Obtaining federal tax-exempt status is somewhat of a mystery for many incorporated business owners. Gaining tax-exempt status for your nonprofit 501(c)(3) organization is necessary to reap the majority of the real benefits, such as access to grant money, income exemptions, property exemption, and tax-deductions for donations received. Therefore, it’s important to understand the steps to successfully apply for tax-exempt status.
Archive: May 2018
The Four Types of Audit Opinions
There are various types of audit opinions, so they can easily be confusing for the non-finance and accounting manager. Due to the enormous amount of man-hours and costs associated with financial reporting, the SEC has left the financial reporting process for publicly listed companies to public accounting firms. Certain companies and types of organizations must hire an independent auditing organization, such as a public accounting firm familiar with financial audits, to perform an examination of company financial statements, as well as provide reasonable assurance that statements follow guidelines set out by the U.S. GAAP.