The cost of internal fraud worldwide is more than 3.5 trillion annually according to some recent estimates, and unfortunately, not-for-profit organizations are not exempt. According to a 2012 report written by the Association of Certified Fraud Examiners (ACFE), the median loss sustained by a not-for-profit group that falls victim to fraud was $85,000.
Many taxpayers incur business expenses for which they do not receive reimbursement. These unreimbursed business expenses are tax deductible, subject to certain limitations, but only if the taxpayer is willing to take the time to keep the proper records. A recent tax court decision brings to light the importance of maintaining the proper records for deducting these types of expenses.
You have just walked out of your last final. All of those burdensome accounting classes have ended, finals are complete, graduation is behind us, and you are studying for the last section of the CPA exam. Everything in life seems so perfect until you realize that those summers of sitting around the pool all day are over. It’s time to start your career. The...
There’s no shortage of financial data concerning your practice these days. All data are not created equal, though, and some metrics provide more bang for the buck than others. Here are four of the most important metrics for monitoring your practice’s financial health.
Manufacturing is the heart of America. It accounts for about 12% of U.S. gross domestic product and one in six private-sector jobs, according to the National Network for Manufacturing Innovation (NNMI).
Does this sound familiar? After struggling for months to control a patient’s chronic condition, finally hitting upon the perfect medication regimen, the patient stops taking the expensive meds and her condition deteriorates. It’s a frustrating situation, but one that might be avoided with a little physician awareness of prescription costs.
You may recall that last year the IRS issued extensive tangible property capitalization regulations (also referred to as the “repair regulations”). These regulations impact most business taxpayers, including owners of real estate. Taxpayers are required to change their accounting methods used for federal income tax purposes to comply with the new regulations for tax years beginning on or after...
Over the past several years, there has been a significant increase in the amount of intra-family loans. While these can be great tools, it is very important to consider the tax issues related to such a transaction. The IRS may see the loan as a gift, which could then be subject to unexpected tax consequences.
The types of loans that are subject to restructuring by the IRS are:
The updated COSO framework will enable companies to take a fresh approach when evaluating internal control over financial reporting.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) was established in 1985 to sponsor the National Commission on Fraudulent Financial Reporting (the “Commission”), which was an independent private-sector initiative established to study...
When it comes to vehicle expense tax deductions and costs related to other listed property, as well as travel and entertainment expenses, the law is clear and strict on required documentation. And, there is little wiggle room. Here is an example from a court case (Lee Anthony Baker, T.C. Memo. 2014-122).