Resources for Audit & Accounting

Resource Articles See All Articles

The Equifax Breach: Steps to Protect Your Family


Approximately 143 million consumers were affected by the recent Equifax data breach. This article addresses how to check if your information is at risk, how to protect yourself, and what to beware of in the future as a result of the breach.

AHP Announces Partner Promotion in its Grand Rapids Office

AHP is proud to announce the promotion of Stephanie M. Cleaver, CPA to partner effective January 1, 2017.

What the New Overtime Rules Mean for You

On May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.

EMV Compliance: Are You Ready for the October 1 Deadline?

On October 1, a liability shift goes into effect that may entice businesses to adopt modern "chip" technologies to more effectively combat fraud from counterfeit cards. Here's critical information that merchants and consumers should know about the liability shift going forward.

Proposed DOL Rule May Make Millions More Eligible for Overtime Pay

In his 2015 State of the Union Address last January, President Obama said employees should get the overtime they've earned. He then directed the U.S. Department of Labor (DOL) to review and amend the overtime rules under the Fair Labor Standards Act (FLSA) to make more workers eligible.

Proposed Changes to Not-for-Profit Financial Reporting


On April 22, 2015, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) seeking to improve the clarity and usefulness of not-for-profit organization (NFP) financial statements and notes. The amendments focus on net asset classifications and improving stakeholders’ ability to assess an NFP’s liquidity, financial performance, and cash flows. The amendments would affect all NFPs.

Not-for-Profit Guidance in Effect: Services Received from Personnel of an Affiliate


The Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) 2013-06 Not-for-Profit Entities. ASU 2013-06 provides guidance for not-for-profit entities receiving services from the personnel of an affiliate.

AHP Announces Merger with Owosso Firm, Demis & Wenzlick, P.C.

Andrews Hooper Pavlik PLC welcomes seventh office statewide.

Andrews Hooper Pavlik Announces Two Partner Promotions

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotions of Kellie M. Bos, CPA and Carrie L. Hindmon, CPA, CSEP to partner.

Is Your Business Ready for Play-or-Pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.”

Michigan Minimum Wage Increases to $8.15 Effective September 1, 2014

Michigan's minimum wage is set to increase a total of 25% over the next four years. The increase will take place gradually, with the first increase coming up in September.

Higher Education: New Uniform Guidance from the Office of Management and Budget (OMB)


It is important that this Uniform Grant Guidance be reviewed to determine what impact it will have on your organization in order to ensure compliance with these new requirements.

New Public Pension Accounting Rules Set to Go into Effect for Governmental Employers


For employer fiscal years beginning after June 15, 2014, the new public pension accounting rules, issued in June 2012 by the Government Accounting Standards Board (GASB), will go into effect. It is important for pension plans and governmental employers that have not yet begun the process to become acquainted with the new standards and to initiate discussions that address key implementation issues.

Have You Received a Form 1098-T Penalty Notice?


If you are like most colleges and universities, you have already received your Form 1098-T penalty notice from the IRS. These penalty notices started going out in August to colleges and universities across the country.

AHP Celebrates 20 Years in Business

AHP got its start in October 1993 when AHP took over the Ernst & Young offices in the Saginaw and Greater Lansing areas. It was then that Jim Andrews, Mark Hooper, and Kim Pavlik, along with 26 others, started AHP based on a foundation of large firm experience and quality along with attention to service based on close relationships.

COSO’s Internal Control Framework Gets Updated


The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently updated its Internal Control – Integrated Framework. COSO originally issued the framework in 1992 to address the need for a common approach to implementing and evaluating internal control.

How the New Medicare Tax Impacts Your Involvement in Passive Business Activities


Starting in 2013, enacted as part of the Health Care and Education Reconciliation Act, there is a new 3.8 percent Medicare contribution tax on net investment income (NII). This new tax will raise the stakes for those taxpayers invested in “passive” trades or businesses.

Important IRS Regulation Changes Regarding Tangible Property

On September 19, 2013 the Internal Revenue Service (IRS) finalized tangible property regulations on repair deductions and capitalization of expenditures related to tangible property. These regulations will have a wide range and direct effect on businesses in all industries that acquire, produce, replace, or improve tangible property.

How the Supreme Court’s Ruling on DOMA Impacts Federal Income Taxes and Employee Benefits

This article briefly explains the impact of the Supreme Court's landmark decision on Defense of Marriage Act.

Deadline Approaching for Employers to Provide Notice on Health Insurance Marketplace

Certain employers must provide written notice to employees about health insurance coverage they offer, along with an explanation of the options available through the Marketplace.

Community Banking Advisor Summer 2013

AHP's quarterly newsletter for financial institutions.

IRS Issues Report on Colleges and Universities Compliance Project


Higher education institutions and other non-profit organizations can use the results of this project as an educational tool to be more aware of what the IRS will be looking at in the future. The report focuses primarily on two areas: underreporting of unrelated business taxable income and compensation practices of the selected organizations.

Start Your Business Right by Minding the Details


You just had a great idea. Customers will love it. You want to start a business or lead your organization down a new path. Now what?

Community Banking Advisor Spring 2013

AHP's quarterly newsletter for financial institutions.

IRS Reverses Position on OREO

Over the past several years the IRS has been challenging banks during audits on the deductibility of Other Real Estate Owned (OREO) expenses. The Office of the Chief Counsel for the IRS just released a Memorandum which now supports the banks' position.

Beware of Scam Targeting Corporations in Michigan

Michigan Department of Licensing and Regulatory Affairs (LARA) warns of scam targeting Michigan corporations.

Community Banking Advisor Winter 2013

AHP's quarterly newsletter for financial institutions.

Payroll Tax Changes for 2013 and Other Matters

Read about changes coming up in 2013.

IRS Sets Effective Date for Repair/Capitalization Regulations

Last month, the Internal Revenue Service (IRS) issued Notice 2012-73 regarding the intent of Treasury to issue final regulations in 2013 regarding the deduction and capitalization of expenditures related to tangible property. It is important to become familiar with how these regulations will affect your business.

IRS Increases the Standard Mileage Rate

The standard mileage rate will increase by one cent for 2013.

AHP Announces the Promotion of Laura Ebel to Partner

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotion of Laura M. (Kloha) Ebel to partner, effective January 1, 2013.

Is Your Organization Zombie-Resilient?


Why should you care about the zombie apocalypse? While the likelihood of a literal zombie attack may be zero, it has obvious advantages as a metaphor for being prepared and surviving a catastrophe.

Regulatory Changes Affect More Than Just Compliance


The regulatory changes that will occur over the next 18 months, particularly on the loan side of the financial institution, will be massive.

Proposed New Rules on Appraisals


The Consumer Financial Protection Bureau has announced proposed changes to Regulation B and to Regulation Z. The Regulation B change will affect all applications for first-lien secured loans on dwellings and, therefore, will have the greatest impact of the two.

Here a Risk, There a Risk


Risk assessments are at the core of any effective BSA/AML Program and corresponding examination.

Suspicious Activity Reporting: When Does an Activity Become Suspicious?


Identifying a suspicious activity can be difficult because what is considered suspicious is subjective.

Defining and Managing Risk

Is your organization at risk? This article can help you determine the answer to this question.

Information Security Risks Affect All Organizations

Is your system secure?

Is Your Nonprofit Organization at Risk?


Managing a nonprofit organization can be stressful! This article can help put your mind at ease.

The Lending Environment and Its Effect on Your Business

Will you qualify for a loan when you need it? This article will help you prepare!

Financial Statements: An Opportunity to Tell Your Story

These tips can help you build effective financial statements!

To Deduct or Not to Deduct…That is the Question


Determining which business travel expenses qualify for deductions can be challenging. Applying a few simple principles can assist you in clarifying a somewhat foggy subject.

Resource Links See All Links

AICPA Governmental Audit Quality Center

http://gaqc.aicpa.org/

AICPA’s Employee Benefit Plan Audit Quality Center

http://ebpaqc.aicpa.org/

Public Company Accounting Oversight Board - PCAOB

http://www.pcaobus.org

Financial Accounting Standards Board - FASB

http://www.fasb.org

Governmental Accounting Standards Board - GASB

http://www.gasb.org

Center for Audit Quality - AICPA

http://thecaq.aicpa.org