A recent Washington Post article brought to light numerous instances of fraud by non profit organizations as well as the misuse of Form 990 disclosures. It is believed that over a thousand non profit organizations reported a “diversion” of assets and funds totaling close to $500 million. The losses were attributed to various types of embezzlement, theft, fraudulent investment practices and the unauthorized expenditure of funds. Between 2008 and 2012, ten of the largest non profit companies in the country showed extensive levels of fraudulent activity. Continue reading Extensive Non Profit Fraud
We at Langdon & Company were very excited when Tony Pandiscia joined Lea Strickland on WCOM 103.5 FM. Tony and Lea discussed Many topics from selecting a tax entity for your business, to the top five accounting issues for small businesses.
We have provided a link below to listen to the show in it’s entirety.
It is never too early or too late to begin planning your retirement. If you have an IRA, then you are already ahead of the curve. However, you should ask yourself these five simple questions in order to ensure that you get the most out of your retirement fund. Continue reading 5 Questions to consider about your IRA
What do you do, when you inherit an IRA plan that really isn’t yours? Too many individuals make the mistake of assuming they can basically handle their inherited IRA plan, any way they choose. Surprisingly enough, that is not the case. Continue reading Avoid these mistakes when considering a IRA Planning for Inheritance
According to an annual report, the Medicare Part A Trust Fund will be depleted by 2026. This is a two year improvement over last year’s forecast. The authors of the report credit the improvement to lower projected spending in most service categories, especially skilled nursing facilities.
Langdon & Company LLP provides services to many long term care providers in the southeast. In addition to cost report preparation and consultation, services include audit, accounting, financial reporting, tax planning and preparation.
Outcomes Research Trust Fund Fee to Common Types of Health Coverage or Arrangements Continue reading Application of the Patient-Centered
The Financial Accounting Standards Board recently evaluated the way in which non-profit organizations record and report their financial information and is seeking to make changes that would enable charities to provide more accurate financial information to the general public.
To start with, FASB board members have created a draft document that can be used as a formal operating measure to evaluate any organization that is set up to serve the public good.
Governor McCrory signed one of the most sweeping NC state tax overhauls in years into law Tuesday.
The changes will go into effect in 2014. The law cuts personal and corporate income taxes to the lowest levels of neighboring states. It also limits future state spending by more than $2 billion in the next five years. Continue reading Governor McCrory Signs New Tax Law
In spite of the numerous benefits of hiring a tax accountant, many people still try to avoid it. They may think that they can do their books and taxes on their own, or they may decide that they can’t afford to spend any money on a Raleigh NC accountant.
According to the IRS Exempt Organizations final report on colleges and universities the IRS has identified “some significant issues.” Two of them being Unrelated Business Income Tax (UBIT) and documentation of executive compensation.