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.
Tips for Solving Common Medical Practice Issues
Medical practices aren’t immune from recurring problems and challenges. Even when the concerns that arise are familiar and seem to have been solved in the past, they can rear their ugly heads again periodically if you’re not vigilant. Issues of time management, cash...
Can You Use AI in Your Medical Practice?
In November 2022, artificial intelligence (AI) got a lot of attention with the launch of ChatGPT, a “chatbot” developed by OpenAI. Users can converse with the chatbot in a fairly sophisticated way via questions that steer conversations toward answers of any desired...
The Importance of 1099 Filings for Organizations
As the new year begins, many individuals and businesses are preparing to file their taxes. However, a critical aspect that often goes overlooked is the requirement for organizations to file 1099 forms for payment made to their contractors and other vendors. Failure to...
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...