Cox and Associates CPAs

Who Commits Financial Fraud?

By Cynthia Cox | July 25, 2013 | 0 Comments

As someone charged with the management or governance of a non-profit organization, you have a responsibility to your supporters to be a good steward of the monies you receive. While this responsibility includes the obvious, such as making and using a good budget and keeping administrative costs low, it also includes a responsibility to beware…

Bank Reconciliations as a Tool for Internal Controls

By Cynthia Cox | April 7, 2013 | 0 Comments
bank reconciliations

Is it Really Important to Reconcile the Bank Statements Before Issuing the Monthly Financials? The very first step I always take toward preparing monthly financial statements is to reconcile the bank statements. Without this process, you cannot know if the information you are presenting is accurate. Two important benefits can be gleaned from the reconciliation…

Are You Doing The Math?

By Cynthia Cox | January 25, 2012 | 0 Comments

You have completed the 4th quarter 941 and you have mailed out the W-2’s, but did you compare the numbers? The IRS will compare them and send you one of their tacky letters if there are differences. So before you send that W-3 to the IRS, check the following calculations… Does the total of line…

The $64,000 Question

By Cynthia Cox | January 23, 2012 | 0 Comments
tho $64000 question

The $64,000 question for any employer is: “What goes into taxable income?” For the minister, we often think that the congregation can “give” him a love offering, gift cards, or personal use of a Church vehicle, etc, and it will not be considered taxable income. Maybe you are saying “Our pastor is self employed according…

1099-K… What is it?

By Cynthia Cox | January 23, 2012 | 0 Comments
what is 1099-k

January 31 is approaching and the tax forms are accumulating. Your organization or church has prepared the 1099-Misc forms for 2011, the W-2s have been sent out, and you’re ready to breathe a sigh of relief. Then you get a new form in the mail, a 1099-K. “Oh no, another form,” you think. “What do…