Great Advice Tailored to Your Needs
Corporate Transparency Act – Beneficial Ownership Reporting Requirements
Important information related to new beneficial ownership reporting requirements.
NOTE: In March 2024, a district court in Alabama issued a final judgement enjoining…
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Update on the Employee Retention Credit (ERC)
Key observations and the IRS Voluntary Disclosure Program to return incorrect payments
By Pete Kennedy, CPA, Director
Background
The Employee Retention Credit (ERC)…
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Understanding and Applying the Home Office Deduction
By: Tina Truby, CPA, Supervisor
NOTE: THIS POST WAS UPDATED JAN-2024.
Check out our corresponding video
Recently, a client contacted us with a question. “I’m a…
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Strategies to Help You Save Money and Reduce Taxes
By: Jennifer Pacilli, CPA, Director
**Note: We’ve updated all financial references to tax years 2023 and 2024**
The role of a certified public accountant has changed…
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Attention Business Owners and Nonprofits – Important Change to Filing 2023 Forms 1099
If you are a business owner or nonprofit organization that paper-files 1099s, you need to read this!
On February 21, 2023, pursuant to the Taxpayer First Act, the…
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ERC – Too Good to be True?
The Employee Retention Credit is a legitimate program, but failure to apply the actual rules of the credit to applicants and their specific situation will result in inflated credit amounts which will, in all likelihood, need to be repaid.
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Tax Implications of Charitable Planning/Giving Strategies – Update for 2022/2023
By: Marie Holliday, CPA, MBA, Managing Director
In late 2021, I presented “Tax Implications of Charitable Planning/Giving Strategies” to a DTCC virtual audience. The…
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CYA on Your CWA’s
By: Pete Kennedy, CPA, Director
It honestly hurts to read this recent decision from Tax Court.
The above link is to the case summary which is not long but I’ll…
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Strategies to help you save time, money and aggravation at tax time. [Updated Dec 2022]
By: Jennifer Pacilli, CPA, Director
**Note: We’ve updated all financial references to tax years 2022 and 2023.
The role of a certified public accountant has changed…
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Accounting Standards for Nonprofit Organizations
By: Vickie Young Beam, CPA, Principal
Nonprofit organizations are entities that perform charitable services by accepting funds from the general public. To help regulate…
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Is Your Business Ready to Outsource Accounting?
Accurate and timely accounting is critical for any business’ survival. At the same time, it’s important for entrepreneurs to pour their energy into core business…
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So You Want To Start a Nonprofit – Part 3
By: Pete Kennedy, CPA, Director
“How do I start a nonprofit?” is a question I get asked with some frequency and the answers might not be what you expect. If you are…
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So You Want To Start a Nonprofit – Part 4
By: Pete Kennedy, CPA, Director
“How do I start a nonprofit?” is a question I get asked with some frequency and the answers might not be what you expect. If you are…
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So You Want To Start a Nonprofit – Part 2
By: Pete Kennedy, CPA, Director
“How do I start a nonprofit?” is a question I get asked with some frequency and the answers might not be what you expect. If you are…
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So You Want To Start a Nonprofit – Part 1
By: Pete Kennedy, CPA, Director
“How do I start a nonprofit?” is a question I get asked with some frequency and the answers might not be what you expect. If you are…
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UBIT NOL Carrybacks Under the CARES Act
By: Daniel Eissmann, CPA, Staff Accountant
Several changes have taken place in the past few years in regards to Unrelated Business Income (UBI) Net Operating Loss (NOL)…
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General Information About IRS Form 990
By: Alfredo T. Muniz, Staff Accountant
What is the 990?
IRS Form 990 is a document that most federally tax-exempt organizations, including charitable nonprofit…
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You Can Pave Paradise, Just Don’t Put Up a Parking Lot
By: Pete Kennedy, CPA, Director
Unfortunately, the Tax Cuts and Jobs Act (TJCA) of 2017 wasn’t all tax cuts and jobs. There were some mean little nuggets included meant to…
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Nonprofit Efficiency Measures
By: Pete Kennedy, CPA, Director
For as long as I’ve been involved with nonprofit organizations, expense-based financial ratios (Program / G&A /Fundraising as a percentage of…
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It’s National Tax Security Awareness Week – Tips to Stay Safe
Image source: HCAMag.com
On this Cyber Monday, as the IRS celebrates the 5th annual National Tax Security Awareness week, here are a few basic steps everyone should remember…
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Too Many Passwords to Remember? We’ve Got a Solution
By: Donna Bryant, C&R Administration and IT Manager
Those pesky passwords. The length, numbers, special characters, capital letters! According to a survey conducted by…
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QuickBooks – Dashboard Tour
If you’re making the transition from an excel spreadsheet to QuickBooks or you’ve been using QuickBooks but maybe not taking full advantage, join us for an overview of all that…
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How We Help
At Cover & Rossiter we are deep-seated in providing audit services down to the last detail, whether you are a large, internationally-renowned institution, or a small, community-driven local organization. We excel at providing insightful suggestions on upcoming trends in the regulatory environment and new ideas to improve the efficiency of consultations with our clients.
Our most requested services for nonprofits and foundations include:
- Tax compliance
- Preparation of Form 990, 990-PF, 990-T, 990-EZ
- Audits
- Financial Statements
- 403(b) Benefit Plans
- Pension Plans
- Other levels of financial statement services
- Preparation
- Review
- Compilation
- Agreed Upon Procedures
- Outsourced accounting services
- Educating nonprofit board members and staff on nonprofit accounting rules and regulations
- Establishment of financial controls and reporting systems
- Salary surveys to gauge the compensation of senior executives
- Calculation of loss from an investment manager error
- Assistance interviewing and selecting a new CFO
- Representation before the IRS in audits of Form 990, 990-PF, and 990-T
- Consulting services in such areas of process improvement and efficiencies, internal controls, and Board risk identification and mitigation regarding financial and internal control matters
Great People
Vickie Young Beam
Principal, CPA
Nonprofits
Nonprofits
Vickie leads many of the firm’s most prestigious not-for-profit and for-profit audits. She has established a reputation for her excellent attention to detail, strong project management skills and dedicated relationships with her clients.
Wendy Rafferty
Supervisor
Businesses – Client Accouting Services, Nonprofits – Client Accounting Services
Businesses – Client Accouting Services, Nonprofits – Client Accounting Services
Wendy provides accounting services to some of our business and nonprofit clients. This includes, but is not limited to, software training and consultation, payroll processing, monthly and quarterly review work and part-time controller services. Having been a business owner herself, Wendy understands the compliance aspects of running a business.
Pete Kennedy
Director, CPA
Nonprofits
Nonprofits
With over 25 years of experience in the accounting field, Pete has developed an expertise in nonprofit and public sector accounting, auditing and tax issues. He is privileged to work with many of the region’s leading nonprofit institutions. He is also responsible for the firm’s quality control policies and procedures and ensures that Cover & Rossiter meets or exceeds all professional standards.
