Audit & Assurance
Milligan delivers independent, efficient, effective and comprehensive audits that helps management make informed decisions and builds stakeholder confidence.
We adhere to the highest professional standards – six consecutive Peer Reviews without Letters of Comment recognize our commitment to quality performance.
Our Audit & Assurance professionals are experienced in a wide range of audits and standards, including Government Auditing Standards, single audits in accordance with Office of Management and Budget Circular A-133, AICPA Audits of States, Local Governments and Nonprofit Organizations, state and local authorities, granting agencies and ERISA.
In additional to financial audits, we also provide internal control assessments, business and performance reporting, and social, environmental and other compliance reviews.
John Milligan is the Managing Principal of Milligan & Company, LLC. He is a Certified Public Accountant licensed in Pennsylvania, New Jersey, Delaware, Washington DC, and Maryland.
Compilations, Reviews & Audits of Financial Statements
Assistance for Internal Audit Departments
Financial Management Systems Reviews
Internal Financial Reporting
Agreed-Upon Procedures Reporting
Cash Flow Analysis & Statements
Employee Benefit Plans
Obtaining a thorough audit of your employee benefit plan is vital in these challenging times. All plan participants, from administrators to employees, need reliable information to help make sound decisions.
A quality audit helps protect the assets and financial integrity of your employee benefit plan and ensures that necessary funds will be available to pay retirement, health and other promised benefits.
A quality audit also helps carry out your legal, fiduciary and financial responsibility to file a complete and accurate annual report for your plan each year. We work with you and your third party administrators to ensure that your fiduciary responsibilities are fulfilled and that your participants are well served.
Milligan’s employee benefit teams provide services for plans at small, private company plans to those with assets over $2+ billion and participants exceeding 60,000. Our clients include large plans with substantial internal support and in-house technical expertise as well as smaller plans that rely on Milligan’s employee benefit teams to provide this support and expertise.
Our auditors have extensive experience with all plan types, including Pension, Profit Sharing, 401(K)s, Employee Stock Ownership Plans, Cash Balance Pension Plans, Health and Welfare Plans, Hybrid Retirement Plans, SEPs and 403(B)s. Milligan also has an in-depth knowledge of government plans that are subject to state regulatory requirements rather than ERISA.
Low-Income Housing Tax Credit
The Low-Income Housing Tax Credit (LIHTC) program is run by the IRS, and allows companies to invest in low-income housing while receiving 10 years of tax credits. This important program works with state housing finance agencies to administer the program on a state level.
Housing credit units are privately owned by developers and are run at a profit. The LIHTC program gives states nearly $5 billion in annual budget authority to issue tax credits for the acquisition, rehabilitation, or new construction of rental housing targeted to lower-income households.
Milligan has considerable experience auditing the financial statements of Low Income Housing Tax Credits and other tax credit partnerships.
Senior management continually seeks ways to improve control over the organizations they lead. Internal controls are implemented to keep public and private enterprises, nonprofits and other entities — regardless of size — on course toward meeting established goals, while minimizing risk.
Because internal controls serve many important purposes, there are increasing demands for improved internal control reporting and systems. Internal controls are viewed as tools that help reduce a variety of potential problems.
Milligan & Company provides a wide range of internal control services that assist management in achieving its objectives. These assessments and reviews serve to identify significant exposures as well as recommend and implement solutions for mitigation.
Reviews of internal controls are an important part of our financial audit and business advisory services. Our methodologies recognize the importance of information systems and control structures in the early stages of our audit and advisory engagements.
Controls will change over time as risks and processes change. Enterprises should have processes to update, identify and assess risks and to continuously monitor and measure the effectiveness of their internal control systems.
Film Tax Credits
Feature films, TV shows, series and commercials intended for national audiences are eligible for this tax break – just one of the many great reasons to choose Pennsylvania for your next location shoot. Here’s how it works:
Each year, Pennsylvania issues $75 million in tax credits to attract film, television and other production activities in the state. The Pennsylvania Film Office administers this “Creativity in Focus” incentive program designed to promote the film industry, create new jobs, support tourism and enhance Pennsylvania’s economy.
Eligible projects receive great benefits, but not all projects qualify. Please check with the Pennsylvania Film Office to determine your eligibility.
As Pennsylvania’s largest minority-owned consulting and certified public accounting firm, we are deeply rooted in our community and have a thorough understanding of the state’s economic development, stimulus, and tax advantaged programs. Our experience is unequaled in providing services to the organizations that take advantage of tax credit and other programs.
Milligan’s tax credit specialists provide compliance services for federal and state programs that produce significant tax advantages to their participants. We specialize in programs that create mutual benefit for businesses, investors and local economies. Our goal is to maximize your available benefits while satisfying the rigorous compliance requirements that are typical of these programs.
Milligan is ready to assist you with your Film Tax Credit compliance and production accounting needs. We’ll determine whether you require an audit or agreed upon procedures report and verify that your expenses are eligible.