Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
FINCEN’s Corporate Transparency Act Overview
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024, many small businesses are required to report information...
Donor-Advised Funds: What The Research Tells Us
Donor-Advised Funds (DAFs) are investment vehicles designed to allow individuals to contribute to the Funds and recognize the contribution as a charitable donation in the year it was made. The funds are then managed by advisors and eventually contributed to charitable...
Hacking & Nonprofit Security
In any online environment, there are risks of computer systems being hacked, data being stolen or manipulated, and privacy breaches occurring. Unfortunately, many not-for-profit organizations are woefully underequipped to protect themselves from these attacks due to...
The Essentials of Nonprofit Accounting
Nonprofit accounting has distinct features compared to for-profit accounting due to the nature and goals of nonprofit organizations. Nonprofits focus more on the accountability aspect of accounting. There is a specific set of rules and procedures regulated by...
How to Avoid Losing Tax-Exempt Status
There are multiple ways that nonprofit organizations can lose their tax-exempt status, and it’s important for directors, employees, and volunteers to stay informed about what actions could potentially jeopardize the status. With a bit of increased awareness and...
The Audit Wrap-Up Process
Once the audit fieldwork has been completed, the auditors move into wrapping up the audit process and issuing the final reports. Here are some expectations and tips to improve the organization’s audit experience. At the end of the audit week, it may be best to sit...
Overview of Section 382 Limitation on Net Operating Loss Carryforwards
Section 382 of the Tax Code is applicable to a loss corporation, defined as a corporation that has accumulated net operating losses. Many start-up companies in high-tech industries incur substantial research and development expenses and remain unprofitable for...
Sciarabba Walker & Co., LLP Wins ClearlyRated’s 2024 Best of Accounting Award
The accounting and business consulting firm Sciarabba Walker & Co., LLP has received ClearlyRated’s Best of Accounting® Award for 2024, marking the second consecutive year the firm has achieved this recognition. ClearlyRated is an industry leader in client...
How to Prepare for an Financial Statement Audit
Undergoing a financial statement audit for the first time can be a daunting experience for any company. However, with careful preparation and a clear understanding of the process, you can navigate through this crucial milestone with confidence. In this blog, we'll...
2023 Business Year-End Tax Planning
2023 has been a quiet year for tax legislation. To help you decide what works best for you and your business, we have compiled a list of tax strategies based on current tax rules that may help you save tax dollars if you act before the end of the year. Qualified...