit of your financial statements

  • January 5, 2019
  • Marianne Lilly, CPA, CGMA, CFE

There are many benefits to having an audit of a Company’s financial statements especially for privately held businesses with revenue over $1,000,000.  An audit provides the highest level of assurance that a Company’s financial statements are fairly stated (in all...

Changes to partnership audit procedures may prompt the need for review

Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules...

Audit statute for net operating losses

Did you know that audits of net operating losses (NOLs) and other carryforwards can reach back past the otherwise applicable statute of limitation? Some amounts that are created in a prior year and carried over to the current year's return...

Most suspicious IRS audit triggers

  • April 20, 2017
  • Mark Hughes CPA CFE

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS. 1. Misreporting Your Income Always make sure your income on your Form W-2 and Form 1099 matches the reported income...

Understanding “use tax” in Michigan

Businesses and individuals are probably aware that most retail purchases are subject to sales taxes in states that have a sales tax. But did you know that if the seller did not charge sales tax, you may still be liable...

Employee benefit plan audits: Making the right choice

If you are an employee benefit plan administrator who is working on your 401(K) Plan’s 2015 financial statements that will be submitted to the Department of Labor (DOL) as part of the Plan’s Form 5500 filing, you may have received...

Undisclosed IRS criminal audits

  • September 17, 2015
  • David Shindel

Periodically the IRS will examine tax returns that have been filed.  These audit examinations can include any type of tax or information return.  ShindelRock, as a paid preparer of these documents for our clients, will most often work with the...

SR Client Question: Does my benefit plan need an audit?

  • January 27, 2015
  • Marianne Lilly, CPA, CGMA, CFE

The Internal Revenue Service and the Department of Labor require that Form 5500 be filed for certain benefit plans including Profit Sharing and 401(k) Plans (hereinafter “Plans”) regardless of the number of participants. Plans with over 100 participants at the...

Guest Author Victor Hicks II, CFP, AIF: Fidelity Bonding vs. Fiduciary Liability Insurance for 401(k) Plan Sponsors

Fidelity Bonding vs. Fiduciary Liability Insurance for 401(k) Plan Sponsors By: Victor H. Hicks II, CFP®, AIF® Owner, Managing Principal Lumin Financial, LLC An Independent Registered Investment Adviser vhicks@luminfinancial.com Our clients often ask: Fidelity bonding or fiduciary liability insurance? It’s...

Michigan taxpayers should insist on invoices with sales tax included

  • October 7, 2014
  • Maria Montie, CPA, MST, CVA, MAFF

As most of us know, if a Michigan-based business buys something from out of state and does not pay a sales tax, it’s required to pay a 6% use tax on that purchase (if the purchase would have been subject...