Category Archives: Careers in Forensic Accounting

Alex Helfand, ENCE, Computer Forensic Specialist

Interviews are a key part of a fraud investigation, and often one of the first steps in the investigative process.  An effective interview can expose organizational weaknesses, identify employees who may be motivated to steal, and, of course, produce a confession from a guilty party.

Although it is difficult to tell if a person is lying during an interview, there are some behavioral indicators to watch out for which tend to indicate a lie or […]

November 26, 2012 Accounting, Forensic Accounting Read more...

2013 STANDARD MILEAGE RATES ANNOUNCED

Brian Wynne, CPA

Today the IRS announced the standard mileage rates for 2013.  They are 56.5 cents per mile for business miles, 14 cents per mile for charitable miles, and 24 cents per mile for medical miles.  The business and medical rates are a one-cent per mile increase from 2012, but the charitable rate remains unchanged.  These new rates are in effect on January 1, 2013.

November 21, 2012 Accounting, Tax Read more...

Benefit Plan Trends, Updates: Lessons Learned from IFEBP’s Annual Conference

Larry Beebe, CPA

Last week I attended the International Foundation of Employee Benefit Plans (IFEBP) Annual Conference in San Diego, CA.  Each year, the IFEBP Annual Conference provides education to trustees, administrators, and plan professionals who work closely with employee benefit plans.

As with every year, each class I attended was an excellent learning experience.  Of the many insights I gleaned, the top three take-aways from this year’s conference were:

1. Cost Analysis of Providing Retirement Benefits. Diane Oakley of the National […]

November 21, 2012 Accounting, Benefit Plan Accounting Read more...

Bond Beebe Principals Speak at IFEBP 58th Annual Conference

Mark Buckberg, CPA, CFE, CFF

Once again, Bond Beebe Principals David Dorsey, Scott Price, and Lawrence Beebe had the opportunity to teach several sessions at the International Foundation of Employee Benefit Plans Annual Conference, which took place November 11 – 14, 2012 in San Diego, California.

The Principals spoke on a wide range of topics, covering Trustee roles and education, new accounting and auditing standards, financial statements, and the implementation of the Affordable Care Act.

For more information and a full listing […]

November 19, 2012 Accounting, Benefit Plan Accounting Read more...

THE 2 NEW “MEDICARE TAXES” FOR 2013

The health care reform law added 2 new taxes that take effect in 2013. It is important to know the difference as they will affect different taxpayers in different ways.

.9% Additional Tax on Wages over 200k

An individual who earns more than 200k per year in wages (250k if married) will be subject to an additional tax calculated on your tax return on the amount by which your wages or earned income is over this limit.  There is a withholding […]

November 13, 2012 Accounting, Tax Read more...

VIRGINIA ANNOUNCES CHANGES TO ISSUING TAX REFUNDS

Virginia will begin to issue tax refunds via debit card or direct deposit only starting with refunds issued in 2013 for the 2012 tax year.  Virginia is making the change in hopes of saving money by reducing check printing and mailing costs.  The switch to debit cards will be more secure than mailing a check since it will be protected by federal and state banking laws.  It can also only by activated by using the holder’s personal information (SSN […]

November 9, 2012 Accounting, Tax Read more...

IRS APPROVES LEAVE DONATION PROGRAM IN WAKE OF SANDY

The IRS has announced employees will not be taxed when they donate their vacation, sick, or personal leave in exchange for employer cash contributions to qualifying charitable organizations providing relief to the victims of Hurricane Sandy.  Additionally, employers will be able to deduct 100 percent of the contributions and will not be subject to any charitable contribution limits.

November 9, 2012 Accounting, Tax, Wealth Management Read more...

Fraud Prevention: Trust is Not an Internal Control

Alex Helfand, ENCE

Of course you trust your employees.  Trust is essential in order for day-to-day operations to properly function.  However, even if you feel that you have every reason to completely trust your staff, you still need internal controls.  Especially in a difficult economy, if a need exists and the opportunity arises, even the most unlikely perpetrator can become a guilty party.

Why You Need More than Trust
No business owners want to believe their employees will steal.  Do you find […]

November 1, 2012 Accounting, Forensic Accounting Read more...

WHAT’S YOUR TIN AGAIN? HELPING THE IRS CLOSE THE “TAX GAP.”

In spite of pervasive 1099 and W-2 reporting requirements, the US income tax system for most small businesses is still largely an honor system.  According to IRS studies, this segment of taxpayers account for approximately 84% of the $450 billion estimated tax gap.  As a result, the IRS continues the push to increase 1099 reporting to try and whittle away the large amount of unreported or underreported income among small businesses.

This push can clearly be seen in the question […]

October 26, 2012 Accounting, Family Owned Businesses, Tax Read more...

2013 IRS INFLATION ADJUSTMENTS

Yesterday, the IRS announced the annual inflation adjustments for 2013.  Here are a few highlights:

The annual gift tax free exclusion for gifts increased to $14,000 from $13,000.
The amount which is used to reduce net unearned income reported on a child’s return that is subject to the “kiddie tax” increased to $1,000.
The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), 457, or the federal government’s Thrift Savings Plan increased to $17,500 from $17,000.
The […]

October 19, 2012 Accounting, Tax Read more...