The IRS’s staffing shortages have been well publicized. But it’s a mistake to assume that the agency has stopped scrutinizing not-for-profits. Don’t panic if you receive an audit letter. The letter will inform about whether the IRS is conducting an in-person, field audit or a correspondence audit. This second type simply requires you to send requested records to the IRS. However, a correspondence audit can turn into a field audit if you don’t respond promptly. In many cases, the IRS simply wants to learn whether your organization has filed required returns and forms. If you receive a letter, contact us immediately.
https://www.sdmayer.com/insights/blogs/nonprofit/what-to-do-if-your-nonprofit-receives-an-irs-audit-letter/
Not-for-profit board members, whether compensated or not, have a fiduciary duty to the organization. If your board hasn’t reviewed its fiduciary duties recently, it...
The purpose of a corporation has shifted to reflect modern concerns. Instead of focusing exclusively on maximizing shareholder value, the Business Roundtable’s updated Principles...
CPAs offer a wide menu of services. One of the lesser-known options is an agreed upon procedures (AUP) engagement. It uses procedures similar to...