Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
Category: Audit & Advisory
Protecting Employee 401(k) Savings from Fraud
Recently, a 401(k) participant lost approximately $740,000 in an intricate scam orchestrated by overseas criminals. Alarming cases also reveal that friends, family, and even employers have been implicated in 401(k) […]
FinCEN Extends BOI Reporting Deadline for Hurricane Victims
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine will have an additional six months to […]
New CTA Requirements for LLC Owners
Attention LLC Owners – Time is running out to comply with the new CTA requirements! Did you know that most limited liability companies (LLCs) are subject to a new filing […]
Do Marketability Discounts Apply to Controlling Business Interests?
Marketability discounts commonly apply when valuing minority interests in closely held businesses, but many valuation experts believe they may also apply to controlling business interests. These discounts reflect the uncertainty […]
Preparing for and Responding to an IRS Audit
The IRS is ramping up its audit efforts, targeting large businesses and high-income individuals. By 2026, the agency plans to nearly triple its audit rates for large corporations with assets […]
Do You Have a Fraud Disaster Plan?
Your business likely has a disaster plan for emergencies like fires, natural disasters, or terrorist attacks that could disrupt operations and endanger lives. While a fraud contingency plan might […]
Alert: Does BOI Reporting Apply to Your Business?
This is a reminder that your business may be required to comply with new beneficial ownership information (BOI) reporting rules that took effect in 2024. Who needs to be aware […]
Thinking Ahead to Your Next Form 990
The deadline for most not-for-profits to file Form 990 with the IRS (May 15, 2024) has come and gone. Assuming your organization operates on a calendar-year tax basis and filed […]
Nonprofits: Act Thoroughly on Audit Findings
External audits can help assure your not-for-profit’s stakeholders that your financial statements are fairly presented according to U.S. Generally Accepted Accounting Principles. They can also help prevent occupational fraud. Often, […]
What To Do If Your Business Is Defrauded
Occupational fraud is more than just a financial hazard. It can transform a company’s reputation, culture, and relationships. However, before dealing with any of the deeper repercussions from fraud, exposed organizations must “clean […]
Why Would Your Businesses Want “Know Your Customer” Policies?
Financial institutions, investment service companies, insurers, and creditors are generally required to implement and adhere to know-your-customer (KYC) policies as part of a larger anti-money laundering (AML) strategy. Although most […]
