Author Articles
Audit, tax, and advisory resources from our team.
If you have ever found yourself asking, “What is a project audit?” or how it compares to a project evaluation, you are not . These two terms naturally get confused—but they serve distinct purposes and present different insights into a project's life and results.
A financial statement template is a customizable model (like in Excel) used to uniformly prepare the Balance Sheet, Income Statement, and Statement of Cash Flows. It saves time, ensures accuracy via formulas, and standardizes reports for stakeholders, compliance, and tax purposes, making financials audit-ready.
Your tax preparer shouldn’t just file forms; they should be your strategic partner and audit protector. We’ve seen firsthand how "cheap" preparers cost business owners thousands in missed deductions and undefended audits. This guide walks you through exactly how to vet a tax professional—focusing on CPA/EA credentials, representation rights, and proactive planning. Learn the red flags to avoid and the specific questions to ask to ensure you hire an asset, not a liability.
One firm we reviewed recently overpaid $7,100 in taxes simply because they were afraid to claim legitimate expenses like home office costs and business meals. Whether due to uncertainty or poor documentation, missing deductions costs small businesses thousands. This guide covers the 2025 deduction rules—including the 67 cents/mile rate and the "ordinary and necessary" standard—to help you maximize write-offs without triggering an IRS audit.
Thinking of handling your IRS audit yourself to save money? Stop. We’ve seen taxpayers save $3,000 in fees only to lose $15,000 in assessments because they volunteered damaging information or failed to prove their deductions. True representation means a credentialed CPA stands between you and the IRS, handling all communication, strategy, and negotiations.
The IRS doesn't randomly select returns; they use sophisticated algorithms to spot red flags like income discrepancies, Schedule C losses, and disproportionate deductions. At Dimov Audit, we’ve found that most examinations are preventable if you understand these triggers before filing. With IRS enforcement funding increasing in 2025, learning how the "Discriminant Function System" scores your return is critical to avoiding an audit notice.
No matter how hard one tries, one is still prone to making mistakes while filing taxes. Of course there are multiple reasons for forgetting an income, realizing one has received a different tax form, or finding out one was eligible for a deduction but did not claim it. For such reasons, the IRS provides Form 1040-X, Amended U.S. Individual Income Tax Return.
Fiscal auditing is the formal review of an organization’s financial records and internal controls to ensure accuracy and regulatory compliance. Vital for accountability across nonprofit, private, and public sectors, these audits verify transactions over a specific fiscal year. This article defines fiscal audits, distinguishes them from financial audits, examines federal oversight (including the Bureau of Fiscal Services), and outlines preparation strategies.
The U.S. Department of Housing and Urban Development (HUD) plays a crucial role in ensuring that all Americans have access to safe, affordable, and inclusive housing. Established in 1965, HUD oversees a wide range of programs designed to support low-income families, the elderly, and individuals with disabilities, while also promoting fair housing practices and sustainable community development.
In the housing sector, an audit refers to a systematic review of financial records, tenant eligibility, rent calculations, and compliance with federal and local housing regulations. These audits ensure that public and subsidized housing programs operate with transparency, accountability, and proper use of funds. Housing audits are essential for organizations that receive federal assistance, such as funding from the U.S. Department of Housing and Urban Development (HUD).
A HUD audit is an official financial and compliance review conducted by the U.S. Department of Housing and Urban Development (HUD) to ensure that organizations receiving HUD funds adhere to federal regulations. Various factors can trigger a HUD audit, ranging from financial thresholds to routine monitoring and fraud investigations. Understanding these triggers can help organizations maintain compliance and avoid financial or legal penalties.
What is a SOC audit, and how does it work in practice? Using a real-world example of a payroll processing company, we break down the importance of SOC 1 audits for financial reporting. This article also outlines the differences between SOC 1, 2, and 3, and why they are essential for compliance and client trust.
