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Building Strong Internal Controls for Business Growth

Building Strong Internal Controls for Business Growth

February 25, 2025

Nimrah Haleem

Strong internal controls are more than just safeguards—they are strategic tools that drive growth, enhance financial stability, and position businesses for long-term success. Explore how internal controls go beyond risk management to play a pivotal role in streamlining operations, ensuring financial integrity, and fostering sustainable growth. Why Care About Strong Internal Controls? Internal controls form…

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Monitoring Transient Occupancy Taxes for Local Governments: Are You Leaving Money on the Table?

Monitoring Transient Occupancy Taxes for Local Governments: Are You Leaving Money on the Table?

February 13, 2025

For many local governments, Transient Occupancy Taxes (TOT) are a critical source of revenue. Often levied on short-term stays at hotels, motels, and vacation rentals, these taxes can amount to millions of dollars annually. Yet, many governments fail to monitor compliance adequately, potentially leaving significant revenue uncollected. In some cases, local governments have discovered they…

Cash is Still King: Importance of Bank Reconciliations in Automotive Dealerships

Cash is Still King: Importance of Bank Reconciliations in Automotive Dealerships

February 6, 2025

Over the years, one consistent message we’ve shared with our automotive clients is that “Cash is King.” This is especially true when reviewing internal controls or assessing the operations of a dealership’s accounting department. Effective financial management starts with a clear and timely understanding of cash flow, which begins with accurately reconciling bank accounts. What’s…

GASB 102 Certain Disclosure Risks

GASB 102: Shining a Light on Governmental Risk

January 22, 2025

Local governments face financial risks every day, from overreliance on a single industry to unexpected natural disasters. These risks, often hidden in plain sight, have long lacked formal disclosure requirements—until now. GASB 102: Certain Risk Disclosures is the latest initiative from the Governmental Accounting Standards Board (GASB) to bring transparency to these vulnerabilities. What is…

Disaster Tax Relief

Disaster Tax Relief for Southern California Wildfire and Wind Disaster Victims

January 16, 2025

The IRS has announced disaster tax relief for individuals and businesses in Southern California impacted by wildfires and straight-line winds beginning January 7, 2025. Taxpayers that have been impacted now have until October 15, 2025, to file various federal tax returns and make payments. Who Qualifies for Disaster Tax Relief? This relief applies to areas…

Clean Vehicle Tax Credits: What Nonprofits and Governments Need to Know

Clean Vehicle Tax Credits: What Nonprofits and Governments Need to Know

January 14, 2025

Nonprofits and government agencies can now tap into a game-changing financial incentive: the Clean Vehicle Credit. Thanks to Section 6417 of the Inflation Reduction Act of 2022, tax-exempt entities can benefit from a groundbreaking provision called the Direct Pay (or Elective Pay) option. This allows eligible organizations to receive direct payments equivalent to certain tax…

Bad Accounting Business Tax Return

How Bad Accounting Can Impact Your Business Tax Return

January 9, 2025

Accounting is more than just number-crunching—it’s the foundation of your financial stability and success. Yet, for many individuals and businesses, poor accounting practices lead to unnecessary stress, missed opportunities, and even costly tax consequences. If you’ve ever felt overwhelmed by your financial records or rushed to prepare your tax return at the last minute, this…

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