How to Prepare for a Successful Financial Statement Audit

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

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

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

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

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.

Requirements for 1099 Form-2025

Feb 24, 2026 | Client Reminders, Education | 0 comments

Requirements for 1099 Form-2025 

By Erin Pitts, CPA 

Form 1099 for certain payments made during the tax year. 

You are required to file a Form 1099 if you paid $600 or more to a non-employee, such as independent contractors, freelancers, or other service providers. This includes payments for services rendered, rents, or prizes. Common types of Form 1099 include: 

  • 1099-NEC for non-employee compensation (e.g., independent contractors or consultants) 
  • 1099-MISC for miscellaneous payments (e.g., rent, royalties, or prizes) 

However, there are exceptions to this rule: 

  1. Payments made by credit card or third-party networks (e.g., PayPal): If you pay a vendor via credit card or a third-party payment processor, you are not required to issue a 1099 form. The payment processor will report the transaction to the IRS. 
  1. Payments made to corporations: Generally, payments to corporations (including LLCs taxed as corporations) do not require a 1099 form. However, there are exceptions for payments related to legal services or certain types of medical payments, which may still require reporting. 

The filing deadline for Form 1099 is January 31st, with forms required to be provided to the recipient by this date as well. 

If you would like Rushton to file these forms for you and have not already received an email about filing directly from our staff, please contact us today. In order to guarantee timely filing of 1099s by Rushton, LLC all 1099 information must be received by our offices no later than Friday January 16, 2026. 

If you are unsure whether a specific payment requires a 1099 form or need assistance with the filing process, please do not hesitate to contact our office. We are here to help ensure that your filings are accurate and timely. 

 

How to Prepare for a Successful Financial Statement Audit

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

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

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

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

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.

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