A smooth audit starts well before the fieldwork begins. Use this checklist to get your books, records, and team ready, and to avoid last-minute scrambles.
How to Prepare for a Successful Financial Statement Audit
If audit season makes you groan, you’re not alone. The word “audit” carries a lot of baggage, but a well-planned audit can be one of the most useful things that happens to your organization all year. Here is a practical guide to preparing, drawn from a GGFOA presentation on getting audit-ready.
Client Accounting Services: Finance Support Without the Overhead
Most growing businesses reach a point where the books can no longer be a side task. You’re up late reconciling accounts, a part-time bookkeeper is stretched thin, and nobody is sure whether the numbers are right until tax season. Client Accounting Services (CAS) exists for this moment.
Staying Ahead of GASB 87 & 96: Let Us Help Manage the Details
Lease and subscription arrangements can be easy to overlook—but keeping an accurate, up-to-date listing of lease and subscription liabilities is an important part of maintaining reliable financial records.
Our firm offers a nonattest service designed to help governmental clients stay organized and keep pace with the requirements of GASB 87, Leases, and GASB 96, Subscription-Based Information Technology Arrangements (SBITAs).
Non-profits: Guide to reporting in-kind donations
Securing in-kind donations is vital for any non-profit or charitable organization, but just as important is accounting for them properly. In June 2020, the Financial Accounting Standards Board introduced changes to the General Accepted Accounting Principles (GAAP) for documenting and presenting the value of in-kind donations in financial statements. This article provides an overview of the changes and what you need to know.
The October 15th Deadline: A Good Time to Get Ahead for Next Year or the Last Chance to Maintain Compliance
As the 2026 calendar closes in on the October 15th deadline, many plan administrators are unsure if their employee benefit plan requires an audit. Our team can help you determine if your plan requires an audit or if your plan is approaching the audit threshold for the first time. With this knowledge, we can either act quickly and efficiently to ensure your audit is completed before the October 15th deadline or work with you to ensure you are properly prepared for your first audit in 2027.
Does Your Georgia Nonprofit Need Reviewed or Audited Financial Statements for State Registration?
If your organization solicits or accepts donations in Georgia, there’s a good chance you have a registration requirement you may not know about — and a reporting obligation that scales with how much your nonprofit brings in.
Here’s what Georgia nonprofits need to know.
Rushton Recognized Among the Nation’s Top Accounting Firms by Inside Public Accounting
Rushton Recognized Among the Nation’s Top Accounting Firms by Inside Public Accounting
Elisabeth Baldwin named Managing Partner of Rushton Wealth Management
Rushton names Elisabeth Baldwin Managing Partner of Rushton Wealth Management
A quick guide on how to scan documents with your phone
Does your Child Need to File an Income Tax Return?
Does your Child Need to File an Income Tax Return?
As parents, we encourage our children to work, so they can learn important values about work and independence. At what point, if at all, do children need to file an income tax return for the money they earn?
The IRS does not exempt anyone from the requirement to file a tax return based on age, even if your child is declared as a dependent on your tax return.
Your dependent children must file a tax return when they earn above a certain amount of income.
Dependent children with earned income in excess of $14,600 must file an income tax return (for the 2024 tax year). Dependent children with unearned income of more than $1,300 must also file a return. And if the dependent child’s earned and unearned income together total more than the larger of $1,300, or a total earned income up to $14,150 plus $450.
These thresholds are subject to change, so please consult a professional with tax expertise regarding your individual situation.
Here’s an example. Kyle is a 20-year-old college student who’s claimed as a dependent by his parents. He received $400 in unearned income and $5,500 for a part-time job on campus. He does not have to file a tax return because both his unearned and earned income fall below the thresholds. Kyle’s total income of $5,900 is less than his total earned income plus $450.
Even if your child earns less than the threshold amount, filing a tax return may be worthwhile if your child is eligible for a tax refund.
If you decide to prepare a separate return for your child, the same reduced standard deduction rules detailed above will apply.
The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties.
Investopedia.com, April 15, 2024
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
Audit Readiness Checklist: 9 Steps to Prepare Before Your Auditors Arrive
A smooth audit starts well before the fieldwork begins. Use this checklist to get your books, records, and team ready, and to avoid last-minute scrambles.
How to Prepare for a Successful Financial Statement Audit
If audit season makes you groan, you’re not alone. The word “audit” carries a lot of baggage, but a well-planned audit can be one of the most useful things that happens to your organization all year. Here is a practical guide to preparing, drawn from a GGFOA presentation on getting audit-ready.
Client Accounting Services: Finance Support Without the Overhead
Most growing businesses reach a point where the books can no longer be a side task. You’re up late reconciling accounts, a part-time bookkeeper is stretched thin, and nobody is sure whether the numbers are right until tax season. Client Accounting Services (CAS) exists for this moment.
Staying Ahead of GASB 87 & 96: Let Us Help Manage the Details
Lease and subscription arrangements can be easy to overlook—but keeping an accurate, up-to-date listing of lease and subscription liabilities is an important part of maintaining reliable financial records.
Our firm offers a nonattest service designed to help governmental clients stay organized and keep pace with the requirements of GASB 87, Leases, and GASB 96, Subscription-Based Information Technology Arrangements (SBITAs).
Non-profits: Guide to reporting in-kind donations
Securing in-kind donations is vital for any non-profit or charitable organization, but just as important is accounting for them properly. In June 2020, the Financial Accounting Standards Board introduced changes to the General Accepted Accounting Principles (GAAP) for documenting and presenting the value of in-kind donations in financial statements. This article provides an overview of the changes and what you need to know.
The October 15th Deadline: A Good Time to Get Ahead for Next Year or the Last Chance to Maintain Compliance
As the 2026 calendar closes in on the October 15th deadline, many plan administrators are unsure if their employee benefit plan requires an audit. Our team can help you determine if your plan requires an audit or if your plan is approaching the audit threshold for the first time. With this knowledge, we can either act quickly and efficiently to ensure your audit is completed before the October 15th deadline or work with you to ensure you are properly prepared for your first audit in 2027.
Does Your Georgia Nonprofit Need Reviewed or Audited Financial Statements for State Registration?
If your organization solicits or accepts donations in Georgia, there’s a good chance you have a registration requirement you may not know about — and a reporting obligation that scales with how much your nonprofit brings in.
Here’s what Georgia nonprofits need to know.
Rushton Recognized Among the Nation’s Top Accounting Firms by Inside Public Accounting
Rushton Recognized Among the Nation’s Top Accounting Firms by Inside Public Accounting
Elisabeth Baldwin named Managing Partner of Rushton Wealth Management
Rushton names Elisabeth Baldwin Managing Partner of Rushton Wealth Management