It has come to our attention via the North Carolina CPA Board that a new potential method to defraud business owners of valuable information is making its way around the country. The new method involves users of QuickBooks receiving a phone call from a “QuickBooks Support Tech” that was unsolicited. The “technician” then tries to obtain access to the company file to steal any potential data they might find valuable, including: bank account information, employee personal data, customer personal data, etc.
It is important to realize that this can happen to anyone – every single person is at risk. As technology advances, so do those who wish to harm you and your business. Remember that if you are not expecting a call from QuickBooks, do not take the call. Do not give out any personal information on the phone, and do not let anyone remotely access your computer. Set strict security protocols and follow them. If the worst does happen to you, it is important to take action immediately. Contact your IT department and let them know. The next steps you should take are determined based on what information was compromised. With the right protocols in place, you can minimize the damage before you’ve been targeted.
As 2019 came to an end, Congress passed two bills, which were then signed into law by the President. The “Consolidated Appropriations Act, 2020” and H.R. 1865, the “Further Consolidated Appropriations Act, 2020” are government funding bills that include numerous tax changes that directly affect taxpayers in past, current, and future tax years. The changes that are most likely to impact our clients are highlighted below.
The IRS and the FASB (Financial Accounting Standards Board) require non-profit corporations to present an analysis of their expenses – by function. That is, how is your organization using its resources? How much of your expenses are spent on “Management” versus “Program?” How much of your resources are used for “Fundraising” rather than “Program?” This type of analysis is required and useful for donors and lenders, but it is also a valuable tool for management.
Financial statements provide a picture, a snapshot, of the state of your organization at one point in time – generally your fiscal year end – and how well you managed your funds over that fiscal year.