February 8, 2017

Health Care Information Forms for 2016

The IRS has posted the following information about forms 1095-A, 1095-B and 1095-C: Because of the health care law, you might receive some new forms this winter providing you with information about the health coverage you had or were offered in 2015.  The information below is intended to help individuals understand these new forms, including who should expect to receive them and what to do with them. The Basics 1. Will I receive any new health care tax forms in […]
February 8, 2017

Document Retention-What should you really keep?

As you prepare your current tax paperwork, it’s an opportunity to go through the piles of paper and files you’ve saved for years. Here’s some guidelines on what to keep. To start, we advise you to keep originals of all legal documents, loan satisfactions, and notarized documents indefinitely. Most of the rest can be scanned and saved digitally. Income Tax Returns: Keep all federal and state income tax returns and the supporting documents for at least three years. If your […]
February 8, 2017

What is an Enrolled Agent?

You may have noticed that, in addition to our Certified Public Accountants (CPAs), we have staff at Fox & Company with the “EA” designation after their names. These specialists are known as “Enrolled Agents”. What the heck is that? We’re glad you asked! “Enrolled” means to be licensed to practice by the federal government, and “agent” means authorized to appear in the place of the taxpayer at the IRS. The enrolled agent profession dates back to 1884 when, after questionable […]
January 15, 2017

But We Trusted Her…The Psychology of Employee Theft

It’s an old story. She was a popular employee with a large smile and a friendly voice for everyone. She never took a vacation. She was always at work and ready to help with any issue. Her bosses loved her. Looking back, there were signs that things were “off”. She bought a new car every year despite having three teenagers to support. Her clothes were expensive, and she wore fabulous jewelry. Her husband was disabled, so she wasn’t getting the […]
December 15, 2016

Information Technology: Four Best Practices for Your Organization

Do you think your organization is too small to worry about information security? Not so. According to a 2015 Internet Security Threat Report from Symantec, 43% of cyber-attacks target small businesses. To protect yourself against invaders and hardware failures, consider implementing the following four best practices: 1. Keep your employees passwords confidential by using an administrator password. Do your employees share passwords? Do you keep a list of all of the passwords used by your employees in a little binder […]
November 15, 2016

Three Ways to Implement Segregation of Duties in Your Organization Now

For those interested in keeping material errors and fraud out of their organization (and who isn’t), it’s important to embrace segregation of duties. Segregation of Duties (SOD) is a fancy term for a simple idea: having more than one person required to complete a task. The reason to do this is also simple: no employee should be in a position to both perpetrate a fraud and to conceal it. SOD also helps by bringing another set of eyes to a […]
October 14, 2016

Is it Really an Audit That I Need? What are the Other Options?

Although the word “auditor” has “audit” within it, audits are not the only services that we provide. In fact, depending upon your needs and your organization’s regulatory requirements, an audit might be overkill. So what are your other choices? First, you will need to decide if the users of your financial statements need the auditor to provide some assurance regarding their overall accuracy. Depending upon your answer, you will most likely choose from the following services: Compilation with Disclosures Financial […]
September 15, 2016

What Does an Auditor Do Besides Ask a Bunch of Questions? An Audit Explained…

In going about our business, we auditors will often throw around the term “audit” like the whole world knows what we’re talking about. For those of you too polite to ask, let’s talk about what we do in an audit. At heart, an audit is an examination. As independent auditors, we are engaged to examine your financial statements, the processes that you use to input your financial data, and the safeguards you have put in place to prevent and detect […]
August 8, 2016

What is GAAP? It Sounds Like a Hazard on the Sidewalk…

What was your company’s net profit last year? It seems like a simple question, doesn’t it? In fact, we should add a joke here about it being harder to earn the profit than it is to measure it. The surprising truth is that your company’s profit is a subjective question. Not only does the amount earned last year depend upon how it is measured, the method chosen to measure it may make the difference between a net profit and a […]
January 6, 2016

A New Look!

For our returning customers, you have already noticed the major renovation to our website. We have more information about our company, including our staff, a new logo and branding and additional ways to contact us. The chat feature you find on the home page goes directly to a staff member of Fox & Company 7 days a week. Use that feature for questions that you want information on and don’t want to wait to get a response. The next big […]