CHANGING MENU: CAFETERIA PLAN ELECTIONS AVAILABLE FOR SAME-SEX COUPLES

Billy Thomas, CPA

A few months ago, the IRS released changes to the flexible spending accounts (FSAs) under cafeteria plans targeting the “Use-it-or-Lose-it” provision. We highlighted these changes and shortly thereafter, the IRS issued further guidance on FSAs for same-sex married couples, in light of the Windsor decision.

In brief, same-sex married couples are now eligible for certain employee benefits under §125 of the Internal Revenue Code, particularly for cafeteria plans. This eligibility begins with the plan year that includes the […]

March 17, 2014 Accounting, Tax Read more...

Businesses Face Growing Accounting Fraud

Posting by Joel Susco, CPA

As the business landscape continues to evolve and change, your company is facing increasingly complex and varied fraud threats. Recent research from Pricewaterhouse Coopers (PDF) bears this out, showing a significant increase in accounting fraud in U.S organizations, as well as some interesting changes regarding types of fraud and the perpetrators.

In order to adapt and protect your company, it is essential to understand how occupational fraud is evolving and changing. Here are some of the highlights from […]

March 14, 2014 Uncategorized Read more...

3 Strategies for Preventing Procurement Fraud

Michael D. Rockefeller, CPA, Principal

As recently profiled on our Financial Statements blog, research by Pricewaterhouse Coopers notes that a staggering number – 30% – of US organizations report incidences of procurement fraud. The research defines procurement fraud as “illegal conduct by which the offender gains an advantage, avoids an obligation, or causes damage to his organization.” The recent trial of former New Orleans Mayor Ray Nagin is an excellent example of procurement fraud, as Nagin accepted bribes in exchange […]

March 13, 2014 Accounting, Forensic Accounting Read more...

3 Strategies for Preventing Procurement Fraud

Posting by Michael D. Rockefeller, CPA

As recently profiled on our Financial Statements blog, research by Pricewaterhouse Coopers notes that a staggering number – 30% – of US organizations report incidences of procurement fraud. The research defines procurement fraud as “illegal conduct by which the offender gains an advantage, avoids an obligation, or causes damage to his organization.” The recent trial of former New Orleans Mayor Ray Nagin is an excellent example of procurement fraud, as Nagin accepted bribes in […]

March 13, 2014 Forensic Accounting Read more...

Bond Beebe Welcomes John Olenick as Director of Business Development

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to welcome John Olenick as the Firm’s Director of Business Development. A Washington, DC-area native, Olenick has focused on the accounting industry for over 25 years. In his capacity as Director of Business Development, Olenick will help to continue to drive the Firm’s growth across its sectors and services.

Olenick has almost three decades of experience providing accounting and staffing services […]

March 12, 2014 Firm News & Events Read more...

New Report on Multiemployer Defined Benefit Pension Plans

Larry Beebe, CPA

A new report provides valuable information for all those involved in multiemployer defined benefit pension plans. It is a must-read resource and a helpful benchmarking tool for pension plans.

Published by the International Foundation of Employee Benefit Plans (IFEBP) andHorizon Actuarial Services, LLC, The Multiemployer Defined Benefit Pension Plan Landscape: A Ten Year Look (2002 – 2011) was compiled based on statistics taken from the Forms 5500 filed by the 1,385 multiemployer pension plans that existed at December […]

March 11, 2014 Accounting, Benefit Plan Accounting Read more...

Preparing the Next Generation of Leaders for the Family Business: Part 4 of 4

Posting by Geoffrey D. Brown, CPA, Principal

In my prior posts on this topic I discussed identifying possible leadership candidates, and establishing criteria for education and appropriate work experience for your family business’s future leaders. Outside of those three issues, there are several other considerations that a family business CEO or owner should take into account when preparing the next generation of leaders for the family business. For an effective succession process, it is essential to manage the expectations of […]

March 10, 2014 Family Owned Businesses Read more...

SENATE REPORT REVEALS ‘GAPING HOLES’ IN US EFFORT TO CURB OFFSHORE TAX EVASION

Brian Wynne, CPA

We’ve invited Davis Burroughs of JD Katz, a Bethesda-based law firm, to share some tax law insights with our readers.  This post reviews the latest developments in offshore reporting requirements in advance of FATCA’s implementation later this year.  For more information on JD Katz, visit www.jdkatz.com.  If you are interested in guest-posting for It’s Taxing, contact us.

A new report (PDF) from the Senate Permanent Subcommittee on Investigations (SPSI) ripped into several ongoing endeavors by the Securities […]

March 10, 2014 Accounting, Tax Read more...

6 STRATEGIES FOR YOUR 2013 TAX FILING

Brian Wynne, CPA

For many people, there is nothing as dreadful as dealing with income taxes each year. When you first sit down with all the forms and receipts, you may feel overwhelmed; our goal is to simplify the process while keeping you in compliance with the tax codes so you can preserve, grow & protect your assets.

A lot has changed for 2013 – there are a number of new taxes and tax increases. If you are just sitting down […]

March 7, 2014 Accounting, Tax Read more...

Fighting Fraud with a Health Claims Audit

Linh T. Crider, CPA, CFE, Senior Manager

Health claims audits are essential tools for preventing and detecting fraud in health & welfare plans. Additionally, these audits can help to uncover inefficiencies and find opportunities to streamline operations. Ineffective or inaccurate claims processing can lead to significant losses and, with the sheer volume of plan claims, fraud can often go on undetected for quite some time.

Our forensic accounting team is frequently called on to perform health claims audits and investigations for […]

March 5, 2014 Accounting, Audit, Forensic Accounting Read more...