If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise Sales You may already have made taxable ‘sales’ of part of your mutual fund investment without knowing it. One way this can happen is if your mutual fund allows...
Forensic accountants are engaged for a wide variety of assignments, among them investigating fraud, auditing internal controls and quantifying damages associated with legal disputes. All of these require attention to detail and a diverse set of skills including mathematical, technological, legal, and investigative. But the...
If your small business is planning for payroll next year, be aware that the ‘Social Security wage base’ is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will increase from $137,700 in 2020 to $142,800 in 2021. For 2021,...
A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That is why it is important to identify and manage potential conflicts of interest. What is a Conflict of Interest? According to the America Institute of CPAs (AICPA), “A...
When encountering the phrase “employee with a disability,” you might immediately envision a person with an obvious physical impairment. Even the internationally used symbol for accessible areas is a person in a wheelchair. However, many disabilities are not so apparent. Conditions such as Crohn’s disease, diabetes,...
You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you have not already done so, consider writing a letter of instruction. Elements of the Letter A letter of instruction is an informal document providing your...
It would be an understatement to say 2020 has been challenging. Leaders of non-profits still standing are justified in worrying about strained budgets and their ability to deliver on their organization’s promises during a pandemic, financial crisis, and time of social and political upheaval. Staffers are...
It has been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little...
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic). If you are finally done filing last year’s return, you might wonder: Which...
Not all shell companies are dishonest. Despite their often-sinister reputation, these paper-only companies may be used legitimately to hold another business’ assets. Or they may be the ‘empty container’ left after a company downsizes or is acquired. That said, some fraud perpetrators use shell companies...