Top Ten Fraud Prevention Tips for Small Businesses, Tip #3: Assess Potential Fraud Risks on an Ongoing Basis

Michael D. Rockefeller, CPA

 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.

Identifying potential risks and instituting proper internal controls to mitigate these risks are essential components to effectively preventing occupational fraud.  However, the risk assessment process must be […]

October 19, 2011 Accounting, Audit, Forensic Accounting Read more...

Health Plan Management: Do You Have Your Internal Controls Under Control?

Linh Crider, CPA, CFE

Internal controls perform an essential role in the health claims process.  In most plans, the internal controls encompass basic procedures such as segregation of duties, system access, quality control reviews, and system edits.  However, there are a few procedures that are frequently missed by Health Plans, heightening the risk of errors or fraudulent payments.  From an auditing perspective, it is important for plan management to review their control procedures to ensure that the following items are […]

October 17, 2011 Accounting, Audit, Forensic Accounting Read more...

Focusing ohttp://www.bbcpa.com/?p=2207&preview=truen the Mission: Lessons Learned from One Family’s Charitable Endeavors

Posting by Joel C. Susco, CPA

The 4th Annual Brain Aneurysm Race for Awareness 8K in Memory of Timothy P. Susco was hosted on Saturday, October 1st.  The race originated in 2008, as a tribute to the memory of my nephew who passed away at the age of 25 due to a ruptured brain aneurysm.  The race raises donations to support brain aneurysm research and organ donation awareness programs.  However, this race is more than just a memorial to my […]

October 12, 2011 Family Owned Businesses Read more...

Facing Common Ownership Challenges: Insights and Strategies from Walker & Dunlop’s Family Leadership

Posting by Geoffrey D. Brown, CPA, Principal

On Thursday, September 22, Mallory and Willy Walker of Walker & Dunlop addressed a group of members, partners and other invitees of the Greater Washington DC Family Business Alliance on the topic of family ownership and transition, and how it has affected their family business.  Now in its third generation of Walker family management, Walker & Dunlop remains a very successful company and a leader in commercial real estate financing.  I would like […]

October 6, 2011 Family Owned Businesses, Valuation Read more...

Greater Washington DC Family Business Alliance Hosts Mallory and Willy Walker of Walker & Dunlop for Keynote Event

BETHESDA, Maryland (September 29, 2011) – 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, hosted “Three Generations of Ownership Challenges,” featuring Mallory Walker and Willy Walker of Walker & Dunlop, a real estate financing firm headquartered in the Washington DC area. This keynote presentation was held on September 22, 2011 at The Washington Club in Washington, DC.

Mallory Walker is the second generation […]

September 29, 2011 Family Owned Businesses, Firm News & Events Read more...

Telemarketing: Is it Legitimate or a Fraud?

John Merchant, CPA, CFE

At some point, you have probably received a phone call from a telemarketer trying to convince you to take advantage of an exceptional deal or asking you to contribute to a worthwhile charity.  Beware of such calls.  Fraud in telemarketing has become so serious that the Federal Bureau of Investigation has posted warnings, describing some of the schemes and what you should do to protect yourself from them.

One of the popular scams is to call and […]

September 29, 2011 Accounting, Forensic Accounting Read more...

It’s YOUR Name on the Door: Keeping the Family Name Clean

Posting by Joel C. Susco,CPA

Ah, ethics.  We all think we have them; we can all justify why our behavior in a given situation is considered ethical.  And there’s the rub – it can be very subjective.  However in business, including family businesses, there are some definitions of ethics that are more universal.

Levels of Business Ethics: When Does it Get Personal

Systemic business ethics deals with general systems like legal, political, and economic ones; following business regulation laws like not holding […]

September 22, 2011 Family Owned Businesses Read more...

IRS OFFERS VOLUNTARY SETTLEMENT PROGRAM FOR WORKER CLASSIFICATION

Brian Wynne, CPA

In Announcement 2011-64, the IRS details an offer for settling potential worker classification issues. The IRS is offering employers a chance to reclassify workers as employees (as opposed to independent contractors) going forward. An employer who wishes to avail themselves of this settlement offer will pay 10% of the employment taxes (as calculated under IRC section 3509) that would have been due for the most recent tax year (if the worker had been classified as an employee), […]

September 22, 2011 Accounting, Tax Read more...

IRS OFFERS VOLUNTARY SETTLEMENT PROGRAM FOR WORKER CLASSIFICATION

Brian Wynne, CPA

In Announcement 2011-64, the IRS details an offer for settling potential worker classification issues. The IRS is offering employers a chance to reclassify workers as employees (as opposed to independent contractors) going forward. An employer who wishes to avail themselves of this settlement offer will pay 10% of the employment taxes (as calculated under IRC section 3509) that would have been due for the most recent tax year (if the worker had been classified as an employee), […]

September 22, 2011 Accounting, Tax Read more...

0 DC DELAYS MUNI BOND INCOME TAX FOR ONE YEAR, ADDS HIGHER TOP TAX RATE (UPDATED)

Brian Wynne, CPA

First, the bad news. Effective October 1, 2011, DC residents with taxable income above $350,000 in a tax year will be subject to a new 8.95% tax rate on that income. This is up from a top rate of 8.5% on income over $40,000. This rate will be effective for 4 years only, then expire.

Now, the good news. The higher rate was implemented as an offset to pay for delaying the taxation of out-of-state municipal bond income. […]

September 21, 2011 Accounting, Tax Read more...