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financial restatements

Why do Companies Restate Financial Results?

Every year, research firm Audit Analytics publishes a study about financial restatement trends. In 2018, the number of public companies that amended their annual reports increased by 18%. Many of these amendments were due to minor technical issues, however. Of the 400 public companies that amended their returns in 2018, only 30 amended 10-Ks (or…

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gen z volunteer

Philanthrokids: The Next Generation of Donors is Here

It’s not hard to find insights and advice about the importance of appealing to potential donors who are Millennials, Generation Xers and Baby Boomers. But you should also start thinking about the next crop of donors — Generation Z, those born after 1996. Getting to know Gen Z Gen Zers typically are either in school…

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volunteer tax break

Volunteering for Charity: Do You Get a Tax Break?

If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash or property generally are tax deductible for itemizers, it may…

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withholding allowances

Income Tax Withholding: Examine Your Withholding Allowances Today

If you receive paychecks from one or more employers, it’s a good idea to do an annual checkup to make sure the right amount of income tax is being withheld. Even if you claimed an appropriate number of withholding allowances on Form W-4, there’s no guarantee that your total withholdings will match your tax liability…

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Virginia mechanic's lien forms have been ammended

Virginia Mechanic’s Lien Form Amendment

The forms provided in the Virginia Code for mechanic’s liens have been amended effective July 1, 2019.  Virginia Code §43-5 will soon state: The memorandum and affidavit required by §43-4 shall be sufficient if substantially in form and effect as follows: Memorandum for Mechanic’s Lien Claimed by General Contractor: Name of owner Address of owner…

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overtime

New Overtime Rules Could Inflate Payroll Expenses

A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer…

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construction cybersecurity assessment

Should Your Construction Company Conduct a Cybersecurity Assessment?

Cybersecurity is an important issue for every business, but it’s particularly critical in the construction industry. Contractors are particularly vulnerable to hackers and other threats because of the mobile nature of their businesses. A cybersecurity assessment or audit can help ensure that your construction company is taking the proper steps to protect sensitive information. It…

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construction apprenticeship program

Help Build Tomorrow’s Workforce with an Apprenticeship Program

The construction industry has been struggling with a skilled labor shortage for quite a while now. It’s not always easy to find good news on the topic, but here’s some: There are few industries better poised to create its own workforce than construction. One reason is apprenticeships. Because of the hands-on nature of construction work,…

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nonprofit's ASC 205-40

Attesting to Your Nonprofit’s Ability to Survive

Are you certain that your nonprofit’s financially stable enough to be operating in a year? U.S. Generally Accepted Accounting Principles (GAAP) give your nonprofit a reason to evaluate that proposition. Evaluating your organization Accounting Standards Codification (ASC) 205-40 requires management to perform a going-concern evaluation each time annual or interim financial statements are issued. Management’s…

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