(919) 662-1001[email protected]

Staff Link   


919-662-1001

Monthly Archives: August 2014

Small Actions with Big Impacts: Internal Controls for Nonprofits

Pam Williams0 Comment

by Rebecca Lunn

Given the small size or small budget of many nonprofits, some organizations may find it tempting to skimp on the internal controls of the entity. However, there are many controls that are inexpensive or easy to implement that can create a big impact in your organization.balance pai

For example, although your organization may lack employees, you can involve individuals outside the accounting function, such as the receptionist, in tasks such as opening the mail or logging invoices, to increase segregation of duties. Limiting the number of people with access to checks, limiting check signers, and simply marking invoices “paid” can also strengthen controls around cash disbursements. Developing written policies, such as a code of conduct or capitalization policy, can provide a guideline for employees to follow, creating consistency across the organization. Also, even though it may seem like an unnecessary expense, often using a payroll service to process regular payroll and prepare tax filings is often the most efficient and cost-effective manner for ensuring all laws and regulations are met. Lastly, if your nonprofit has a board of directors, it is important to report the financial position to the board on a periodic basis. This will allow the board to take any necessary actions when things are not operating as planned. Also, keeping detailed board minutes will ensure that formal approval is documented for important decisions affecting the organization. These steps are just a few of the numerous ways implementing simple controls can strengthen your organization.

If your nonprofit needs assistance in developing stronger internal controls, or improving upon existing controls, please contact our firm for more information on how we can help.

Rebecca Lunn ([email protected]) is an Senior Accountant at Langdon & Company LLP.  She specializes in financial and compliance auditing for governments and nonprofit organizations.

Identifying Identity Theft

Pam Williams0 Comment

by Susan Dean

Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the Internal Revenue Service (IRS). At the end of fiscal 2013, the IRS had almost 600,000 identity theft cases in its inventory. With more than 3,000 employees working on identity theft cases, the IRS is focused on preventing, detecting and resolving identity theft issues as soon as possible.identity_theft

There are several ways taxpayers can experience identity theft involving their tax returns. One of the most frequent encounters occur when identity thieves trying to file fraudulent refund claims using another person’s identifying information, such as their name and social security number. By filing early in the tax-filing season, thieves have a lower chance of being detected and a higher chance of receiving fraudulent refunds. More often than not, taxpayers are unaware identity theft has even occurred until they try to file their own personal income tax return. A rejection from an attempt to electronically file or a notice from the IRS stating that “more than one tax return was filed” may be a good indicator that the taxpayer has been a victim of identity theft.

A delay in receiving an expected tax refund is also an indicator of possible identity theft. Tax return identity theft delays legitimate taxpayer refunds because the return appears to be a duplicate return and therefore may be a sign of other fraud or identity problems. If a duplicate return has been filed, the taxpayer may receive notice from the IRS. A notice received from the IRS may indicate a duplicate filing, assess the taxpayer for additional tax due or indicate that an expected refund was used to offset a prior tax liability. If a taxpayer receives a notice from the IRS and suspects the possibility of identity theft they should contact the IRS Identity Protections Specialized Unit at 800-908-4490. It is also recommended that you contact a tax professional for assistance in resolving the matter as soon as possible.

Langdon & Company LLP has helped several clients in the Triangle with identity theft matters relating to filing their tax returns and receiving their income tax refunds. For questions about identity theft or assistance with resolving an identity theft issue, please contact our office.

Susan is a tax manager at Langdon & Company LLP.  As an Enrolled Agent, she focuses primarily on the non-profit industry, trust income tax reporting and multi-state filings.

Accounting Services Requirements

Pam Williams0 Comment

by Russell Barker

The accounting services department at Langdon and Company LLP utilizes a customized approach to serve many companies by providing varied aspects of a “backoffice” accounting department.  We can perform the following functions: accounts receivable, accounts payable, invoicing, payroll and financial reporting.  We communicate with the client to ensure that we have the needed documentation to properly record transactions.  We process transactions on a monthly or quarterly basis for general ledger processing based on the clients’ needs.  We also provide payroll services and offer direct deposit.  To efficiently and effectively perform these functions, great communication is required.  There is supporting information and documentation that is needed.

Typically, for a small business items such as bank statements, invoices, billing records, loan records, amortization schedules, credit card statements, etc. are required in order post to the general ledger.  For payroll, employee information, hours and pay rate is needed.  In order to properly maintain fixed asset records, invoices and applicable financing records are needed.

dr

With the client providing all appropriate documentation on a monthly basis and L&C recording proper transactions, this will enable our year end process to be more efficient, precise and timely in order for the tax department prepare the clients tax returns in a timely fashion.

 

Russell Barker is a QuickBooks Pro Advisor in the Accounting Services department at Langdon & Company LLP.  He specializes in periodic reviews for a variety of physician’s practices.

 

L&C Promotions

Pam Williams0 Comment

It is with great pleasure that we announce the following promotions within L&C this year.

Lee Byrd, Audit Manager

Lee Byrd, Audit Manager
[email protected]

Lee joined L&C’s audit department in 2007. She has served on numerous engagements including nonprofit organizations with single audit requirements, as well as healthcare, manufacturing, real estate and small businesses.  She also routinely consults in the areas of accounting and internal controls for clients in these industries. Lee is a CPA.  She graduated from North Carolina State University where she obtained her BSBA and Masters in Accounting.

 

 

 

 

 

 

 

Susan Dean, Tax Manager

Susan Dean, Tax Manager
[email protected]

Susan joined L&C’s tax department in 2009.  Prior to joining our firm Susan served as tax senior with McGladrey and Pullen, LLP.  Susan is an Enrolled Agent with the Internal Revenue Service.  With over ten years of experience in tax, Susan has spent the majority of her career providing services to corporate, pass-thru, non-profit and individual clients. She has significant tax experience with the non-profit industry, trust income tax reporting and multi-state tax filings. Susan obtained her Bachelor of Science and Masters of Science in Accounting from East Carolina University.

 

 

 

 

 

 

 

 

Taylor Elliott, Tax Manager

Taylor Elliott, Tax Manager
[email protected]

Taylor also joined the L&C tax department in 2009.  Prior to joining our firm she served as a tax senior with McGladrey and Pullen, LLP.  Taylor provides tax services to corporate, pass-through, nonprofit and individual clients. She frequently works with owners of closely-held businesses on matters related to tax planning, consulting and state and local taxation.  She has extensive experience in healthcare, bio-medical engineering, manufacturing, construction and real estate. Taylor is a CPA and obtained her undergraduate degree from Meredith College and received her Masters in Accounting from North Carolina State University.

 

 

 

 

 

 

 

Kendall Tyson, Tax Manager

Kendall Tyson, Tax Manager
[email protected]

Kendall joined the L&C tax department in 2011.  Prior to joining our firm she served as a tax senior with McGladrey and Pullen, LLP.  Kendall provides tax planning and compliance, reporting and special projects for closely-held businesses, including physician and dental practices. She also has significant experience with nonprofit tax reporting and multi-state tax filings.  Kendall is a CPA and obtained her undergraduate degree from Meredith College and received her Masters in Accounting from North Carolina State University.

 

 

 

 

 

 

Brittany Powell, Audit Senior

Brittany Powell, Audit Senior
[email protected]

Brittany joined L&C’s audit department in 2013. She has served on numerous engagements including nonprofit organizations with single audit requirements, as well as healthcare and small businesses.  Brittany is a CPA and obtained her undergraduate degree from Campbell University and received her Masters in Accounting from East Carolina University.

 

 

 

 

 

Please join us in congratulating them on their promotions!