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
New Jersey Tax Amnesty- Act Now for Relief
New Jersey has just announced a tax amnesty for taxpayers with liabilities for the tax years 2008-2016. The Division of Taxation has proactively contacted some taxpayers with liabilities already assessed and/or unfiled tax returns. This amnesty does not extend to...
Mandatory Paid Sick Leave Enacted in New Jersey
Beginning on October 29, 2018 employees in New Jersey may earn up to 40 hours of paid sick leave per year. A benefit year can be defined by the employer and cannot be changed without the approval of the Department of Labor. All New Jersey employers, except...
To pre-pay or not to pre-pay?
To pre-pay or not to pre-pay? That was the question that was the topic of many discussions relating to taxes at the end of 2017. However, it only scratches the surface of the issues resulting from the passage of the Tax Cuts and Jobs Act (Act). Most, if not all,...
Quickbooks Tip of the Month: January 2018 – Payroll and information returns
For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes: Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3,...
OVDP or Streamlined: Choosing an Offshore Disclosure Program
by Patrick J. McCormick When clients admit to a retroactive failure to meet filing requirements involving their offshore assets, the overarching question is typically the proper route for making a disclosure to the U.S. IRS. For a multitude of reasons, ‘‘quiet’’...
Ask an Accountant: What is Use Tax?
I file a Sales & Use Tax every month based on my taxable sales. I never remit Use Tax. What is it? Generally, Use Tax is due on out-of-state purchases of goods or services that would have been subject to sales tax had they been purchased New Jersey on which either...