Audit & Assurance

We provide an unbiased look at your financial and operational situation with our Audit and Assurance services for nonprofit and privately held organizations.

Audit & Assurance Services include:

  • Audits, reviews and compilations
  • Financial statements—audits, reviews, compilations
  • Agreed upon procedures
  • Internal audits
  • Internal policies assurance
  • Retirement plan audits
  • Audit committee consulting
  • Forecasts and projections

Specialization
We offer specialized audit and assurance teams with in-depth experience in affordable housing, nonprofit organizations, financial institutions, healthcare providers and retirement plans.

Quality
We are committed to the highest standards in performing quality audits. Our commitment to quality and to the profession is illustrated by our participation as a reviewer in the American Institute of CPAs Peer Review Program.

 

We are proud to hold membership in the top industry assurance organizations:

American Institute of Certified Public Accountants

The AICPA represents the CPA profession nationally regarding rule-making and standard-setting, and serves as an advocate before legislative bodies, public interest groups and other professional organizations.

Governmental Audit Quality Center

The GAQC promotes the importance of quality governmental audits and the value of such audits to purchasers of governmental audit services.

Center for Audit Quality

The CAQ is an autonomous public policy organization dedicated to enhancing investor confidence and public trust in the global capital markets.

Employee Benefit Plan Audit Quality Center

The EBPAQC is a voluntary membership organization for firms that perform ERISA employee benefit plan audits, established to promote the quality of employee benefit plan audits.

“Accounting is really about people and building rewarding relationships.”

— Fritz Duncan, CPA, Partner & Shareholder

Audit & Assurance Team


Fritz Duncan, CPA

Fritz Duncan, CPA

Partner and Shareholder

Bio

Sara Hummel, CPA

Sara Hummel, CPA

Director of Quality Control

Bio

Evan Dickens, CPA

Evan Dickens, CPA

Partner and Shareholder

Bio

Jon Newport, CPA

Jon Newport, CPA

Partner and Shareholder

Bio

Kari Young, CPA

Kari Young, CPA

Senior Manager

Bio

Sarah Fantazia, CPA

Sarah Fantazia, CPA

Manager

Bio

Mathew Hamlin, CPA

Mathew Hamlin, CPA

Manager

Bio


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Recent News

Put Your Audit in Reverse to Save Sales and Use Tax

Put Your Audit in Reverse to Save Sales and Use Tax

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds.

Take all of your exemptions

In most states, businesses are exempt from sales tax on equipment used in manufacturing or recycling, and many states don’t require them to pay taxes on the utilities and chemicals used in these processes, either. In some states, custom software, computers and peripherals are exempt if they’re used for research and development projects.

This is just a sampling of sales and use tax exemptions that might be available. Unless you’re diligent about claiming exemptions, you may be missing out on some to which you’re entitled.

Many businesses have sales and use tax compliance systems to guard against paying too much, but if you haven’t reviewed yours recently, it may not be functioning properly. Employee turnover, business expansion or downsizing, and simple mistakes all can take their toll.

Look back and broadly

The audit should extend across your business, going back as far as the statute of limitations on state tax reviews. If your state auditors can review all records for the four years preceding the audit, for example, your reverse audit should encompass the same timeframe.

What types of payments should be reviewed? You may have made overpayments on components of manufactured products as well as on the equipment you use to make the products. Other areas where overpayments may occur, depending on state laws, include:

• Pollution control equipment and supplies,
• Safety equipment,
• Warehouse equipment,
• Software licenses,
• Maintenance fees,
• Protective clothing, and
• Service transactions.

When considering whether you may have overpaid taxes in these and other areas, a clear understanding of your operations is key. If, for example, you want to ensure you’re receiving maximum benefit from industrial processing exemptions, you must know where your manufacturing process begins and ends.

Save now and later

Reverse audits can be time consuming and complicated, but a little pain can bring significant gain. Use your reverse audit not only to reap tax refund rewards now but also to update your compliance systems to help ensure you don’t overpay taxes in the future.

Rules and regulations surrounding state sales and use tax refunds are complicated. We can help you understand them and ensure your refund claims are properly prepared before you submit them. Contact us to learn more.

© 2017

A Refresher on The ACA’s Tax Penalty on Individuals Without Health Insurance

A Refresher on The ACA’s Tax Penalty on Individuals Without Health Insurance

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.”

 

Penalty exemptions

Before we review how the penalty is calculated, let’s take a quick look at exceptions to the penalty. Taxpayers may be exempt if they fit into one of these categories for 2017:

• Their household income is below the federal income tax return filing threshold.
• They lack access to affordable minimum essential coverage.
• They suffered a hardship in obtaining coverage.
• They have only a short-term coverage gap.
• They qualify for an exception on religious grounds or have coverage through a health care sharing ministry.
• They’re not a U.S. citizen or national.
• They’re incarcerated.
• They’re a member of a Native American tribe.

Calculating the tax

So how much can the penalty cost? That’s a tricky question. If you owe the penalty, the tentative amount equals the greater of the following two prongs:

1. The applicable percentage of your household income above the applicable federal income tax return filing threshold, or

2. The applicable dollar amount times the number of uninsured individuals in your household, limited to 300% of the applicable dollar amount.

In terms of the percentage-of-income prong of the penalty, the applicable percentage of income is 2.5% for 2017.

In terms of the dollar-amount prong of the penalty, the applicable dollar amount for each uninsured household member is $695 for 2017. For a household member who’s under age 18, the applicable dollar amounts are cut by 50%, to $347.50. The maximum penalty under this prong for 2017 is $2,085 (300% of $695).

The final penalty amount per person can’t exceed the national average cost of “bronze coverage” (the cheapest category of ACA-compliant coverage) for your household. The important thing to know is that a high-income person or household could owe more than 300% of the applicable dollar amount but not more than the cost of bronze coverage.

If you have minimum essential coverage for only part of the year, the final penalty is calculated on a monthly basis using prorated annual figures.

Also be aware that the extent to which the penalty will continue to be enforced isn’t certain. The IRS has been accepting 2016 tax returns even if a taxpayer hasn’t completed the line indicating health coverage status. That said, the ACA is still the law, so compliance is highly recommended. For more information about this and other ACA-imposed taxes, contact us.

© 2017