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…
6.15.20
How Smart Software Can Help You Find Fraud
Machine learning increasingly is being used to discover fraud schemes. With this type of artificial intelligence (AI), the technology learns or improves in accuracy through…
6.15.20
Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…