Tax Alert – Foreign Assets

| Alerding Alerts

Do you have assets in a foreign country?  If so, you are required to annually report your foreign asset holdings to the IRS.  After August 4, 2014, you will be subject to penalties that will equal up to 50% of your account balance if you are caught with any of these unreported assets.  Your chances of being caught are increasing, and the IRS is only days away from reaching an agreement to start receiving data from more than 100 Swiss and other foreign banks. Please contact your Alerding CPA Read more [...]

Business Tax Alert – Equipment Purchases in 2014

| Alerding Alerts

There has been a big change in the amount of equipment and furniture your business may write off immediately (instead of capitalizing and depreciating it) in 2014 for federal tax purposes.  This is called the Section 179 deduction. As it stands right now, for tax years beginning in 2014, your business can only expense up to $25,000 (Yes, that is twenty-five thousand dollars) of equipment purchases.  The phase out of this Section 179 deduction begins when your equipment purchases exceed $200,000.  Read more [...]

Client Spotlight: The International Violin Competition of Indianapolis

| Client Spotlight

The International Violin Competition of Indianapolis (IVCI) returns to the Circle City September 5-21, 2014. IVCI, an ACG client since 2003, hosts this once every four-year event, which draws music lovers from around the globe. This 9th Quadrennial Competition is regarded as one of the most respected music competitions in the world and will feature 40 violinists from 13 countries, selected from an initial pool of 179 applicants. The first IVCI competition was held in 1982 and it has since gained Read more [...]

Best Practices in the Digital Age

| Business Miscellaneous

How prepared are you to prevent fraud or financial misstatements in the digital age?  Technological advances have forced everyone to continually reassess their internal controls.  Find out the best practices you can implement immediately when using credit cards, electronic funds transfers and remote check scanning. Technology has improved efficiency and expedited basic transactions like paying by check and depositing cash and checks.  On the downside, these improvements have created opportunities for fraud.  Because technology is constantly changing, your control environment must be continually reassessed.  Here are a few technological changes that have had an impact on a variety of cash-related transactions and should be closely overseen to minimize opportunities for fraud. Read more [...]

A Mother’s Day Tribute to the Superwoman in us All!

| News

By Natalie Hopkins     As we approach Mother’s Day, it’s generally a time we all salute the Mothers in our lives.  But can I take a moment to express how much I love being a mom?  In fact, I truly love all my jobs.  I love helping clients achieve their goals. I love watching young professionals launch their career paths.  I love being a mom and helping my young kids grow and learn each day. I love being a wife and having someone there to work with me in conquering life.  I feel like Read more [...]

Make Your Audit Count

| Audit and Accounting

By Natalie Hopkins      Governance, Fraud, Conflicts of Interest and 990 Reviews are among the hot topics that have circled the not-for-profit world the last couple of years.  Finance committees, tax preparers, and boards of directors can all provide critical information related to these areas and aim to help an Organization achieve the many goals it has surrounding fiscal responsibility. However, the annual independent audit process can also be a crucial benchmark Organizations use to measure Read more [...]

Accounting for Your Volunteers, Literally!

| Audit and Accounting

By Tyler Kleinschmidt     Not-for-profit entities rely heavily on volunteers and a variety of contributed goods and services to fulfill their mission. The Financial Accounting Standards Board (“FASB”), which sets the rules regarding accounting and financial reporting, outlines criteria that govern whether or not a contributed service should be recognized in the financial statements.  However, there is still debate as to whether these guidelines allow for the most accurate reflection of the Read more [...]

Indiana Sales Tax Exemption for R&D Property

| Business Miscellaneous

The Indiana Dept. of Revenue has issued an information bulletin that expands the definition of “property” for the sales tax exemption on R&D property.  Previously, property exempt from sales tax did not include consumables, hand-powered tools or property with a useful life of less than one year.  The old exemption expired June 30, 2013 and was replaced with a new provision that expands the definition of exempt property to include consumables, hand-powered tools and items with a life less Read more [...]

Fraud, It’s Not Going Away Anytime Soon!

| Business Miscellaneous

By Sarah Seacat     I have been a member of the Indiana CPA Society Fraud Conference Project Team for the past three years and have had the privilege to work with and meet several individuals in the world of Forensic Accounting.  The 2013 conference had a diverse group of presenters and topics ranging from fraud protection and early prevention to an ex-felon revealing how fraud detection set her free and hot topics surrounding identity theft.  Some highlights include: John Hall, CPA with Hall Read more [...]

Alerding CPA Group 8th Annual CPE Seminar

| News

By Natalie Hopkins    Last month, Alerding CPA Group hosted its 8th Annual CPE Seminar for employees, clients and professional colleagues.  Our goal with this event is to provide an avenue for professionals to be educated on relevant events within the accounting world while obtaining some Continuing Professional Education.  Who doesn’t love some free CPE? Candace Graham, our Director of Taxation, is an annual fixture at this event. Participants are always interested in the latest Business Read more [...]