The Changing Face of Newspapers and a Family Business: The Post-ess with the Mostest

Posting by Joel C. Susco, CPA, Principal

This week I had the opportunity to listen to a talk given by Katharine Weymouth, the Chief Executive Officer of Washington Post Media (a unit of The Washington Post Company).  Weymouth is the fifth member of the Graham newspaper dynasty to hold that title since her great-grandfather, Eugene Meyer, bought The Post at a bankruptcy sale in 1933.  She is the niece of Post Company Chairman Donald Graham, and granddaughter of the late […]

June 8, 2009 Family Owned Businesses Read more...

Form 5500 Schedule C – Peeling Back the Onion

Scott Price, CPA

In November 2007, the Department of Labor (DOL) amended the Form 5500 Schedule C and dramatically expand the level of disclosure required.  The revised reporting took effect for plan years beginning on or after January 1, 2009.

Background and Changes
Historically, Schedule C listed compensation paid directly to plan service providers that received compensation of at least $5,000 ($25,000 in the case of employees) and were among the 40 highest compensated providers.   The new rules requiring increased disclosure now […]

May 29, 2009 Accounting, Benefit Plan Accounting Read more...

Generation XX – Women Heading Family Businesses, at Multimedia Empires and Down on the Farm

Posting by Joel C. Susco, CPA

Smith & Sons Hardware.  Twenty Brothers Pizza.  The Law Offices of Smith, Smith, Jr. and Smith III.  What do these fictional family businesses have in common?  The primary members of the family business are men.  When one thinks of a family business passing from generation to generation, the picture most people initially get is: a man starts a business from scratch, perhaps partnering with a brother or other male family member, hires the sons […]

May 22, 2009 Family Owned Businesses Read more...

Good Business Agreements Make for Good Family Business

Posting by Joel C. Susco, CPA

Over lunch one afternoon, two brothers discuss an idea for a new business venture.  From a pile of hastily written notes and doodles on paper napkins a company is born.  After years of hard work and dedication, this partnership of two siblings grows to become a successful business with perhaps hundreds of employees including the children, grandchildren and even in-laws of the original founders.

This story is not uncommon in the world of closely-held companies […]

May 18, 2009 Family Owned Businesses Read more...

Putting the Success in Your Family Business Succession Plan

Posting by Admin

Starting a family business, you may think that you’ll run it until you are ready to retire, then pass on the leadership reins to one of your offspring, and that the success and growth will continue at the same pace in perpetuity.  You made a blueprint for the design and continuity of the business, at least the blueprint is in the CAD machine of your brain, if not on paper.  Of course they will know how to […]

May 14, 2009 Family Owned Businesses Read more...

Birth Order in a Family-Owned Business: The First Shall Be Last, and the Last Shall Be First

 Post By Jacqueline M. Thompson, CPA

I recently read an article about family-owned businesses that referenced a survey done by McKinsey & Co.  This survey suggested that a firstborn son may be the worst choice to run your family business.  This was an interesting concept to me, given the tradition of primogeniture (preference for firstborn males in inheritance).

If one looks at some common characteristics of firstborn children, the words used are: perfectionist, critical, well-organized, reliable, and list-maker.  They want to […]

May 12, 2009 Family Owned Businesses Read more...

Fraud Fight Legislation Passed by Congress

John Merchant, CPA

CNN reports that Congress easily approved a bill this week to allocate more than $500 million over the next two years to provide funds specifically for the fight against fraud.  These additional funds would enable the FBI, the SEC and the Treasury Department to hire additional investigators and step up criminal fraud probes.  Noting taxpayer outrage during debate on the bill, lawmakers specifically mentioned banks and other entities that have received federal bail-out money as organizations that […]

May 11, 2009 Accounting, Forensic Accounting, Tax Read more...

Common Misconceptions About the Prevention of Occupational Fraud – Part 1

John Merchant, CPA

Occupational Fraud is defined as an employee using his or her occupation for personal gain through the deliberate theft or misuse of the assets of the employing organization (see Wells, Joseph T., Occupational Fraud and Abuse, Obsidian Publishing Company, 1997). Business owners, directors of not-for-profit organizations and trustees of employee benefit plans often have misconceptions about occupational fraud and its prevention and, consequently, leave their organization vulnerable to loss.  Over the next few weeks we will look […]

May 5, 2009 Accounting, Audit, Forensic Accounting, Payroll Audit Read more...

Members Participate in 2009 Servathon

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, sent a team of 25 firm volunteers to clean, paint, and landscape on the National Mall and around the Grant Statue located at the base of Capitol Hill on May 2, 2009 as a part of the Greater DC Cares’ Servathon 2009.

Some firm members were located on the Mall painting benches, while the other group was stationed around the Grant Statue, cleaning […]

May 5, 2009 Firm News & Events Read more...

Stock Option Fraud

John Merchant, CPA, CFE

An ongoing problem for both the Securities and Exchange Commission and the Internal Revenue Service is the fraudulent dating of stock options by corporations.  By attaching false dates to the granting of stock options, a company may both distort its financial statements, thus misleading investors, and assist in the evasion of income taxes by those who were granted those options.

In April 2009, the SEC filed a complaint against Take-Two Interactive Software, Inc., charging that such a […]

April 30, 2009 Accounting, Forensic Accounting Read more...