Why Your Audit Firm Should NOT Be Doing Your Tax Return?
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As managing partner, David brings a wide range of experience from more than 25 years in nonprofit tax consulting. He works with growing and established public charities, private foundations, trade associations, healthcare organizations, and higher education institutions. Devoted to thorough comprehension of the rules and regulations critical to charitable and tax-exempt entities, David helps enhance an organization's image with contributors, the media, and the general public. His areas of concentration also include unrelated business income, intermediate sanctions, obtaining and maintaining exempt status, executive compensation & benefits disclosures, IRS examinations, and state solicitation requirements.
For more information, please reach out to us for a free initial consultation.
For more information, please reach out to us for a free initial consultation.
For more information, please reach out to us for a free initial consultation.
For more information, please reach out to us for a free initial consultation.
For more information, please reach out to us for a free initial consultation.
For more information, please reach out to us for a free initial consultation.
Many nonprofit, tax-exempt organizations maintain lists of donors, members, and other supporters. The list will often include names, titles, employers, phone numbers, physical addresses, email addresses, and additional identifying information. Outside organizations, particularly commercial entities, seek to purchase or otherwise access the mailing list to promote their products. Access to the nonprofit organization’s membership list is often part of a larger contract, commonly referred to as an affinity agreement. In general, a tax-exempt organization can enter into affinity agreements that benefit its members, and it may inform and educate the members about such programs. However, when the tax-exempt organization becomes...
David Trimner has provided tax consulting services to nonprofit organizations for over 20 years. While he is not an auditor, he has worked for several audit firms, including “Big 4,” “Second-Tier,” and regional firms. He provides this inside look into how a nonprofit organization can write an effective request for proposal (RFP) and then successfully interview and select an audit firm. Executive Summary Ensure that the prospective auditors demonstrate that they understand your organization’s structure and programs during the interview. Don’t be influenced by a fancy written proposal designed by sophisticated marketers if it tells you little about the team’s...
Many nonprofits prefer that the audit firm also prepare the tax return. Because the audit represents ten times the hours of the tax work (and ten times the fee), selections are often based on the audit personnel without much consideration of the tax department. For this reason, many firms won’t even bring a member of the tax team to the interview. If they do, it indicates that the tax person presents very well or will give them some advantage. Audit firms vary in how they handle tax returns for audit clients. In smaller firms, the auditors themselves may prepare and...
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