blackboard with property tax written on it

Should I Prepay My Property Taxes?

Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized deductions, reducing their tax bills. But […]

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Power of Attorney

Nonspringing Power of Attorney (POA)

Estate planning typically focuses on what happens to your children and your assets when you die. But it’s equally important to have a plan for making critical financial and medical decisions if you’re unable to make those decisions yourself. A crucial component of this plan is the power of attorney (POA) and specifically, a nonspringing […]

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image of bright lights and word revenue

Why Revenue Matters in an Audit

Why Revenue Matters in an Audit For many companies, revenue is one of the largest financial statement accounts. It’s also highly susceptible to financial misstatement. When it comes to revenue, auditors customarily watch for fictitious transactions and premature recognition ploys. Here’s a look at some examples of critical issues that auditors may target to prevent […]

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notebook with numbers and words mutual funds written in marker

Taxes on Mutual Funds

Taxes on Mutual Funds As we approach the end of 2018, it’s a good idea to review the mutual fund holdings in your taxable accounts and take steps to avoid potential tax traps. Here are some tips. Avoid surprise capital gains Unlike with stocks, you can’t avoid capital gains on mutual funds simply by holding […]

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image of words indicating ways to offset business risks

How Auditors Assess Risk When Preparing Financial Statements

Every year, your audit firm will conduct a fresh risk assessment before the start of fieldwork. Why? Because your auditor wants to mitigate the risk of expressing an incorrect opinion regarding the accuracy and integrity of the company’s financial statements. Inadvertently signing off on financial statements that contain material misstatements can open a Pandora’s box […]

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What Your Audit Opinion Means

Audit opinions differ depending on the information available, financial viability, errors discovered during audit procedures and other limiting factors. The type of opinion your auditor issues tells stakeholders whether you’re in compliance with accounting rules and likely to continue operating as a going concern. The basics To find out what type of audit opinion you’ve […]

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