Beyond the Balance Sheet: The Real Value of a Nonprofit Audit
We get it — “audit” doesn’t exactly spark joy. But for nonprofits, an audit can be a powerful tool for building trust, securing funding, and preparing for the future.
FASB Update Simplifies Credit Loss Calculations for Receivables
In July 2025, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2025-05, which tweaks how businesses estimate credit losses on short-term accounts receivable and contract assets.
What to expect with the new tax bill
You may have heard about the new tax U.S. tax law that is now in effect. The One Big Beautiful Bill ACT (OBBA) was signed into law on July 4, 2025, and includes sweeping changes to individual and business taxes.
ABC of Western WA - Championing Merit Shop Values
At Bilotta & Company, CPAs, LLC, we proudly support the work of industry organizations that champion fairness, opportunity, and free enterprise.
In the news: new Washington State tax laws
On May 20, Washington State Governor Bob Ferguson signed several bills into law that impact state taxes.
Avoiding Audit Pains: The Best Cures for Nonprofits
For nonprofits with a June 30 fiscal year-end, the spring season presents a golden opportunity—not just for fundraising galas and grant writing—but for laying the groundwork for a smooth and stress-free financial statement audit.
401(k) Plan Audit Prep - Best Practices
As a 401(k) plan sponsor, ensuring your plan is compliant with ERISA (Employee Retirement Income Security Act) requirements is essential to safeguarding your employees' retirement benefits and minimizing risks to your business.
Unlocking Growth: Strategic Advantage of a Fractional CFO
In today's rapidly evolving business landscape, small to medium-sized businesses (SMBs), especially in the nonprofit and construction sectors, face unique financial challenges.
Quarterly Tax Filings for Individuals and Businesses
Making timely quarterly tax payments is critical for any business. By tracking your payments, you can avoid penalties imposed by the IRS due to late filing, manage cash flows throughout the year as opposed to one single payment, and ensure your good standing with tax authorities.
Enhancing Nonprofit Financial Management & Strategic KPIs
With the current uncertainty surrounding both governmental and individual grants, nonprofit organizations are facing increasing pressure to do more with less.
Federal Award Compliance Best Practices
Navigating federal awards and ensuring compliance can be a complex task for nonprofits. To streamline this process and maintain robust compliance, it's essential to implement effective contract and compliance controls.
Enhancing Org Value through Effective Fraud Risk Management
Accountants play a crucial role in adding value to organizations by mitigating the risk of fraud, a pervasive threat that can significantly impact financial stability and reputation. The fraud triangle, comprising pressure, opportunity, and rationalization (POR), provides a framework for understanding how fraud occurs.
Nonprofit GAAP: Gifts-in-Kind & Donated Services
In nonprofit accounting, accurately recording contributions is vital not only for financial transparency but also for compliance with U.S. Generally Accepted Accounting Principles (U.S. GAAP). Two common forms of contributions that often present technical accounting challenges are gifts in kind and donated services.
The Power of CPAs in Forensic Investigations
In business, where trust is paramount and integrity is non-negotiable for those that are in it for the long game, allegations of fraud can send shockwaves and chills through any organization.
Enhancing Crypto Asset Accounting: ASU 2023-08
In response to stakeholder feedback and the evolving landscape of crypto assets, the Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) aimed at improving the accounting and disclosure practices related to crypto assets.
DOL Issues Revised Independent Contractor Rule, Effective 3/11/24
The U.S. Department of Labor is implementing changes to regulations related to employee or independent contractor classification under the Fair Labor Standards Act (FLSA).
