IRS CHANGES TO SCHEDULE D AND INTRODUCTION OF NEW FORM 8949

The IRS has introduced a new tax form (Form 8949) for reporting capital gains and losses from stocks, bonds, mutual funds and similar investments.  Starting with the 2011 tax year, investment transactions will be reported on the new Form 8949, Sales and Other Dispositions of Capital Assets.

Brokers 

Starting in 2011, cost basis information for “covered securities” will be included directly on the 1099-B.  Brokers are required to provide cost basis for stock in a corporation acquired on or after January […]

December 13, 2011 Accounting, Tax Read more...

Top Ten Fraud Prevention Tips for Small Businesses, Tip #5: Protect Your Business from Third Parties

Alex Helfand, ENCE, Computer Forensic Specialist

As a small business owner or senior executive, it is your responsibility to promote integrity and ethical values to your employees and implement the proper controls and procedures to prevent fraud.  In this series, we are highlighting ten basic fraud prevention steps you can take to keep your organization safe.

With the integration of digital devices in everyday business activities, companies have become highly susceptible to unwanted attacks and data breaches from third parties.  Not […]

December 12, 2011 Accounting, Forensic Accounting Read more...

Selecting a Third Party Administrator

Jennifer Hohman, CPA

Could your plan benefit from a Third Party Administrator (TPA)?   There are several issues to consider when making this decision. First, perform a cost-benefit analysis to determine whether your plan would profit from outsourcing.  If you decide that your plan would benefit, then management and Trustees of the plan must do their due diligence to ensure that the TPA selected best suits your plan’s needs.

There are many options when selecting a TPA; Third Party Administrators can provide […]

December 7, 2011 Accounting Read more...

A Holiday Reflection: Giving Thanks for the Family

Posting by Geoffrey D. Brown, CPA, Principal at Bond Beebe Accountants & Advisors

One of my associates, Eric Fletcher, recently sent a Thanksgiving blog post that someone else had written that basically discussed how thankful and appreciative he was for all that was around him.  I happened to think that it was a wonderful idea and decided to mimic that gesture with my own twist.

This past year has been, at times, tumultuous and at others extremely gratifying; it certainly has […]

December 7, 2011 Family Owned Businesses, Uncategorized Read more...

Year-End Tax Planning?

As we enter the last month of the year, taxpayers are once again faced with a mountain of expiring tax provisions. There are 59 different provisions that will expire on December 31, unless Congress sees fit to extend some or all of them. It is a safe bet that some will be extended, (perhaps retroactively), but others will die.

The most likely survivor will be the extension of the social security tax payroll reduction that has been around since January, […]

December 2, 2011 Tax Read more...

Top Ten Fraud Prevention Tips for Small Businesses, Tip #4: Top-Down Corporate Ethics

Alex Helfand, ENCE

As a small business owner or senior executive, it is your responsibility to promote integrity and ethical values to your employees and implement the proper controls and procedures to prevent fraud.  In this series, we are highlighting ten basic fraud prevention steps you can take to keep your organization safe.

As accountants, we often witness instances where strong employee ethics have prevented fraud.   As required by Statements on Auditing Standards No. 99 for financial statement audits, auditors interview […]

November 21, 2011 Accounting, Forensic Accounting Read more...

Trustees May Rely on Certified Payroll Records

Posting by Larry Beebe, CPA

In an article entitled “Fiduciary Duties Created by Project Labor Agreements” in the International Foundation of Benefit Plans’ August 2011 Benefits Magazine, Paul Moorhead of Laquer, Urban, Clifford & Hodge, LLP provides useful guidance for Trustees whose participants work under a project labor agreement.  On the specific nuances of payroll auditing issues involved when nonunion contractors are bound to a Collective Bargaining Agreement, Moorhead states:

The courts have held that trustees may rely on certified payroll […]

November 15, 2011 Payroll Audit Read more...

Bond Beebe Principals Present at IFEBP’s 57th Annual Employee Benefits Conference

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that three of their Principals participated in the International Foundation of Employee Benefit Plans’ (“IFEBP”) 57th Annual Employee Benefits Conference, which took place on October 30 through November 2, 2011 in New Orleans, Louisiana.  David P. Dorsey, Scott M. Price and Lawrence R. Beebe each participated in separate speaking engagements during the program.  The IFEBP is a non-profit organization that is […]

November 11, 2011 Firm News & Events Read more...

Principals Present at IFEBP’s 57th Annual Employee Benefits Conference

Larry Beebe, CPA

BETHESDA, Maryland (November 11, 2011) – Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that three of their Principals participated in the International Foundation of Employee Benefit Plans’ (“IFEBP”) 57th Annual Employee Benefits Conference, which took place on October 30 through November 2, 2011 in New Orleans, Louisiana.  David P. Dorsey, Scott M. Price and Lawrence R. Beebe each participated in separate speaking engagements during the program.  […]

November 11, 2011 Accounting, Benefit Plan Accounting Read more...

Employee Fraud – Behavioral Signs and Indications

John Merchant, CPA, CFE

Employers often ask whether there are any signs to look for or other indications of fraud being perpetrated by their employees.  Following are a few examples of things to look for:

The employee has a sudden need for cash.  Employees who are basically honest and who would normally not even consider stealing from their employer may have a change of heart when confronted with a sudden need for cash.  For instance, the employee’s spouse suddenly loses his/her […]

November 8, 2011 Accounting, Audit, Forensic Accounting, Human Resources Read more...