Insight Tag: Accounting & Bookkeeping

The IRS has recently issued a series of 1099 TIN mismatch letters, also known as CP2100 and CP2100A notices for 2022 and 2023, indicating a ramp-up in enforcement and penalties related to 1099 filings. These notices can lead to significant compliance obligations, so understanding what they mean and how to respond is crucial for maintaining compliance and avoiding penalties. 

In its April 2024 meeting, the Governmental Accounting Standards Board (GASB) approved the issuance of Statement No. 103 regarding changes to the financial reporting model.  The new standard will revise and build upon the requirements in GASB Statement No. 34. The full standard will ultimately be published on the GASB’s website.  Key changes in the … Continued

Not-for-profits play a vital role in addressing community needs, relying primarily on donor generosity. Effective financial management hinges on accurately tracking asset restrictions, which are critical for decision-making. This article outlines net asset classifications, highlights best practices for their management, identifies common challenges, and suggests resources for future guidance. 

As of July 31, 2024, new subscribers can choose between QuickBooks Online (QBO) and QuickBooks Enterprise. Existing subscribers will still be able to renew their QuickBooks Desktop Pro and Premier subscriptions, but these options are no longer available to new subscribers. The biggest impact will be for new businesses or QuickBooks Desktop users without an active subscription. For several years, Intuit has poured its resources into enhancing QuickBooks Online, to make it more robust and user-friendly while adding new features.

Several changes are coming that may impact users of QuickBooks Desktop (QB Desktop).

In my 30+ years in the industry, too often I’ve witnessed owners that treat the accounting and finance function of their business only as an expense or cost center.