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The rules and regulations around the completion of a single audit have changed dramatically over the past several months, mainly due to changes brought on by COVID-19.   Here are a few items to consider when it comes to preparing for a single audit of federal awards within a governmental entity this year: To provide additional…

Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes incapacitated or dies, it could disrupt day-to-day operations, alarm customers, lenders and suppliers, and drain working capital reserves. Common…

The IRS has announced that they will begin accepting and processing individual tax returns for the 2020 tax year on February 12, 2021. This delayed start is to ensure they have probably implemented all changes from the second round of Economic Impact Payments and other related benefits. Returns can still be prepared prior to this…

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill. The Consolidated Appropriations Act, which was enacted recently, made some changes to…