Audit & Accounting

Answers to Your Billing Questions

For someone who has not used a CPA firm, billing may be a mystery, but it is not complex.  Like any other business, we must charge enough to cover our expenses.  What are these expenses? CPA firms have large overhead … Continue reading

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Use your 990 as a Marketing Tool, not an Afterthought

Many non-profits consider preparation of the Form 990, Return of an Organization Exempt from Income Tax, a chore on their list of necessary evils – often extending and filing at the very last moment. There is another way to look … Continue reading

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How to Have a Smooth Audit!

Be ready for the auditors. Complete all the items listed in the year-end letter before the auditors arrive. Auditors are busy people, scheduling jobs weeks in advance.  When they arrive at a job, they expect the client to be ready … Continue reading

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OMB Super-Circular Changes Federal Grant Administering

he OMB (Office of Management and Budget) in conjunction with COFAR (Council on Financial Assistance Reform) issued new guidance concerning federal grants which went into effect on December 26, 2014.  The new guidance, commonly called the Super-Circular or Omni-Circular, supersedes … Continue reading

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Self-Employment Taxes and Tax Issues Workshop for Artists – January 7, 2015

The City of Bangor’s Commission on Cultural Development will be hosting a workshop on self-employment taxes and tax issues, particularly those relevant to artists, both new and established. Lily Dalton, Hilary Clark, and Al Faust, from EFS, will be offering … Continue reading

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Scott Edwards Appointed to New England Peer Review Board

Scott Edwards, managing partner of Edwards, Faust & Smith has been appointed to the New England Peer Review Board (NEPR.) NEPR was founded in 1989 by Maine, New Hampshire, Vermont and Rhode Island to provide a professional and efficient method … Continue reading

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Revenue Recognition Changes

The Financial Accounting Standards Board (FASB) released a new accounting standard on May 28, 2014 (ASU) 2014-09, Revenue from Contracts with Customers.  FASB has been working jointly with the International Accounting Standards Board (ASB) since 2008 to develop a single … Continue reading

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Affordable Health Care Act

There is a lot of information to absorb about the Affordable Health Care Act.  Here are a few pieces of information that you may find helpful.  Taxpayers with incomes that fall between 100% & 400% of the federal poverty level, … Continue reading

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Passes Peer Review 8 Consecutive Times

CPA firms that provide audit, review and compilation services must pass a peer review every three years to measure the quality of their work to ensure that they meet the rigorous AICPA (American Institute of Certified Public Accountants) standards. We … Continue reading

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EFS EXTENDS ITS SERVICE TO PENQUIS REGION

John Baiamonte, one of our CPAs from Dover, will be spending more of his time in the Penquis area to assist our many long time clients as well as seek new clients who have the need for a CPA.

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