Due Soon: DC Personal Property Tax Forms

Post By Veronica Calvo

It is almost that time of year again! All individuals, partnerships, executors, administrators, etc. that own or hold personal property in the District must file a District of Columbia personal property tax return (FP-31) by Monday, July 31st.
What constitutes DC personal property?
According to the general instructions for FP-31, DC personal property includes “used or available for use in DC in a trade or business, whether or not operated for profit; and kept in storage, held for rent […]

Watch Out! Summertime Tax Scams

Post By Veronica Calvo

Although tax filing season is over for most taxpayers, tax-related scams are still surfacing. Even though taxpayers should remain on high alert for these scams year-round, tax-related scams tend to be more frequent in the summer.

As the IRS commissioner John Koskinen states, “Many of these [evolving summer schemes] are variations of a theme, involving fictitious tax bills and demands to pay by purchasing and transferring information involving a gift card or iTunes card. Taxpayers can avoid […]

All About Internal Controls – Contributions

Post by Paul Smith

An effective internal control system over contributions is the foundation on which healthy organizations are built. Since contributions are the major source of revenue for a not-for-profit organizations, there is always a heightened risk associated with this area. The internal control system that management develops in order to mitigate this risk will depend on a variety of factors. However, there is a core group of concepts that must be addressed in any effective set of internal […]

DEVELOPING FLASH REPORTS

It seems like every time you’re neck deep in the flood of day-to-day business details, you’re asked by fellow managers, ownership or the Board of Directors, “How are we doing?” While this seems like a simple enough question, there lie many devils in the details. The key is being able to communicate above the day-to-day minutiae and create a strong executive summary of the important numbers. Creating a simple one- or two-page flash report allows an informed user to […]

Proposed Statement on Auditing Standards | Employee Benefit Audit

Post by Larry Beebe

The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AUCPA) has issued a proposed change to the auditing standards a CPA must follow in conducting an employee benefit audit.

The proposed changes include

Requiring certain additional procedures in an employee benefit audit “…irrespective of the risk of material misstatement.” Any findings of the CPA as a result of the additional procedures would have to be detailed in the auditor’s report. The auditor’s report, […]

Join Us: Complimentary Not-For-Profit Tax Webinar Series

Bond Beebe is pleased to offer four complimentary not-for-profit tax CPE courses to our clients in June and again via replay in October. The courses, presented by the CalCPA Education Foundation, are taught by Bond Beebe Not-For-Profit Tax Director Richard Ruvelson. Courses cover a wide variety of intermediate to advanced taxation topics for a variety of tax-exempt organizations.

Throughout his career, Richard has taught at local and national training sessions of Big 4 and regional firms and has spoken on […]

New Ruling: Employer Must Make Contributions

Post by Larry Beebe

A 7th Circuit Court of Appeals upheld lower court decisions that an employer must continue to pay contributions to the health + welfare and pension funds, even though the funds sponsoring union was required to make contributions until the termination of the collective bargaining arrangement in 2015, even though the union was decertified in 2013. One judge said that the employers promise to make contributions until the expiration of the CBA was “Binding” and “Contractual.”

(Midwest Operating […]

Which Audit Report to Rely On

Post by Larry Beebe

A U.S. District Court of Appeals for the 7th circuit had to decide which audit of an employer’s payroll reports to rely on. An audit report by the funds showed the defendant owed 1.8 million to the funds. An audit conducted internally by the defendant showed the funds had been overpayed by 1.2 million. The auditor of the funds calculated underpayments but ignored overpayments. The court decided this was proper defense it was the burden of the […]

Bond Beebe Named Top Accounting Firm

Bond Beebe Accountants and Advisors has been named to the Washington Business Journal’s 2017 Top Accounting Firms List. In such a large and competitive market, Bond Beebe is honored to once again be recognized as one of the top firms in the DC Metropolitan region.
See The List (Subscription Required)  
Celebrating over 85 years in the Greater Washington DC area, Bond Beebe is a certified public accounting & advisory firm that works with small to mid-sized businesses, membership organizations, employee benefit […]