Internal Control Systems

Discover How Our Systems Can Free You to Work ON Your Business… Not IN Your Business.

We can help you help your business by providing an objective review of your internal control systems and determine the efficiency and effectiveness of your operating procedures.

Among the corrections we might help you make…

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Segregate duties in order to reduce risk of error or inappropriate action. This involves making sure that no one person has control over all aspects of any single financial transaction.

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Ensuring that all transactions are handled by a delegate with approved authority to handle such transactions.

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Put systems into place which create a process where all transactions are reviewed and reconciled by someone other than the transactor.

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Assure physical safety of all equipment and introduce periodic counts to compare equipment, inventory, cash and other property are consistent with that on record.

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Implement job training for all employees and make sure that employees have the knowledge and resources to carry out their job duties, are provided with an appropriate amount of supervision, and are aware of the channels for reporting potential problems.

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Documentation of all policies and procedures that are accessible to your employees and the procedures for continued guidance and training regarding these procedures to address employee turnover or prolonged employee absence.

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A consistent review of operations to determine that results are consistent with objectives and goals.

Retirement Plans for Small Businesses (Q&A)

There are several retirement plans for small businesses, ranging from one to many employees. At Wave Tax, we offer a variety of options to help you determine the most suitable plans for you and your business. Let’s explore these choices. • Individual 401(k) Plan:...

What Actions Should You Avoid to Minimize the Risk of an IRS Audit? 

The IRS is currently developing strategies to reduce the likelihood of increased audits for taxpayers earning below $400,000. However, specific elements on a tax return can still attract attention, regardless of income.  A recent report from the Treasury Inspector...

Living Abroad? This is Essential Information Regarding Taxes

Residing or retiring outside the United States does not exempt you from filing U.S. taxes. 📌 Here are some important aspects of tax responsibilities to consider: The United States is one of only two nations globally that imposes taxes on the worldwide income of its...

Recommendations for Preventing an IRS Audit

The IRS is striving to limit the number of audits for taxpayers with incomes below $400,000; however, specific aspects of their tax returns may still attract attention, irrespective of their income level. The Treasury Inspector General for Tax Administration (TIGTA)...

The Available Options if You are Unable to Pay your Taxes

The deadline for filing taxes in 2023 was April 15, 2024. While many Americans received refunds, the percentage of individuals who owe the Internal Revenue Services (IRS) has steadily increased over the years, rising from approximately 39% in 2021 to 43% in 2023,...

Tax Filing Deadlines and Key Dates for 2024

If you are a U.S. citizen, have interests in the U.S., operate a foreign business entity, or are a U.S. citizen residing in Canada, it is crucial to be informed about the significant dates and deadlines related to income tax filing obligations. At Wave Tax, we...

The Deadline for Tax Extensions is Approaching: Tax Returns by Income Categories for 2024

The tax season officially concluded on April 15, and the six-month extension deadline is now nearing in October. As of May 23, a total of 132,270,182 income tax returns have been submitted to the Internal Revenue Service. 📌 Data from the Internal Revenue Service (IRS)...

Recommendations for Maximizing Tax Deductions for Owners of Energy-Efficient Commercial Properties

Despite the prevailing concerns regarding the energy efficience and commercial real estate market, it is projected that two-thirds of the global floor space currently in existence will still be operational by 2040. The International Energy Agency (IEA) reports that...

Major Corporations Experience Significant Advantage in Tax Disputes 

Recent limitations set by the Supreme Court on the regulatory authority of federal agencies are influencing the tax landscape, potentially shifting certain legal battles in favor of large corporations rather than the government.  In at least five ongoing tax cases,...

Considerations to Keep in Mind in the Cannabis Business

One of the points to take into account, especially for those involved in the business, is what they call “Cannabis Rescheduling”, which means that it has the possibility of becoming a Schedule III controlled substance as opposed to the current and stricter Schedule I,...

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