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.
The provisions of the Internal Revenue Code are complex regarding the tax treatment of non-profit donations, transactions and other recognizable events. An experienced Certified Public Accountant (CPA) is trained in the nuances of non-profit accounting and tax returns, and is capable of assisting management with recordkeeping and tax return preparation.
Utilizing a Raleigh CPA allows management to focus on day-to-day operations, and generate additional streams of income.
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.
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.
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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.
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.
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.
Accurate bookkeeping and accounting are not optional for successful businesses, but hiring a full time accounting staff to keep your company’s books can be expensive.
While every business needs the financial data that accountants and bookkeepers prepare in order to fulfill regulatory obligations and make solid business decisions, incurring the cost of a full time staff to prepare that data may not be a very good business decision at all.
Outsourcing this work to a Raleigh CPA firm can mean having the expert financial services that you need anytime while enjoying significant savings.