Insights: Audit and Review Services

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3 Ways Technology can Enhance Your Internal Audit

August 28, 2019

The concept of the Internal Audit (IA) has been around for centuries and can take many forms, depending on the business. While most businesses utilize the IA function as merely a compliance task – checking the box or to comply with the standards of Sarbanes Oxley or some other regulatory agency-   many businesses overlook the…

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Unclaimed Property Update

August 8, 2019

Businesses in West Virginia are subject to the unclaimed property laws and are required to file annually if they have any applicable property to report.  They must also remit the unclaimed property to the Office of the WV Treasurer.  However, if you have no unclaimed property, you do not have to file a report.  Reports…

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Volunteering for charity: Do you get a tax break?

July 15, 2019

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…

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The chances of IRS audit are down but you should still be prepared

June 2, 2019

The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. However, even though a small percentage of tax returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just…

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New Lease Standard – How It Affects Construction Contractors

January 28, 2019

Chris Lambert, CPA, CGMA, CCIFP Does your company lease any of its vehicles or equipment? If so, and you follow U.S Generally Accepted Accounting Principles (GAAP) to prepare your financial statements, some important changes are about to go into effect. In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited update revising the…

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Put your audit in reverse to save sales and use tax

August 21, 2017

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek…

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Could stronger governance benefit your business?

June 5, 2017

Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance. In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks…

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