Ticket to a Tax Audit: $1 Million

By John Meara The Wall Street Journal article “Ticket to a Tax Audit: $1 Million,” (February 22, 2016) discusses how while the IRS has less money to conduct audits, in the last decade it has nearly doubled the audit rate for high-income taxpayers. The article points out that in 2006, 5.3% of taxpayers with at [...]

By |2016-02-25T11:33:03+00:00February 25th, 2016|Audit, Tax|Comments Off on Ticket to a Tax Audit: $1 Million

Understanding Level of Assurance

CPAs can obtain different levels of assurance about whether the financial statements are in accordance with GAAP or other financial reporting framework. The different levels of assurance can range from no assurance at all to the highest level of assurance, which is an audit. The level of assurance required is determined by the financial statement [...]

By |2015-12-04T09:34:10+00:00December 4th, 2015|Audit, Tax|Comments Off on Understanding Level of Assurance

SSARS 21 – Changes to Reviews and Compilations as Well as New Preparation Engagements

In October 2011 the Auditing Standards Board (ASB) released Statements on Auditing Standards No.’s 122-124. Making the auditing standards easier to read, understand, and apply was the main focus of the ASB. The Accounting and Review Services Committee (ARSC) concluded that a similar clarity project for Statements on Standards for Accounting and Review Services (SSARS) [...]

By |2015-12-04T09:32:21+00:00December 4th, 2015|Audit, Tax|Comments Off on SSARS 21 – Changes to Reviews and Compilations as Well as New Preparation Engagements

SEC Adopts New Rules Allowing Smaller Companies’ Access to Capital

The Securities and Exchange Commission (SEC) adopted final rules to enable smaller companies access to capital. The new rules were mandated by Title IV of the Jumpstart Our Business Startups (JOBS) Act and expand Regulation A, an existing exemption from registration for smaller issuers of securities. The updated exemption will allow smaller companies to offer [...]

By |2015-12-02T16:04:08+00:00December 2nd, 2015|Audit, General|Comments Off on SEC Adopts New Rules Allowing Smaller Companies’ Access to Capital

Julie A. Welch Honored with 2015 Kess Award for Excellence in Continuing Education

Las Vegas (May 18, 2015) – Julie A. Welch, CPA/PFS is the recipient of the American Institute of CPAs’ (AICPA) 2015 Sidney Kess Award for Excellence in Continuing Education.  The award was presented to Welch at the AICPA Conference on Tax Strategies for the High-Income Individual today in Las Vegas by Martin Finn, CPA, JD, [...]

By |2015-05-18T17:47:34+00:00May 18th, 2015|Audit, Tax|Comments Off on Julie A. Welch Honored with 2015 Kess Award for Excellence in Continuing Education