Clifton Gunderson LLP - A nationwide firm of Certified Public Accountants and Consultants

Posted November 6, 2008

In 2005, the construction industry paid over $9.5 billion in corporate federal income tax. So it’s no wonder that builders and contractors across the country approach their taxes with the same question: “What can we do to reduce our tax burden?” The good news is that there are a number of strategies that can be used to ensure that every company can take full advantage of the unique tax elections, deductions and other opportunities available to the construction industry.

Posted January 26, 2010

Clifton Gunderson has developed a variety of tools and resources to help you remain strong and optimistic as the economy fights back. Our unique insights in these articles and white papers are based on our experience and a deep understanding of your industry.

Posted January 20, 2010

As manufacturing firms review last year’s financial performance and start to settle in to this year’s challenges we find that many firms tend to refocus on overall earnings and profitability. This article focuses on some basic processes that could be used by most companies to increase profitability.

Posted January 19, 2010

Clifton Gunderson Assurance Partner Scott Tracy discusses the state of the construction industry in the January 2010 issue of Construction Business Owner.

Posted January 18, 2010

Ten years ago, a business with 100 employees decided to offer a straightforward, but generous retirement plan. It rewarded hard work and loyalty, boosted morale and attracted the best talent in a highly competitive job market. Lawyers, accountants and tax advisors worked with human resources personnel to put the plan together and secure all of the required regulatory approvals. All was well.

Posted January 14, 2010

High-income and high-net-worth individuals who may have waited for years to convert a traditional IRA to a Roth IRA will finally get their chance in 2010. That’s when the income limits that prevented some traditional IRA owners from making the conversion, will be lifted. The benefits of the Roth IRA will be available to thousands more individuals, whether they are seeking to amass retirement income, minimize taxes in retirement, or pass wealth on to heirs with minimal tax obligations.

Posted December 17, 2009

Clifton Gunderson's presentation given on December 15, 2009 covered Repair and Maintenance Deductions, NOL Carryback, Green Tax Benefits and an IRS Tax Controversy Update

Posted October 22, 2009

Not-for-profit organizations that manage donor-restricted or board-designated endowment funds have new financial statement reporting and disclosure requirements that are effective for fiscal years ending after Dec. 15, 2008. These changes are the result of the Financial Accounting Standards Board (FASB) issue in August 2008 of FASB Staff Position (FSP) FAS 117-1, Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act, and Enhanced Disclosures for All Endowment Funds.

Posted October 22, 2009

Effective with plan years beginning on or after Jan. 1, 2009, the Department of Labor (DOL) estimates that approximately 7,000 of the more than 16,000 sponsors of retirement plans covered by the Employee Retirement Income Security Act (ERISA) and established under Section 403(b) of the Internal Revenue Code, will be required to file annual audited financial statements, along with Form 5500, Annual Return/Report of Employee Benefit Plan. This is a significant change in reporting that is expected to present major challenges for plan sponsors who, up until now, had limited reporting requirements and were exempt from the audit requirement.

Posted October 13, 2009

Hard times in the not-for-profit sector may force some organizations to close their doors for good. For others, merging with a larger or financially stronger organization may be an option that allows both parties to continue serving their constituents and fulfilling their missions. When considering the acquisition or merger of two not-for-profit organizations, both organizations must ask critical questions about combining staff, consolidating facilities, liquidating assets and eliminating duplication of services. Unlike with for-profit mergers, earnings are not the primary goal of a not-for-profit merger. Instead, not-for-profits may benefit most from the growth of funding sources and the value added to the services they already offer.

Posted October 6, 2009

The United States government is the largest consumer of goods and services in the world, with nearly $425 billion spent annually on everything from office supplies and interstate highways, to medicines and military hardware. Government agencies that spend taxpayer dollars are charged with operating in the best interests of the American public. Believing this can not happen without some sort of regulation and oversight, the government has imposed a vast array of regulations on agencies and the contractors they work with. One of the keys to working with the government is understanding these regulations and adapting business processes to accommodate them.

Posted June 30, 2009

Posted June 11, 2009

Tough economic times are making life and work more difficult for associations. Clifton Gunderson serves hundreds of associations and we empathize with you. The troubled economy is preoccupying us all, with no end in sight. Perhaps no one knows how it is impacting associations better than John H. Graham IV, CAE the president and CEO of the American Society of Association Executives (ASAE). We were able to talk with him recently to get his insights on the challenges facing associations.

Posted May 8, 2009

Not-for-profits lost an estimated $40 billion to fraud in 2006, according to the Association of Certified Fraud Examiners (ACFE). Losses of cash were the most commonly reported, with the majority involving false or inflated invoices, billing for services not incurred and check tampering. What makes fraud doubly damaging for not-for-profits is the negative impact that it has on an organization's reputation.

Posted May 7, 2009

Energy is a subject of political, scientific and economic debate all over the world. In recent years, we have seen the price of gasoline skyrocket, and an increase in the popularity of hybrid vehicles. Commercial buildings are not often mentioned in these mainstream conversations, but they loom large as one of the major consumers of natural resources and energy. Any serious attempt at developing sustainable energy practices in this country should include strategies for making buildings more efficient.

Posted April 24, 2009

Posted April 20, 2009

Clifton Gunderson provides a broad range of management consulting services to federal, state, and local government entities and nonprofit organizations. Our consulting approach focuses on three key areas: management accountability, productivity planning, and organization change. We help our clients link strengthened management to improved organization performance.

Posted April 20, 2009

Clifton Gunderson is a leader in providing audit and financial management solutions to federal government agencies, and related federal entities. With over 20 years of experience our governmental practice has grown to be one of the firm’s largest industry specialties.

Posted April 14, 2009

Stretching the dollar has become a national pastime with America's manufacturers and wholesale distributors. Every industry has a long list of actions that companies can take to try and stay ahead of the economic downturn. In this white paper, Clifton Gunderson brings together four additional strategies that can help manufactures and wholesale distributors find cash in their business.

Posted March 26, 2009

For the majority of financial advisors, asset allocation has been at the core of their strategies, and for good reason. Decades of academic research and a good deal of common sense suggest that the best way to address the unpredictable short-term swings of the financial markets is by owning a number of different asset classes, which should result in some moving up during periods when others are moving down.

Posted March 20, 2009

In 2005, the construction industry paid over $9.5 billion in corporate federal income tax. So it’s no wonder that builders and contractors across the country approach their taxes with the same question: “What can we do to reduce our tax burden?” The good news is that there are a number of strategies that can be used to ensure that every company can take full advantage of the unique tax elections, deductions and other opportunities available to the construction industry.

Posted March 12, 2009

Offering an employee retirement plan is challenging and rewarding for both the employer and the employee. On the one hand, the plan offers a level of financial security to employees and their beneficiaries, and is considered a cornerstone of many contemporary benefit packages. Employers offering some form of retirement plan have an advantage in attracting the best employees in a highly competitive marketplace. On the other hand, administering and managing the plan carries certain responsibilities for the employer, plan sponsor and/or their third party administrator, that can not be ignored or taken lightly. This document is intended to define who is a fiduciary for employee benefit plans and what are the responsibilities and duties of a fiduciary as they relate to employee benefit plan administration.

Posted March 6, 2009

This is a summary of the American Recovery and Reinvestment Act of 2009.

Posted January 27, 2009

What happened, what have we learned and what can we do to prevent it from happening again? (.PDF format)

Posted January 16, 2009

This final rule sets forth the data elements necessary to comply with the requirements of Section 1923(j) of the Social Security Act (Act) related to auditing and reporting of disproportionate share hospital payments under State Medicaid programs. These requirements were added by Section 1001(d) of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003 (MMA).

Posted January 16, 2009

Read our white paper on how you can better identify IT weaknesses, mitigate threats and vulnerabilities, meet security compliance requirements, and understand ways to improve the security posture of your financial institution.

Posted December 29, 2008

The final rule from the Centers for Medicare and Medicaid Services (CMS) on Disproportionate Share Hospital (DSH) payments was issued on December 19, 2008. This Executive Summary highlights the key provisions of the rule including requirements, timing and impact on the states.

Posted December 19, 2008

Posted November 12, 2008

Fraud becomes even more prevalent during a downturn in the economy. Download these white papers to learn the ins and outs of how to uncover current fraudulent activities, safeguard your organization, and avoid future fraud.

Posted November 4, 2008

Financial officers, strapped to keep pace with changing accounting standards and day-to-day operational issues, often have insufficient time to research and understand proactive tax strategies that might help lower their company’s effective tax rate. Many valuable tax minimization solutions are overlooked, resulting in an increased effective tax rate, lower returns to shareholders and reduced opportunity for reinvestment in modernization or growth. While being aware of these tax strategies is a great first step, we encourage companies to establish an effective tax strategy plan that links into the company’s overall strategic plan.

Posted October 22, 2008

Clifton Gunderson Assurance Partner Scott Tracy gives tips on how to weather a market downturn in the August 2008 issue of Construction Executive magazine.

Posted October 8, 2008

Effective with plan years beginning on or after Jan. 1, 2009, the Department of Labor (DOL) estimates that approximately 7,000 of the more than 16,000 sponsors of retirement plans covered by the Employee Retirement Income Security Act (ERISA) and established under Section 403(b) of the Internal Revenue Code, will be required to file annual audited financial statements along with Form 5500, Annual Return/Report of Employee Benefit Plan. This is a significant change in reporting that is expected to present major challenges for plan sponsors who, up until now, had limited reporting requirements and were exempt from the audit requirement.

Posted July 15, 2008

The obvious first step is the physical recovery. Your "to do" list most likely includes the following: Call the insurance agent, file your preliminary claims, file a SBA disaster recovery loan application, meet with your banker, call a disaster recovery company, begin the physical clean up process, salvage all the physical assets you can, find a temporary location from which to operate while the clean up takes place, and get the business back up and running as soon as possible.

Posted July 8, 2008

Posted July 8, 2008

Posted July 8, 2008

Posted July 2, 2008

It has been our experience that avoiding common financial mistakes when the economy is strong is one of the best ways for construction companies to weather an economic downturn. Accurate budgeting and estimating, cost control, and strategic growth planning are good business practices regardless of the economy.

Posted June 5, 2008

Construction projects can be minefields of potential financial risks such as fraudulent pay applications, schedule deficiencies, inefficient labor, substandard materials, bid rigging, and bribery to name a few. Download this white paper today and learn key techniques and basic tips to protect your company against construction fraud.

Posted May 15, 2008

Whatever their mission or size, all not-for-profit organizations should establish policies and procedures to assure that (1) boards and officers understand their fiduciary responsibilities, (2) assets are managed properly, and (3) the charitable purposes of the organization are carried out. Failure to meet these obligations is a breach of fiduciary duty, and can result in financial and other liability for the board of directors and the officers.

Posted May 1, 2008

A common denominator in every successful nonprofit organization is planning. A budget is simply a financial plan that serves as a guide for month-to-month operations. It generally tells where the organization has been, where it is going, and how it is expected to reach its goals from a financial perspective.

Posted March 28, 2008

Determining a cash flow stream to utilize in support of the attorney’s argument to demonstrate ability to pay alimony is often not as simple as it may first appear. There are numerous types of cash flow which require investigation and/or analysis before an actual cash flow number can be selected to utilize in the expert’s calculation of cash flow available to pay alimony.

Posted March 28, 2008

If you’ve read the recent economic headlines lately you know, the labor market is squeezing every ounce it has to find quality employees. Nowhere is this demand for qualified employees more evident than in the professional services arena. Corporate governance regulations and the impending mass exodus of baby boomers have greatly increased the demand for the next generation of finance professionals. Yet in this high demand for quality professionals, the bigger question becomes how does a company keep the staff it has and avoid becoming another firm searching for top talent?

Posted March 27, 2008

The people in Washington have decided that, under current economic conditions, it is better to give than to receive. So while the IRS is settling up 2007 tax bills, plans are under way to give about $152 billion back to American taxpayers and businesses.

Posted March 27, 2008

Sixty-eight percent of today’s business leaders are feeling more financial pressure than they did two years ago, but most are unaware of legitimate money-saving options available to them. Tax incentives are an easy way for companies to save money in today’s economy, and by taking advantage of these incentives, companies can legally reduce their tax obligations.

Posted March 27, 2008

The people in Washington have decided that, under current economic conditions, it is better to give than to receive. So while the IRS is settling up 2007 tax bills, plans are under way to give about $152 billion back to American taxpayers and businesses.

Posted October 1, 2007

Based on extensive work by the Foundation for Fiduciary Studies and experience derived from hundreds of engagements with nonprofit organizations, Clifton Gunderson has developed a set of best practices designed to help decision makers choose professional advisors, invest assets and manage them to their full potential.

Posted October 1, 2007

All nonprofits are obligated to answer the generosity of contributors with the highest standards of financial management accountability.

Posted October 1, 2007

In an environment of corporate responsibility brought on by the corporate scandals of the late 1990s and the ensuing enactment of the Sarbanes-Oxley Act of 2002, nonprofit organizations of all types and sizes are proactively seeking out ways to improve the accountability and transparency of their finances.

Posted October 1, 2007

One restriction placed on tax-exempt 501(c)(3) organizations is a limit on legislative lobbying activities. This restriction has been a part of the tax code for decades, but in recent years, the growth of the nonprofit sector, new IRS priorities and other factors have conspired to increase scrutiny of 501(c)(3) expenditures for legislative lobbying.

Posted October 1, 2007

What every charity, association, foundation or other exempt organization must understand is that, even though they enjoy a privileged tax status, exempt organizations may still be subject to tax on income that is not substantially related to their mission.

Posted June 1, 2007

In many cases, an audit provides a crucial service to creditors, investors, regulators and other third party financial statement users who need a high level of assurance from an independent party. But the high level of assurance provided by an audit may not always be warranted

Posted June 1, 2007

In some organizations, the people in charge of governance may feel that they don't have enough accounting expertise to provide effective financial oversight. This publication is designed to help those people ask common-sense questions about the financial reporting process and the financial statements themselves.

Posted January 1, 2007

Since the Enron scandal, auditors, regulators and financial statement users have placed a renewed emphasis on evaluating financial accounting control. Business owners are being called upon to understand and explain their company's internal control, and, in some cases, to attest to its reliability.

Posted December 1, 2006

Early in 2006, auditing policymakers set new standards that introduced a comprehensive new audit methodology. This new methodology differs significantly from the way audits have been performed for the past three decades.