7.27.20
Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be…
7.27.20
How Fraud Perpetrators Are Stealing Unemployment Benefits
When Congress authorized an additional $600 in monthly unemployment benefits as part of the CARES Act, out-of-work Americans weren’t the only ones it helped. Criminals…
7.13.20
Businesses: Get Ready for the New Form 1099-NEC
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee…
7.6.20
Steer Clear of the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery…
7.1.20
IRS Guidance Provides RMD Rollover Relief
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment…
6.29.20
Why You Don’t Need High-Tech Tools to Find Fraud
New technologies, including artificial intelligence and machine learning, increasingly are being applied to the old problem of occupational fraud. But in most circumstances, common accounting…
6.23.20
Tips for Mitigating Fraud Risks in a Remote Work World
In connection with local, U.S. and world governments mandating temporary work stoppage and imposed limitations on travel and size/duration of group meetings to curtail the…
6.22.20
Everyone Loses When Workers Are Paid “Under the Table”
Paying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this…
6.22.20
Is There a Fraud Perpetrator Behind Those Behavioral Issues?
The recently released 2020 Association of Certified Fraud Examiner’s (ACFE’s) occupational fraud study, Report to the Nations, reveals that the most common behavioral red flag…
6.22.20
Launching a Business? How to Treat Start-Up Expenses on Your Tax Return
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses…