What Is the Difference Between Internal and External Audits?
In the complex world of organizational finance, audits are crucial pillars for maintaining integrity and transparency. Whether you’re a seasoned executive or new to corporate governance, understanding the nuances of different audit types is essential. Thankfully, you don’t have to go through this process alone.
What Is the Difference Between an Audit and a Review?
Navigating the financial needs of your business involves making informed choices, especially when it comes to examining financial statements. Understanding the difference between a financial review and an audit can be pivotal for stakeholders and for complying with financial reporting requirements.
What Are Compiled Financial Statements?
A compilation of financial statements is a service that a CPA provides where financial data from a company’s management is organized into a formal financial report. A compilation doesn’t involve any testing or verification of the information, so it’s a cost-effective option for smaller businesses or nonprofits that don’t need a higher level of assurance.
Audit Requirements for Illinois Nonprofits in 2025: What You Need to Know
Starting January 1, 2025, Illinois nonprofit organizations will need to comply with new audit requirements. SSL Associates, a Chicago-based CPA firm that offers audit services to clients nationwide, has provided this overview to help nonprofits understand and navigate these changes with ease.
What Is the Difference Between a 501(c) and a 501(c)(3)?
Navigating the landscape of tax-exempt organizations can be a complex journey for nonprofits, especially given the distinctions in the Internal Revenue Code (IRC) between 501(c) and 501(c)(3) designations. These classifications not only define an organization’s purpose but also its tax obligations, limitations on activities, and eligibility for donor deductions. At SSL Associates, we specialize in guiding nonprofits through the intricacies of tax-exempt status, helping organizations in Chicago and nationwide achieve compliance and focus on their missions.
Do Nonprofits Need to Issue 1099 Forms?
Like all entities, nonprofit organizations must adhere to IRS regulations, including issuing Form 1099. This form is essential for reporting payments made to independent contractors and non-employee service providers. To avoid penalties and ensure accurate reporting, nonprofit organizations need to understand when and how to issue Form 1099.
Professional nonprofit tax services help organizations navigate these requirements, ensuring compliance and allowing nonprofits to focus on their mission. Here’s a comprehensive guide to Form 1099 for nonprofits, from definitions to best practices for filing.
Differences Between 1099-MISC, 1099-NEC, and 1099-K Forms for Nonprofits
In the complex financial landscape nonprofits must navigate, proper tax reporting is essential to ensure compliance and avoid costly penalties. Various IRS forms play a pivotal role in nonprofit reporting, particularly the 1099 series, which encompasses different forms used to report specific types of income. Understanding which form applies in each situation is crucial for nonprofits paying contractors and vendors, and managing digital payments.
As a trusted CPA firm serving nonprofits nationwide from our base in Chicago, SSL Associates is here to help simplify these requirements. Our goal is to ensure that your organization’s tax and reporting obligations are handled accurately, allowing you to focus on your mission without added administrative stress.
A Comprehensive Guide to Mastering Nonprofit Financial Statements
As a nonprofit organization, your financial statements are the backbone of your operations, serving as both a compliance necessity and a window into your fiscal health. At SSL Associates, we understand the distinct nuances of nonprofit financial statements and are here to guide you in creating, interpreting, and ensuring compliance. Our dedicated CPA services for nonprofits are designed to streamline this process, making it manageable and meaningful.
Nonprofit financial statements may share some similarities with their for-profit counterparts, but they also carry distinct nuances that require specialized expertise. In this comprehensive guide, we’ll explore the four primary financial statements that every nonprofit must master.
What Is the Difference Between Audit and Agreed-Upon Procedures?
Financial oversight involves two key processes: audits and Agreed-Upon Procedures (AUP). While both assess financial integrity, they’re different in scope and assurance levels. Audits provide comprehensive examinations while AUP focus on specific financial aspects.
At SSL Associates, we offer customized AUP services and audits for nonprofits and small to medium-sized businesses across the Chicagoland area. Our team helps clients determine the most suitable financial review for their needs.
Your Complete Guide to HUD Audits: What to Expect and How to Prepare
Navigating a U.S. Department of Housing and Urban Development (HUD) audit can be a complex task, especially for property owners and managers of HUD-assisted projects. With SSL Associates’ deep experience in audit and assurance services, particularly with HUD compliance, we’re here to make the process clearer and help you prepare for a successful outcome. Our HUD audit guide provides a step-by-step approach to understanding the key components of the audit, ensuring you’re fully prepared for every stage of the process.