Judge, Jury & Accountant: The Forensic Accountant as Litigation Support

Michael D. Rockefeller, CPA, Principal

Several of our blog posts in 2010 focused on the business end of forensic accounting, including some of the many things to look for to identify potentially fraudulent activity, or the areas ripe for this to occur.  To this end, a business may be tipped off that a current or former employee may have committed fraud, and the forensic accountant may be brought in to follow the trail of evidence, discover or confirm where specifically […]

December 6, 2010 Accounting, Forensic Accounting Read more...

IRS ANNOUNCES STANDARD MILEAGE RATES AND PENSION CONTRIBUTION COLA’S FOR 2011

Glenn Bailey, CPA

IRS announces standard mileage rates for 2011 for use of an automobile
These are the maximum amounts that can be claimed as a tax deduction or used to reimburse employee use of personal vehicles. Proper records are required to substantiate deductible use.
                   Business use: 51 cents per mile
Moving: 19 cents per mile
Medical care: 19 cents per mile
Charity:  14 cents per mile
 The depreciation component of business use is 22 cents per mile.

IRS announces no cost of living adjustments for most pension contribution amounts

The most […]

December 6, 2010 Accounting, Tax Read more...

Bond Beebe Promotes Fabricia Edwards to Senior Manager

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce the promotion of former Manager Fabricia Edwards, CPA to Senior Manager in the Audit Department, effective December 1, 2010.  Edwards has been at Bond Beebe since 2002 and works with Bond Beebe’s Benefit Practice Group.  The Personnel Committee of Bond Beebe recognized Edwards because of her skill and dedication in performing her responsibilities.  “We look forward to all […]

December 2, 2010 Firm News & Events Read more...

THE WEALTH TRANSFER SILVER LINING IN THE CURRENT ECONOMIC DOWNTURN

Almost all of us have been impacted in one way or another by the current recession.  Even prosperous and successful investors and business owners have seen the value of their investments and business interests dwindle in the face of the “Great Recession.”  Although it appears the dark clouds of economic strife have slowly begun to clear on the horizon, the current economy still presents a silver lining opportunity for those individuals and businesses contemplating a transfer of family business […]

November 30, 2010 Accounting, Wealth Management Read more...

HOW DOES THE 2010 SMALL BUSINESS JOBS ACT AFFECT ME?

On September 27, 2010 President Barack Obama signed the 2010 Small Business Jobs Act which contains many tax changes impacting individuals as well as small businesses.
Bonus Depreciation:  Generally, taxpayers can currently deduct 50% of the cost of most new tangible personal property placed in service in 2010. Not all property qualifies, so you should consult your tax advisor for specifics.  Passenger cars acquired in 2010 are eligible for $8,000 of bonus depreciation in addition to the otherwise allowable depreciation. […]

November 27, 2010 Accounting, Family Owned Businesses, Tax Read more...

Auditing Mailbag: Examples from “Audit by Mail” Cases

Posting by Kurt Needles, CPA

1) The Internet as an Auditing Tool

In performing an audit by mail, the employer in question provided all the records required except a roster that classified everyone on the payroll.   All but a handful of the employees were reported to the two trades for which we were performing the audit.  Repeated queries to the employer went unanswered and I was at a loss as to how to proceed.

Trying to find possible leads to these questions, […]

November 15, 2010 Payroll Audit Read more...

Formula Audit Allowed

Posting by Larry Beebe, CPA

A Court ruled that a formula approach could be used to calculate an employer’s liability for employer contributions when the employer refused to allow a payroll audit.

The employer signed a Collective Bargaining Agreement (CBA) which incorporated a trust agreement.  The trust agreement provided the plan with the authority to conduct a payroll audit.  The employer stopped making contributions and the plan sought a payroll audit which the employer refused to allow.  The plan’s auditor calculated […]

November 10, 2010 Payroll Audit Read more...

TAX PLANNING TIPS TO THINK ABOUT BEFORE THE END OF 2010

Glenn Bailey, CPA

After looking back over all the legislative changes in the past couple years I compiled a list of a few things that are worth thinking about before the end of 2010:

In 2011 Flexible Spending Accounts no longer allow for reimbursement of over the counter (non-prescription) drugs, so if you have money left in yours you can stock up on these items prior to year end.

The Energy credit for purchasing and installing energy saving materials, including insulation, certain […]

November 8, 2010 Accounting, Tax Read more...

What and When to Prepare for Selling Your Family Business

Posting by Joel C. Susco, CPA, Principal

If asked the question, most business owners would affirm that their ultimate motive in owning a business is to build it in such a way to allow them to leave a legacy for the future.  In addition, in an ideal world an owner would want to transfer it to another without any significant negative financial impact and with the possibility of retaining some control in the operations of the business.   Alternatively, new […]

November 5, 2010 Accounting, Family Owned Businesses, Tax Read more...

Geoffrey Brown Receives Certificate in Family Business Advising

BETHESDA, Maryland (November 1, 2010) – The Greater Washington DC Family Business Alliance (“The Alliance”), the go to resource for family businesses located in Maryland, the District of Columbia, and Northern Virginia, announced today that Geoffrey D. Brown, CPA, a Principal with Bond Beebe, the founding company of the Alliance, has received the Family Firm Institute (“FFI”) Certificate in Family Business Advising. The FFI presented Brown with the certificate during their international conference, “Family Enterprise: New Game? New Rule?” […]

November 1, 2010 Family Owned Businesses, Firm News & Events Read more...