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If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year end. Why do auditors do this? Generally, it reflects differences due to cash basis vs. accrual basis financial statements. But you can help minimize the need for such adjustments. […]

Everyone has their own way of doing things, so set a schedule that works the way you work. If you can’t spend your off hours socializing as much as you used to, of course you can do more work, right?! Before you try to do more than you should, let’s examine our processes and see […]

Owners of incorporated businesses know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. Thus, if funds are paid as dividends, they’re taxed twice, once to the […]

Not-for-profit organizations are different from for-profit businesses in many vital ways. One of the most crucial differences is that under Section 501(c)(3), Sec. 501(c)(7) and other provisions, nonprofits are tax-exempt. But your tax-exempt status is fragile. If you don’t follow the rules laid out in IRS Publication 557, Tax-Exempt Status for Your Organization, the IRS […]

We are so excited to announce the merger between ALW Accounting & Consulting and Ortiz Financial Solutions to form Waters Ortiz Accounting! The new firm will specialize in providing accounting expertise for small businesses and non-profit organizations. We have a passion for helping non-profit organizations and small businesses achieve financial excellence. We offer customized accounting […]