What are the most successful ways to detect and prevent workplace fraud?

Fraud in the workplace can be detected, but prevention of fraud is even more valuable. What are the most successful ways to detect and prevent workplace fraud?

Businesses of all sizes are at risk for fraudulent activity, especially due to more incentives and pressures for companies to outperform, and more financial hardships for employees to overcome than ever before. Even if your company has never experienced any type of fraud, the possibility should not be ignored.

Detecting workplace fraud involves review […]

December 19, 2012 Forensic Accounting, Human Resources, Payroll Audit Read more...

Implications of mobile technology on today’s digital forensic methods?

Mobile technology, social media, and cloud computing have radically altered our current digital forensic methods.  How have these methods been affected, and what other changes will these new technologies bring?

The easy and obvious answer is that these technologies have made an investigation much more complex.  It becomes more difficult to recover the data and to do the things we normally would do in an investigation.  It calls for some specialized expertise in working with an IT professional.

The opportunities though […]

December 19, 2012 Accounting, Forensic Accounting Read more...

What are key signs of financial asset misappropriation in divorce settlements?

There are often suspicions of financial asset misappropriation in divorce cases, but what are the signs of this possibility?

I think there are several key indicators that might come up:

One would be previously unknown assets. For instance, if you can discover a cash account or an investment portfolio or a piece of real estate that was unknown to the other spouse, that would be a sign of misappropriation.
Another indicator might be unexplained transactions, such as checks written to […]

December 19, 2012 Accounting, Forensic Accounting Read more...

SCALING THE FISCAL CLIFF: A GLIMPSE OVER THE LEDGE

Scott Reddersen, CPA

As signs of progress are surfacing in an effort to avoid the Country’s dive off the “fiscal cliff,” it’s a good time to take a look at which tax issues are being negotiated as the ledge quickly approaches.  The tax provisions set to expire on December 31, 2012 are comprised of the following key components:

Bush Tax Cuts

Alternative Minimum Tax (AMT) Patch
Temporary Payroll Tax Cut
Tax Extenders

The most significant element of the fiscal cliff from a tax […]

December 18, 2012 Accounting, Tax Read more...

A TAX BENEFIT FOR PROFESSIONAL ATHLETES’ FINES?

In recent years, fines imposed by various professional sports teams and organizations on professional athletes have become commonplace. But what are the tax implications of these fines paid by players? Professional athletes may be able to claim these fines on their Schedule A as a miscellaneous deduction for unreimbursed employee expenses subject to the 2% adjusted gross income (AGI) floor.

According to Internal Revenue Code (IRC) §162, a miscellaneous deduction is allowed for “ordinary and necessary expenses paid or incurred […]

December 12, 2012 Accounting, Tax Read more...

Health Care Reform Update: W-2 Reporting Requirement Waived for 2012

Brian Garstecki, CPA

As multiemployer plans turn their focus to complying with Affordable Care Act regulations, we will be providing periodic updates and guidance to help clarify these new provisions and provide guidance for how to focus your compliance efforts.  This blog is the first in these series of updates.

One of the hallmarks of the Affordable Care Act is the requirement for employers to report the cost of coverage under an employer-sponsored group health plan on employees’ W-2 Forms. Employers […]

December 11, 2012 Accounting, Benefit Plan Accounting Read more...

What credentials and expertise are most important in a forensic accountant?

Forensic accountants may have many areas of expertise and credentials. What credentials and expertise are most important in a forensic accountant?

A forensic accountant should be familiar with all these four fundamental areas of knowledge:

First, Criminology. He or she should understand the motivation of people who commit fraud and fraud deterrence measures.
Second, Financial Transactions. Knowing how fraud can be committed – there are some obvious methods, and some newer ones due to increasing technologies in the workplace.
Third, […]

December 8, 2012 Uncategorized Read more...

Harvest Festival: Capital Gains at Year-End

In the spirit of the Harvest Festival, let’s take a closer look at the concept of Tax-Loss Harvesting as it relates to the current tax environment and the uncertain future.  We can begin with the foundation of the current tax environment:  in general, the markets have rebounded since the 2008 financial collapse leaving many investors with more unrealized capital gains (appreciation) as each year passes.  Net long term capital gains for tax year 2012 will be taxed at 15% […]

December 3, 2012 Tax Read more...

Harvest Festival: Capital Gains at Year-End

In the spirit of the Harvest Festival, let’s take a closer look at the concept of Tax-Loss Harvesting as it relates to the current tax environment and the uncertain future.  We can begin with the foundation of the current tax environment:  in general, the markets have rebounded since the 2008 financial collapse leaving many investors with more unrealized capital gains (appreciation) as each year passes.  Net long term capital gains for tax year 2012 will be taxed at 15% […]

December 3, 2012 Tax Read more...

What are the options for recovering lost money or prosecuting in a fraud investigation?

It’s always a goal to recover lost money in a fraud investigation, and sometimes a goal to prosecute.  What are your options for recovering money or prosecuting?

When it comes to prosecution, the decision falls to the government official as to whether the case is worth prosecuting.  Sometimes they don’t take a great interest in white collar crime; they’re much more interested in someone who walks into a convenience store with a gun.  If someone’s embezzling, they’re generally not as […]

December 1, 2012 Forensic Accounting Read more...