How to defend your auto dealership from fraud By: Anthony LaNasa Although auto sales plunged at the start of the COVID-19 pandemic, they’ve since rebounded. In fact, some auto dealerships are reporting record sales in 2021. Problems remain — including supply […]
An S corporation could cut your self-employment tax By: Ed Decker If your business is organized as a sole proprietorship or as a wholly-owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a […]
Time to plan an in-person board retreat? By: Helen Weeber As states open for business and the need for social distancing recedes, your not-for-profit organization may want to think about scheduling an in-person retreat for your board of directors. Members […]
How to Fend Off “Friendly” Fraud By: Anthony LaNasa Fraudulent behavior isn’t necessarily perpetuated by people hiding their identities. For example, legitimate customers sometimes use the credit card chargeback process to their advantage — and to the disadvantage of […]
Help ensure the IRS doesn’t reclassify independent contractors as employees By: David M. Reape Many businesses use independent contractors to help keep their costs down. If you’re among them, make sure that these workers are properly classified for federal tax purposes. If the IRS […]
Do you know the new accounting rules for gifts in kind? By: Helen Weeber If your not-for-profit organization accepts contributions of nonfinancial assets, such as land, services, and supplies, you should know about Financial Accounting Standards Board (FASB) rules approved last year. Accounting Standards […]
Avoid buying unreliable — or fraudulent — insurance coverage By: Anthony LaNasa Bad faith denials of claims by insurers are illegal, but some dishonest companies or agents attempt them anyway. It’s possible that just when you have the greatest need, you’ll find […]
Fraud Lurks: In Your Employees Part 2 By: Stanley Olejarski CPA CGMA Last month’s Fraud Lurks article featured employee fraud/embezzlement – part one. The article referenced the Association of Certified Fraud Examiners (ACFE) report on the costs and effects of occupational fraud. […]
Providing education assistance to employees? Follow these rules By: David M. Reape Many businesses provide education fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year […]
Minimize the need to make year-end financial adjustments By: Helen Weeber If your not-for-profit periodically prepares internal financial statements for your board, you may have noticed that your auditors propose adjustments to these interim statements at year-end. Why do auditors do […]
Assess your supply chain’s fraud risk By: Anthony LaNasa The COVID-19 pandemic has put enormous pressure on global supply chains. As companies struggle to obtain the goods and materials they need, they may not pay as much attention to […]
Claiming the business energy credit for using alternative energy By: David M. Reape Are you wondering whether alternative energy technologies can help you manage energy costs in your business? If so, there’s a valuable federal income tax benefit (the business energy credit) that […]