IRS Penalties for Information Returns

Penalties for failure to file correct information returns (W-2s, 1099s, 1098s, 1042s) have recently increased per new tax rules implemented effective for returns and statements to be filed after December 31, 2015. These penalties are based [...]

By | August 20th, 2015|Tax, Uncategorized|

1099-Ks: Reconciling Today Can Minimize Audit Headaches Tomorrow

The IRS requires payment settlement entities (“PSEs”) to report to the IRS the gross dollar amount of card or third-party network payments processed for participating payees.  PSEs include credit or debit card issuers (like American [...]

By | July 16th, 2015|Tax, Uncategorized|

Belts and Suspenders: Compensating Internal Controls

There is a director at Dean Dorton that claims to be a belt and suspenders type of person.  Some may call this thorough and others may call this inefficient.  One thing we can all agree [...]

By | June 4th, 2015|Uncategorized|

Updated A-133 Requirements – Super Circular

The U.S. Office of Management and Budget (OMB) issued Uniform Administrative Requirements, Cost Principals and Audit Requirements for Federal Awards in December 2013. In December 2014, the Joint Interim Final Rule was issued for implementation [...]

By | May 15th, 2015|Higher Education, Nonprofit & Government, Uncategorized|

April Showers Bring May Flowers from the IRS

Last Tuesday, the IRS announced that it is extending relief to taxpayers in several Kentucky counties which were affected by severe weather earlier this spring.  Generally, the relief includes postponed filing and payment deadlines for [...]

By | May 11th, 2015|Tax, Uncategorized|

Fraud Hotlines Featured in Accounting Today

Did you know tip hotlines have proven to be one of the most effective ways to detect or prevent fraud?  Nearly half (43%) of detected fraud is discovered due to a tip.  Operating without an [...]

By | April 24th, 2015|Uncategorized|

FASB Votes to Defer Effective Date of the New Revenue Recognition Standard

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers (Topic 606) providing a comprehensive accounting standard relating to the recognition of revenue for the transfer of [...]

By | April 10th, 2015|Uncategorized|

Information Security in 2015: Why Companies Should Consider Multi-Factor Authentication

What is multi-factor authentication?  Multi-factor authentication is a method of access control which requires a user to have two of the three factor categories: Knowledge – passwords; Possession – token or card; Inheritance – biometric. [...]

By | February 24th, 2015|Uncategorized|

Legislative Update: February 9, 2015

Members of the Kentucky General Assembly reconvened last week after a brief recess in January.  To date there have been 134 bills sponsored by the Senate and 352 bills sponsored by the House.  Many of [...]

By | February 9th, 2015|Construction, Uncategorized|

“Tax Increase Prevention Act” Arrives Just in Time for the Holidays

Congress has once again extended a package of expired, or expiring, individual, business, and energy provisions known as "extenders" through the recently enacted "Tax Increase Prevention Act of 2014."  President Obama signed the bill into [...]

By | December 22nd, 2014|Tax, Uncategorized|