Author Articles
Audit, tax, and advisory resources from our team.
Did the "One Big Beautiful Bill" actually end federal income tax? No. Despite campaign promises to replace income taxes with tariffs, the 2025 legislation keeps the current tax structure in place while extending 2017 rate cuts and increasing standard deductions.
A HUD audit examines the financial records and operational practices of entities receiving Housing and Urban Development funding. These audits ensure compliance with federal regulations, verify the proper use of funds, and help Public Housing Agencies and property managers strengthen their internal controls and prevent fraud.
The IRS audit process doesn't have to be a nightmare. Most anxiety stems from the unknown, but the process actually follows predictable rules. In 2025, 73.4% of audits resulted in additional taxes—understanding the system and your rights is the best way to join the 26.6% who owed nothing.
Growing businesses face a dangerous gap: successful enough to trigger multi-state obligations, but often lacking dedicated compliance teams. In 2025, with aggressive state enforcement and average payroll penalties hitting $18,500 annually, mastering payroll and sales tax compliance early isn't just about avoiding fines—it's a critical competitive advantage.
Stop panicking about that IRS audit notice sitting on your desk. I've guided hundreds of clients through this exact situation, and here's what you need to know: receiving an IRS audit notice doesn't mean you're in trouble - it means you need a strategic response plan.
For construction and contracting firms, a surety bond is a vital financial guarantee. But to get one, you need to prove your financial stability. This guide explains what surety underwriters look for in your audit—from working capital to WIP reports—and how a CPA-prepared financial statement can help you maximize your bonding capacity.
Affordable housing audits verify regulatory compliance, financial transparency, and tenant eligibility for programs like LIHTC, HUD Section 8, and HOME. Whether you are a developer or property manager, these audits—covering everything from tenant files to the 50% test—are essential for maintaining funding and project eligibility.
A workers’ compensation audit is a routine review by your insurer at the end of a policy period to ensure the premium paid was based on accurate payroll data and employee classifications. The main purpose is to ensure the correct final premium is paid, reflecting actual business operations and risk exposure, by recalculating premiums based on actual payroll figures, employee job classifications, and the status of independent contractors.
The Fiscal Control and Internal Auditing Act (FCIAA), established in Illinois in 1982, is a foundational state law promoting fiscal responsibility and strong internal controls across public agencies. It sets key requirements for how state agencies manage, certify, and audit their financial operations.
A HUD inspection is an essential process to ensure that properties receiving federal assistance comply with the U.S. Department of Housing and Urban Development’s (HUD) housing standards and regulations. These inspections are conducted to verify that housing is safe, habitable, and meets the necessary criteria for the well-being of tenants. The process involves a detailed review of multiple aspects, including the physical condition of the property, tenant eligibility, and program compliance.
A project audit is a systematic, independent review of a project's processes and performance. It ensures the project is meeting its objectives and aligning with organizational goals, providing insights into resource management and risk. More than a status check, it promotes accountability and continuous improvement for better project results.
There is a fact that should be noticed: sales tax audits are not just for massive corporations. In case the business collects and remits sales tax—whether it is a boutique storefront, handling operations for a franchise across states, or managing an eCommerce brand—this business is on the radar. And if the business is caught unprepared, the outcome might be costly.
