BLS Insights

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Month: February 2016

Nonprofit Omission Errors

February 23, 2016

A study performed by Jeffrey J. Burks and reported in “Accounting Errors in Nonprofit Organizations” Accounting Horizons 2015, analyzed 5,511 audited financial statements from 2006 to 2010, obtained from Guidestar.org, the world’s largest source of information on nonprofit organizations, and discovered an error rate 60% higher than that of publicly traded companies. Burks discovered that the error rate was negatively correlated with the size of the nonprofit’s audit firm.

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Delaware Grant-in-Aid Update

February 23, 2016

With recent and upcoming changes in Delaware grant-in-aid, it may be helpful for nonprofits to re-familiarize themselves with House Bill No. 230, commonly referred to as the Fiscal Year Ending June 30, 2016 Grant-in-Aid Bill, and begin learning about anticipated changes to subsequent grant-in-aid bills.

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Identity Theft is Happening Now

February 15, 2016

Tax filing season always brings an increase in identity theft. The IRS has been diligently keeping the public informed of scams that are occurring. In some cases imposters are calling and making collection threats as well as claiming they are the IRS, to gain information that could help them steal that person’s identity.

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Employee v. Independent Contractor

February 15, 2016

If you have read the news lately, you might have seen the various headlines about Uber. One particular headline that has crossed on June 17th was the California Labor Commission classifying the Uber drivers as employees and not contractors. This has always been a hot topic with the IRS, independent contractor versus an employee but with the Uber publicity will this raise more questions among businesses?

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Is my activity a business or a hobby? Tips to prevent disallowed losses.

February 03, 2016

Taxpayers need to be careful when operating a business with consecutive losses.

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