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AcctTwo Blog

The Complexity of Multi-Entity Management Will Only Get More Complex

No matter where you fall on the political spectrum, it's fair to call the current state of the US economy uncertain. Some signals indicate we are heading towards an all-out trade war that could redirect the flow of capital and lead to sweeping changes in the regulatory landscape. Other signals indicate that things will continue to be business as usual.

In spite of the unknowns, it's clear that some changes are certain in the near-term. Accounting and finance departments can expect these new or forthcoming regulations to necessitate a major revision in policies and operations:

Topics: Taxes Multi-Entity and Consolidations Multi-Currency Regulations

Don't Be Scared: How to Get Your Company's Financials Audit-Ready

For financial professionals, independent external audits of GAAP financial statements are an inescapable reality. For public companies, it’s a statutory requirement under SEC regulations and for many fast-growing private companies, it’s a necessity to meet the demands of lenders, VCs, and other stakeholders. There is even a possibility that the IRS could require a financial statement audit as part of a broader tax audit.

Topics: Blog Taxes White Paper Informational Audit and Internal Controls Awareness

The 10 Most Ridiculous Attempted Tax Deductions

Some tax-time humor from Intacct's View from the Cloud Blog:

If Christmas is the most wonderful time of the year, tax season certainly falls on the opposite end of the spectrum for most. As many of you are likely filing your taxes today or still recovering from the paperwork involved, take a break and check out our quiz of 10 of the most ridiculous things individuals and business owners have tried to claim as tax write offs. Do you think they were successful or did the IRS make them pay?

Topics: Blog View from the Cloud Intacct Taxes Income Taxes Awareness

Church Finance Departments: Don't get on the Wrong Side of the IRS

As Churches and faith-based organizations grow and redefine themselves, providing their congregations with more opportunities for engagement, socialization, and spiritual growth, those organizations are often finding new business opportunities. Not all of these opportunities, however, are necessarily directly related to the Church’s mission. This can create accounting challenges and tax issues for the finance staff. This guide is intended as a quick reference for Church and faith-based organization’s finance departments to determine what income is exempt and what income is considered unrelated and therefore taxable.

Topics: Blog Not-for-profit Industry unrelated business income tax UBTI Unrelated Business Taxable Income Taxes Faith-Based church taxes UBIT Informational tax Featured Posts Awareness

eBook: Ministerial Tax Issues

With Growth Comes Complexity

Among the many trends we see today all around the church, and among faith-based organizations, one of the most interesting is the expansion of multi-site churches. As congregations grow, it makes more sense for churches to establish new locations and spread the word to new communities. Social media and new marketing strategies are helping organizations grow to new locations and new audiences. The rise and ease of giving through smart phones and mobile devices is helping fuel this growth. A marked rise in volunteering is helping spread the good works of these churches, and demonstrate their importance to the community.

Topics: Blog Not-for-profit Industry Taxes Faith-Based non-profit eBook tax-free housing allowance ministry church taxes Informational tax not-for-profit Awareness

eBook: A Tax Guide for Church Internships

The Future of Church Staffing

The future of church staffing will likely see a combination of sources, but one of the key areas of development will be structured intern and residency programs. These target a younger generation in need of practical training, and provide an opportunity both for community involvement and church expansion. This is not just a trend among faith-based institutions. Not-for-profits and other organizations are leveraging interns for a variety of tasks.

Topics: Blog Not-for-profit Industry church accounting Taxes Faith-Based internships eBook ministry Income Taxes church Informational tax Accounting Featured Posts Awareness

Department of Justice Appeals Ministry Housing Allowance Ruling

A Ruling that Church Ministers' Housing Allowance is Unconstitutional has been Appealed...

Pastors and others in ministry find themselves in a very different world today - one with new challenges from those of a generation ago. One such challenge is the court ruling in November that declared church-provided, tax-free housing allowances for ministers unconstitutional. The appeal of this ruling may be very good news for the ministry due to the impending strain the additional expenses and reduction in income would cause.

Topics: Blog Not-for-profit Industry Taxes church ministry Faith-Based non-profit tax-free housing allowance Income Taxes Informational Accounting not-for-profit Awareness

What the Online Sales Tax Bill Means for Your Business

This week the Senate passed The Marketplace Fairness Act of 2013 (MFA), a bill that could radically alter sales tax obligations for your business if you sell into states where you don't currently have the obligation to collect and remit sales tax. Earlier this week, Intacct partner Avalara announced a new resource to help small and medium-sized businesses understand what these changes could mean to them. Here is a quick snapshot...

Topics: Blog accounting software Intacct Taxes Informational Sales Tax Management Awareness

Here's a Head-Scratcher - The Value of Audited Financial Statements

I met with a banker yesterday from one of the top 3 big national banks. We were introducing him to AcctTwo and our business process outsourcing services for small and medium-sized companies. We thought he would appreciate knowing that his clients could use AcctTwo to generate more timely and accurate financial and management reports, and his bank would get their required financial statements and borrowing base covenant calculations much faster.

Topics: Blog outsourced accounting shared services back office management reporting Fraud FAO CFO Taxes F&A outsourcing Outsourcing accounting outsourcing controller outsourced finance and accounting outsourced back office Audit and Internal Controls Accounting bookkeeping