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#audit

Audit

Independent audit and assurance engagements — SOC 2, financial statement audits, internal controls testing, evidence collection, and audit readiness for service organizations and growing businesses

85 postsView all tags
The Augusta Rule: How Business Owners Rent Their Home to Their S-Corp for 14 Days a Year Tax-Free
·mike

The Augusta Rule: How Business Owners Rent Their Home to Their S-Corp for 14 Days a Year Tax-Free

Internal Revenue Code Section 280A(g) lets a business owner rent a personal residence to their own S-corporation for up to 14 days a year and exclude every dollar from personal gross income while the business deducts the rent under Section 162. The Sinopoli case shows what survives an audit and what does not.

tax
tax-planning
tax-deductions
Form 3115 for Small Businesses: A Practical Walkthrough of Section 481(a), Automatic Consent, and the Audit Protection Traps
·mike

Form 3115 for Small Businesses: A Practical Walkthrough of Section 481(a), Automatic Consent, and the Audit Protection Traps

How small businesses use Form 3115 to fix prior-year accounting methods without amending returns — covering the Section 481(a) catch-up math, automatic vs. non-automatic consent under Rev. Proc. 2015-13, three worked examples (cash-to-accrual, cost segregation, repair regs), and the five filing mistakes that forfeit audit protection.

tax-compliance
small-business
cost-segregation
Independent Community Pharmacy Bookkeeping: PBM Reconciliation, DIR Fees Under ASC 606, 340B Compliance, and the KPIs Lenders Read
·mike

Independent Community Pharmacy Bookkeeping: PBM Reconciliation, DIR Fees Under ASC 606, 340B Compliance, and the KPIs Lenders Read

How independent community pharmacies reconcile PBM remittance advice to adjudicated AR, accrue DIR fee reserves as variable consideration under ASC 606, segregate 340B inventory to survive HRSA audits, and produce the gross-margin-per-Rx KPIs that lenders benchmark against the NCPA Digest's 19.7% margin median.

bookkeeping
healthcare
revenue-recognition
Independent Hospice Agency Bookkeeping: Medicare Per-Diem Revenue, the Aggregate Cap, and the KPIs That Matter
·mike

Independent Hospice Agency Bookkeeping: Medicare Per-Diem Revenue, the Aggregate Cap, and the KPIs That Matter

A practical accounting guide for independent hospice and palliative care agencies — covering Medicare per-diem revenue recognition under ASC 606, the aggregate cap under 42 CFR 418.309, the inpatient cap, hospice wage index labor allocation, ZPIC/SMRC/RAC recoupment reserves, bereavement and foundation income segregation, and the NHPCO benchmark KPIs that boards and lenders track.

healthcare
bookkeeping
revenue-recognition
Title Insurance and Settlement Agent Bookkeeping: ALTA Best Practices, Three-Way Reconciliation, and the Compliance Realities of Closing Other People's Money
·mike

Title Insurance and Settlement Agent Bookkeeping: ALTA Best Practices, Three-Way Reconciliation, and the Compliance Realities of Closing Other People's Money

How title insurance agencies and settlement firms keep escrow trust books — three-way daily reconciliation, ALTA Best Practices controls, premium remittance liability tracking, RESPA Section 8 compliance, and the wire-fraud controls that survive a state department of insurance audit.

real-estate
bookkeeping
compliance
ASC 606 Variable Consideration and Stand-Ready Obligations: A Practical Guide
·mike

ASC 606 Variable Consideration and Stand-Ready Obligations: A Practical Guide

How to estimate variable consideration under ASC 606 — volume rebates, performance bonuses, royalties, and SLA penalties — choose between the expected-value and most-likely-amount methods, apply the reversal constraint correctly, distinguish a stand-ready obligation from a series of distinct services, and book journal entries that survive an audit.

revenue-recognition
accounting
financial-reporting
Embedded Leases in Service Contracts: An ASC 842 Field Guide for Controllers
·mike

Embedded Leases in Service Contracts: An ASC 842 Field Guide for Controllers

ASC 842 treats many service contracts — IT hosting, 3PL warehousing, power purchase agreements, equipment-as-a-service — as leases when the contract names an identified asset and the customer directs its use. This guide covers the two-test framework, the four contract categories where embedded leases hide, the practical-expedient trade-offs, and a procurement-to-accounting screening workflow.

accounting
leases
financial-reporting
How Long to Keep Business Records: A Plain-English Retention Schedule Tied to the IRS Statute of Limitations
·mike

How Long to Keep Business Records: A Plain-English Retention Schedule Tied to the IRS Statute of Limitations

The IRS retention clock varies by record type — three years for routine returns, four for employment tax, six when income is understated by more than 25%, seven for bad-debt and worthless-securities losses, and indefinite for unfiled or fraudulent returns. A defensible schedule built on the statute of limitations, Rev. Proc. 97-22 electronic-records rules, and DOL and OSHA overlays.

recordkeeping
tax-compliance
small-business
Non-Medical Home Care Agency Bookkeeping: Payer Mix, EVV Compliance, Caregiver Classification, and Surviving Medicaid Audits
·mike

Non-Medical Home Care Agency Bookkeeping: Payer Mix, EVV Compliance, Caregiver Classification, and Surviving Medicaid Audits

How non-medical home care agencies should structure a payer-segmented chart of accounts, reconcile EVV data under Section 12006 of the 21st Century Cures Act, classify caregivers as W-2 employees, manage aging receivables across Medicaid, VA, and LTC insurance payers, and prepare documentation that survives a Medicaid post-payment audit.

bookkeeping
healthcare
compliance
Nonprofit Grant Accounting: Donor Restrictions, ASC 958, and the New Uniform Guidance Rules
·mike

Nonprofit Grant Accounting: Donor Restrictions, ASC 958, and the New Uniform Guidance Rules

A practical guide to nonprofit grant accounting under ASC 958 and the 2024 OMB Uniform Guidance updates — net asset classification, the conditional-versus-unconditional barrier test, cost-reimbursement revenue recognition, the new 15% de minimis indirect cost rate, and the $1 million Single Audit threshold.

nonprofit
grants
accounting
Tribal Gaming and Casino Accounting Under NIGC MICS: Win, Drop, Hold, and the Internal Controls That Keep a Sovereign Casino Auditable
·mike

Tribal Gaming and Casino Accounting Under NIGC MICS: Win, Drop, Hold, and the Internal Controls That Keep a Sovereign Casino Auditable

How tribal casinos account for win, drop, and hold under NIGC Minimum Internal Control Standards — covering Class II and Class III chart-of-accounts design, cage and vault key control, Title 31 Form 8362 CTR filing, IGRA per-capita withholding under IRC Section 3402(r), and the annual Agreed-Upon Procedures engagement that ties surveillance to the ledger.

accounting
internal-controls
compliance
Daycare and Childcare Center Bookkeeping Under CACFP: Reimbursement Rates, Parent Co-Pays, State Vouchers, and Recordkeeping That Survives an Audit
·mike

Daycare and Childcare Center Bookkeeping Under CACFP: Reimbursement Rates, Parent Co-Pays, State Vouchers, and Recordkeeping That Survives an Audit

How daycare operators should structure their books to handle CACFP reimbursements, state subsidy vouchers, and parent co-payments — covering chart of accounts, daily meal count discipline, classroom-level labor allocation, and the recordkeeping that holds up under state audits.

bookkeeping
small-business
chart-of-accounts
Showing 37–48 of 85 posts