What Happened to Technical Terminations?

As of December 31, 2017, partners who sell more than 50% of their interest in a 12-month period no longer have to file a technical termination. This simplifies the tax filing process throughout the year, but organizations should keep their tax preparer informed of these changes so they have up-to-date information for next year’s return.

How to Prepare for an Audit

Your organization’s yearly audit is a true team effort. While your auditors work hard to review and test your financial information, you work hard to keep up with their requests. Spending time up front to prepare for your auditors’ visit can help speed up and simplify the auditing process.

Choosing an Auditor – Factor 6: Fees

Auditors quote prices in many different ways. Knowing the advantages and disadvantages of the most common fee structures can help your organization save time and make a better decision according to your preferences.

Choosing an Auditor – Factor 5: Location

Whether you hire a local auditing firm or one that handles all your documents remotely, understanding the benefits and drawbacks to both will help you figure out which type you prefer.

Choosing an Auditor – Factor 4: Ethics

Not every auditor is the same. Each accounting firm has its own values, culture, and reputation that you should consider in addition to their quote. One of the most important things to check is whether your auditor has violated any ethical standards during their time as an accountant.