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By Carolyn C. Quill, CPA Two major pieces of tax reform legislation, the Patient Protection & Affordable Care Act and the American Taxpayer Relief Act of 2012 (the Acts), went into effect in 2013. As a result of these Acts, S corporations are now a better choice for many active closely held business owners, since S corporations provide business owners with a unique opportunity to lessen their tax burdens not available to other types of entities. Accordingly, now is the right time to revisit your choice of entity as well as reviewing your tax planning opportunities.
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It really should not surprise anyone that nonprofit organizations are not immune to fraud by their employees or volunteers. However, sometimes they can be more vulnerable because charitable organizations tend to place more faith in the individuals in their organizations, perhaps wrongly assuming that everyone is there for the good of the charity.
When it comes to projections and forecasts, accountants too often fall into the trap of formula heaven. We passionately believe that data mining is the key. That somewhere buried in the numbers a magic trend will surface if we can just find the perfect formula, graphically present historical data, or create the perfect program to sort data, and all the problems of humankind will be solved. These tools can be valuable but do not replace good old-fashioned thinking. The trap is that we tend to over-rely on these tools as a substitute for interactive management.
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