Payments Fraud Prevention: Protecting Your Organization from Check and Card Fraud

Linh T. Crider, CPA, CFE, Senior Manager

Are your organization’s payment processing systems vulnerable to fraud?  Recent research shows that check fraud continues to be a persistent problem for companies, and credit card fraud is on the rise.  According to the 2013 AFP Payments Fraud and Control Survey, 61% of the companies surveyed had experienced some type of payments fraud.  Without the proper controls in place, your business may be at risk to financial losses suffered from these types of […]

April 9, 2013 Accounting, Forensic Accounting Read more...

The Top Two Secrets of Successful Family Businesses

Posting by Geoffrey D. Brown, CPA

Most of us have heard the term “shirtsleeves to shirtsleeves in three generations.” This describes what many would say is the typical family business life cycle. Statistics bear this out- according to the Family Firm Institute, Inc., only 12% of family businesses are family-owned into the third generation. Most of us can also recite the various reasons for this, and conflict between family members is reason number one.

Conflict is a very broad issue that […]

April 9, 2013 Family Owned Businesses, Uncategorized Read more...

10 Ways to Ensure a Smooth Leadership Transition

Posting by Geoffrey D. Brown, CPA, Family Business Advisor

There are a number of books written on succession planning and transitions in family businesses, and it is impossible to synthesize all of that information into a short blog.  So, keep in mind as you read this, that succession planning is a complex subject, and this is intended as a high level overview.  In subsequent posts we will discuss particular aspects in greater depth.   Following are 10 suggestions to ensure a […]

April 2, 2013 Family Owned Businesses, Wealth Management Read more...

Identity Theft Prosecution: Three Ways a Forensic Accountant Can Help

Alex Helfand, ENCE, Computer Forensic Specialist

Identity theft and related identity fraud is a widespread problem due to today’s modern digital environment, which has armed thieves with new ways to silently steal large amounts of personal data from anywhere in the world.  Credit card fraud, identity theft and online embezzlement scams are increasingly in the news, and we frequently hear about personal information being stolen due to credit card skimming, and websites and other company data being hacked.

One particular scandal […]

March 29, 2013 Accounting, Audit, Family Owned Businesses, Forensic Accounting, Human Resources Read more...

What is a Family Constitution and Why is it Valuable to Your Family?

Posting by Geoffrey D. Brown, CPA, Principal

What is a family constitution?  Simply put, it is a document that outlines how a family will govern itself.  Your family may have a “code of conduct” or “mission statement,” many of which do not address governance.  Or, your family may have never considered the idea.  If yours is a family of wealth or if the family business is integral to your family, you should consider the idea of a family constitution.  I […]

March 25, 2013 Family Owned Businesses Read more...

Bond Beebe Launches New Website for Forensic Accounting Practice

Natalie Burchfiel

Industry Professionals Are Invited to Contribute Articles, Resources
BETHESDA, Maryland (March 27, 2014) – Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce the launch of a new website for the Firm’s Forensic Accounting Practice,www.bbforensic.com. With posts on relevant fraud prevention, investigation, and litigation issues, as well as Frequently Asked Questions and articles, this site aims to provide insights to help businesses and tax-exempt organizations prevent […]

March 24, 2013 Accounting, Forensic Accounting, Human Resources Read more...

Families Prevent Second and Third Generation Business Failure through Sensitive, Provocative Dialogue

Posting by Geoffrey D. Brown, CPA

Imagine the following profile: Their vision was clear; all made sense. Barry and Sandy Gilman would naturally turn over the clubs to their three children while Barry and Sandy eased towards their retirement, split between the villa in Costa Rica and the lake home in Michigan. Naturally, the kids could call anytime to seek advice (hopefully not too often); but the Gilmans just knew things would work out. After all, this business was a […]

March 22, 2013 Accounting, Family Owned Businesses Read more...

LATE PAYMENT RELIEF AVAILABLE FOR FILERS AFFECTED BY DELAYED FORMS RELEASE

Glenn Bailey, CPA

IRS has published Notice 2013-24 that allows a waiver of the .5% late payment penalty for anyone who files an extension, has underpaid their tax and was affected by the delay in release of certain IRS forms.  Taxpayers must demonstrate “reasonable cause” and make a good faith effort to pay the proper amount with their extension even if they aren’t sure what the actual amount should be.  So filing an extension with no payment when you owe […]

March 21, 2013 Accounting, Tax Read more...

5 Common Threats to Family Business

Posting by Joel C. Susco, CPA

Whether it is changing economic conditions, a lack of capital, or just general competition, every business is threatened by something.  Family owned businesses experience these challenges as well, but they also have their own unique threats.

Here are some of the more severe threats, along with tips on how to manage them:

1. No succession plan. At some point, a member of the team may retire, leave or even worse, die. Just imagine what would happen […]

March 20, 2013 Family Owned Businesses Read more...

THEY AREN’T REALLY EMPLOYEES, ARE THEY? CORRECTLY CLASSIFYING INDEPENDENT CONTRACTORS

A recent tax court decision, Kureck v. Commissioner, T.C. Memo 2013-64 (Feb. 28,2013), highlights the danger faced by many taxpayers utilizing independent contractors in their businesses.  The taxpayer in this case (Kurek) was a sole proprietor contractor specializing in home renovation.   He hired approximately 30 part-time workers on a project by project basis. None of the workers were engaged full-time by Kureck.  Each worker was paid weekly based on the percentage of work completed on a particular job.  The […]

March 18, 2013 Accounting, Tax Read more...