Tag: audit

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...

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...

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...

Where’s My Cancelled Check?

The Check Clearing for the 21st Century Act (Check 21 act), P.L. 108-100, was signed into law on October 28, 2003 and went into effect on October 28, 2004.  For most consumers, this means that they now receive scanned images...

Preparing for an audit? Don’t panic and follow these steps…

Small business owners may receive some unwanted mail in 2014--an IRS audit notice.  While it's likely a randomly generated inquiry into your business, the mere thought of accounting for every last step on your tax trail can be daunting.  We...

IRS Audit Technique Guide Sheds Light on Examinations of Cash Businesses

The IRS has previously issued an Audit Techniques Guide (ATG) for examinations of cash intensive businesses. The IRS noted in the ATG that many cash intensive businesses have weak internal controls, lack an audit trail, and have inadequate books and...