Casinos
Our team of accounting professionals has skills and knowledge specific to casinos and the gaming industry. We serve our clients with comprehensive services as outlined below:
Outsourced Internal Audit
Our extensive experience in the gaming industry, including tribal gaming operations, as well as our background in providing client audit services, positions our firm to deliver efficient and effective analyses of the functionality of the all-important control environment within a gaming operation. We have developed an understanding of the design and implementation of a sound internal control structure, compliant with applicable regulatory requirements, based on assistance provided to various entities in their start-up phase where we have assisted with the system submission to the regulatory authority. This understanding has been further developed during the assessment of the effectiveness of those systems gathered during internal audits of gaming operations.
Income Tax Provision Calculations
We have assisted the accounting department in their preparation for the annual financial statement audit performed by external auditors. We have found this element of the year-end audit to be one which the in-house accounting department may not possess the requisite experience and understanding necessary to prepare the income tax provision. Our services augment the accounting department, eliminating the need to bring on additional staff, as well as addressing the need to address the conflict of interest concerns as regulated by Sarbanes Oxley which preclude external auditors from preparing the income tax provision analysis.
Consulting and Agreed-upon Procedures
Our firm’s breadth and depth of business experience provide us with the ability and tools to approach your gaming operation with the trained eye of an objective observer. Whether these services include revenue enhancement/expense reduction analytics, cash flow analyses, or due diligence engagements, our passionate and professional approach to your business concerns lead us to seek solutions that will address your operating issues.
Industry Insights
Internal Controls in a Remote Environment
Occupational fraud continues to challenge nonprofit organizations. According to the 2020 Report to the Nations by the Association of Certified Fraud Examiners (ACFE), the median loss to the reported nonprofit organizations was $75,000 and the average loss was...
“Salt Workaround” Proves to be a Success
The IRS confirmed what many were hoping to be true regarding the States’ attempts at a “SALT Workaround”. The acronym for state and local tax or “SALT” became popular when The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. This legislation...
Year End Tax Planning Considerations Under A Biden Tax Plan
As the close of year 2020 is rapidly approaching, I’d like to mention a few tax planning thoughts that should be considered before year-end, assuming that the Senate changes hands before the start of the President Elect’s administration. Keep in mind that in order for...
It’s Not Much, but Every Little Bit Helps
The higher standard deduction enacted under the Tax Cut and Jobs Act and the economic impact of the Coronavirus are expected to have a significant impact on the ability of charitable organizations in our country to do their work, and in some cases survive. To provide...
IRS Technical Correction to Qualified Improvement Property
As we near the end of an unprecedented year, I wanted to touch upon one of the provisions the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted regarding qualified improvement property (QIP) and the “technical correction” (Revenue Procedure...
Third Party Payer Audits: The Importance of Compliance Programs
Any healthcare provider that submits claims to third-party payers is familiar with audits, whether undertaken by private insurers, the Centers for Medicare and Medicaid Services (CMS) or the relevant state Medicaid agency. The most common methodologies used by...