Straightforward guidance on audit, tax, and advisory topics—curated by our team to help you make confident decisions.
For most 501(c)(3) nonprofit organizations, the IRS can audit up to three years into the past. This standard audit window—known as the statute of limitations—typically starts from the date the nonprofit filed its Form 990 or the due date of the return, whichever is later. However, this three-year rule comes with important exceptions that nonprofits should be aware of.
Nonprofit audit costs typically range from $5,000 to over $50,000, driven by the organization's size and financial complexity. Simpler nonprofits pay less, while complex ones pay more. Strong internal controls can lower the fee. Audits are essential for transparency, but are often only required when revenue or specific grant thresholds are met.
Nonprofit audits may seem intimidating at first glance, but they serve as powerful tools for financial transparency and accountability. Whether required by funders or pursued voluntarily, an audit conducted by an independent Certified Public Accountant (CPA) can significantly strengthen a nonprofit’s credibility and financial health.
Nonprofit organizations play a critical role in their communities, often relying on donations, grants, and public support to carry out their missions. However, financial transparency and accountability are essential for maintaining trust and ensuring that funds are used effectively. This is where a nonprofit audit comes into play.
You've probably felt that sinking feeling when someone mentions "financial statement requirements" for your Maryland business. The immediate assumption? You need an expensive, time-consuming audit that will drain your resources and delay your plans. I encounter this misconception weekly in my practice - business owners convinced they need comprehensive audits when compiled financial statements Maryland compliance requirements would serve them perfectly.
During a compilation, a CPA assists management in presenting financial information in the form of financial statements without providing any assurance on that information. The accountant reads the compiled financial statements to look for any inaccuracies or material errors based on the information supplied.
Nonprofits face immense scrutiny to prove financial integrity. While audits build trust and compliance, the process can be overwhelming. Dimov Audit specializes in simplifying this challenge. This guide helps you prepare for and navigate your nonprofit audit with confidence.
Managing an HOA requires ensuring financial accuracy and compliance to protect the community and build trust. At Dimov Audit, we guide board members and managers through this often complex process. This guide covers everything you need to know about HOA audit requirements, including triggers, preparation, and the value of expert CPA support.
Cryptocurrency use is widespread, but so is IRS scrutiny. Navigating 2025 crypto tax rules is complex and crucial for investors, traders, and businesses. Dimov Audit specializes in crypto tax compliance, helping you stay compliant and avoid IRS issues.
Financial qualification in affordable housing relies on hard evidence, not guesswork. Bank statements are required to verify income and assets during applications and recertifications. These documents are essential for satisfying the strict compliance standards of programs like LIHTC and HUD Section 8.
Housing audits evaluate whether developments meet the financial and regulatory obligations of public funding sources like LIHTC and HUD Section 8. Auditors examine tenant eligibility, income certifications, and rent limits to ensure full compliance with federal, state, and local oversight standards.
Tax-exempt bonds are vital for affordable housing, but securing 4% LIHTCs requires passing the '50% test.' This strict benchmark mandates that at least 50% of the development's eligible basis (land and assets) be financed by tax-exempt bond proceeds. Failing this test results in a total loss of credits.
Are your financials audit-ready?
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