February 2015 - HBL CPAs

Feb
26
2015

Keeping the Cash Safe – A Brief Control Overview

Whether you are a non-profit organization, a for-profit company, or an auditor, you have most likely encountered the need to understand what it means to have strong internal controls over cash, controls that are in place and operating effectively. So what exactly is an internal control (IC) and why does it matter?

An internal control is a financial process or procedure that enables the organization to safeguard its assets. When conducting an audit,

Feb
17
2015

10 Tax Season Tips and Tidbits

Now that the 2015 tax season is in full swing, we thought you might enjoy the following tax tidbits:

1. On August 5, 1861 the U.S. government levied the first income tax to help fund the Civil War. Income over $800 was taxed at a 3% rate. In 1895, the Supreme Court declared income tax unconstitutional. Sorry . . . don’t get your hopes up. In 1913, the 16th amendment was ratified and permanently established income taxation.

Feb
11
2015

Common Confusions on Net Asset Classifications

In the for-profit world, we use the concept of equity: “owner’s equity” in a sole proprietorship, or “stockholders’ equity” in a corporation. In the nonprofit world, we use the term net assets. Mathematically, net assets is total assets minus total liabilities, and is reported on the Statement of Financial Position. We think of net assets as the net resources available to the organization at any given point in time with which it can accomplish its mission.

Feb
09
2015

It’s tax season! A few reminders and helpful tips!

Tax season is officially upon us! We are in the full swing of things, and wanted to post a few reminders and helpful tips for you as we head into the 2015 filing season!

Our office hours have been officially extended, starting Monday, 2/9/15, through 4/15/15:

Mondays – Fridays: 7:30 AM – 5:30 PM
Saturdays: 8:00 AM – 12:00 PM

Please let us know as soon as possible if you have had a change of address and/or phone number;

Feb
02
2015

The Affordable Care Act (ACA) and Your 2014 Taxes

Beginning January 1, 2014, every individual in the United States was required to have “minimum essential health coverage” under the ACA, pay a penalty (called the “shared responsibility payment”) or qualify for an exemption. The term “Individual” includes both taxpayers who are required to file returns because of their income, and others including seniors and children who do not have an individual return filing requirement. An individual who files a return is responsible for the coverage,