Common Misconceptions about Fraud in the Family Business

Posting by Jacqueline Thompson
No family-owned business likes to think that their trusted employees would steal from the business –certainly not their family members. Unfortunately, family businesses aren’t exempt from fraud, and assuming that your company is safe from embezzlement, malfeasance, or any other fraudulent act can put your business at grave risk.

In my years of accounting work, here are the most common misconceptions I’ve encountered regarding family business fraud:

Fraud Doesn’t Happen in Family Businesses. Any business is vulnerable to […]

June 1, 2016 Accounting, Forensic Accounting Read more...

Concrete Contractor Properly Assessed Withdrawal Liability

Posting by Larry Beebe
The construction industry exemption to the withdrawal liability rules allows the assessment of withdrawal liability only if the withdrawing employer continues to perform covered work or starts such work again within five years of being obligated to contribute.

In a case in the tenth circuit a concrete contractor ceased its obligations to contribute to a multi employer plain in May, 2010 and began doing the same work as the withdrawn employer.

The count ruled that withdrawal liability was […]

May 31, 2016 Accounting Read more...

Missing Pensioners

Larry Beebe, CPA

One of the Department of Labor’s “hot buttons” lately has been making certain that defined benefit pension plans do everything they can to reach retired participants who are required to start taking distributions.

Lois Gleason, at the International Foundation of Employee Benefit Plans, has written an excellent blog on how to send the proposal notices to that retired participant.

May 5, 2016 Accounting, Audit, Forensic Accounting Read more...

DOL Investigating Plans that Fail to Locate Terminated Vested Participants

Larry Beebe, CPA

The Department of Labor (DOL) recently announced a new initiative to investigate the adequacy of Defined Benefit Plans procedures to locate and pay out benefits to terminated vested participants. DOL believed that many Plans do not have adequate systems to identify and pay terminated vested participants when they reach either the Plan’s normal retirement age or the IRS required minimum distribution age of 70 ½.

The failure to take action to identify, locate and pay terminated vested participants […]

April 13, 2016 Accounting, Benefit Plan Accounting, Forensic Accounting Read more...

Supreme Court Win For Self-Insured Health Plans

Posting by Larry Beebe
On March 4, the Supreme Court ruled self-insured health plans do not have to comply with a Vermont law that required them to submit to the state “information relative to health care costs, prices, quality, utilization, or resources required.” The third party administration of a self-insured health plan was issued a subpoena by Vermont to gain this information and threatened severe penalties for non-compliance. The plan refused to provide the information and argued the reporting requirements […]

March 26, 2016 Accounting, Human Resources Read more...

Supreme Court Win For Self-Insured Health Plans

Larry Beebe, CPA

On March 4, the Supreme Court ruled self-insured health plans do not have to comply with a Vermont law that required them to submit to the state “information relative to health care costs, prices, quality, utilization, or resources required.” The third party administration of a self-insured health plan was issued a subpoena by Vermont to gain this information and threatened severe penalties for non-compliance. The plan refused to provide the information and argued the reporting requirements were […]

March 16, 2016 Accounting, Benefit Plan Accounting, Forensic Accounting Read more...

IRS WARNS OF NEW TAX SCAMS

Michael Raiken, CPA

According to the IRS, tax scammers are getting more aggressive this tax season with evolving tax schemes. This time, they are calling unsuspecting people claiming that they have the person’s 2015 tax return and wish to verify a few details in order to process the return. The scammers are attempting to get personal information such as Social Security Numbers or personal financial information, such as bank numbers and credit cards.

This scheme is a continuation of past schemes […]

March 15, 2016 Accounting, Forensic Accounting, Tax Read more...

Form 990-N Changes Announced

Richard Ruvelson

Most small tax-exempt organizations (including affiliates of larger organizations and excluding private foundations which are required to file Form 990-PF regardless of size) whose annual gross receipts are normally $50,000 or less are required to electronically submit Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations Not Required to File Form 990 or Form 990EZ.

Form 990-N must be completed and filed electronically. There is no paper form.
Form 990-N filers may choose to file a complete Form 990 […]

February 15, 2016 Accounting, Benefit Plan Accounting Read more...

ESTATE BASIS REPORTING REQUIREMENT APPROACHING

Billy Thomas, CPA

In recent years, congress has enacted various tax laws to increase the accurate reporting of tax basis. These laws have extended to individuals, financial institutions, and most recently executors (e.g. – personal representatives, and trustees). With the Surface Transportation Act of 2015, executors of estates required to file an estate tax return must now separately provide to the receiving beneficiaries as well as the IRS the estate’s claimed tax value of all property included in the decedent’s […]

January 26, 2016 Accounting, Tax Read more...

2016 MILEAGE RATES ANNOUNCED

Posting  by Sarah McCraine
The IRS has announced the 2016 standard mileage rates effective for mileage driven on or after January 1st, 2016. The optional standard mileage rate multiplied by the number of miles driven is a simplified method commonly used to calculate the deductible cost of using a vehicle for business purposes. In addition, the rates can be used to calculate the deductible mileage allowed for attending medical appointments, moving, or when driving to serve with a charity.

The 2016 rates […]

January 13, 2016 Accounting, Human Resources, Tax Read more...