Category Archives: Raleigh CPA Firm

Overview of Possible FASB Changes in Non-Profit Reporting Rules

The Financial Accounting Standards Board recently evaluated the way in which non-profit organizations 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.

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Tax-Exempt Organizations May 15 Deadline

Just recently, the IRS announced that many tax-exempt organizations have a May 15 deadline that is required by law to file final reports with the IRS. If an organization has not filed their reports for three consecutive years, they may see their federal tax exemptions automatically revoked.

Read more about the article here.

Contact Langdon & Company LLP, a Raleigh CPA firm specializing in Business Services including tax services, tax consulting, audit services, accounting, transaction planning and succession planning.

Taxpayers and Their Accountants

Langdon & Company LLP is a Raleigh accountant firm providing professional accounting services based on clients needs, capabilities and budget. According to a recent study, nearly half of Americans who pay income tax will take their information to an accountant and have them fill out the paperwork.

It appears that Americans feel they will receive a bigger tax refund by having an accountant work on their taxes. Moreover, another fraction of taxpayers will take their taxes to friend or family, meaning most Americans do not do their own taxes, according to a Workanomix survey.

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Understanding Estate Tax and Gift Tax

When it comes to paying taxes, the government has several areas in which they take a portion of your assets. You pay taxes on what you earn and then you also have to pay taxes when you give money away.

Taxes can be taken out of gifts regardless of whether you give them when you’re alive or after you pass away as part of your estate. Langdon & Company LLP, a Raleigh CPA firm, will review clients documents to determine whether their stated planning objectives have been met. Below are the basics on how the estate tax and the gift tax work together.

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Business Succession Planning and Exit Strategies

At some point, you are going to want to walk away from the company that you built.  Many small business owners have no exit strategy in the event of their disability, retirement, or death.   Most are focused on business survival and/or growth.  However, you want to make sure that your company is going to be successful and family interests are secure in your absence. This is where business succession planning and exit strategies become important.

What exactly is business succession planning?  What exit strategies can be utilized?

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When Your Business Needs an Accounting Firm

There are several accounting software programs on the market that can help businesses with bookkeeping and taxes. However, none of them can provide the expertise and peace of mind that an accounting firm can offer. NC CPA firms like Langdon & Company LLP employ certified public accountants with experience in tax, bookkeeping, audit and business consulting that use their expertise to help businesses succeed.

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Certified Public Accountant vs. Tax Preparer

It’s income tax season again. Many of us get tense just thinking about filing our tax returns. Rather than stressing over preparing your own tax returns, consider seeking out professional help. There are basically a few options when it comes to completing your tax returns, including: doing it yourself, asking a friend or family member for help, paying a tax preparer or hiring a NC CPA firm. Unless you or your friends and family members are experts in current tax laws, hiring a professional is the best option. Between the tax preparer and CPA, which one should you hire?

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