What Makes an Audit Issue “Material”?
One of the most important terms in financial auditing may get a redefinition — or at least a clarification.
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Prevent Hackers From Wiping out Your Employees’ 401(K) Accounts
News of commercial database hackings may seem commonplace in 2019. But while many of these stories focus on hacked bank and credit card accounts, 401(k) plan sponsors and participants probably don’t realize that their plan assets also are at risk.
How Entrepreneurs Must Treat Expenses on Their Tax Returns
Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and…
Can You Spot a Conflict of Interest?
Conflicts of interest can present significant fraud risks for school districts. They are also one of the most difficult areas of fraud to investigate and document — and, if you’re not careful, an improper investigation can create counterclaims and civil actions against your district and fraud…
Why Executives Pose the Greatest Occupational Fraud Risk
In its 2018 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) reported that owners and executives accounted for only 19% of all fraud cases. Yet they caused a median loss of $850,000, vs. a median of $100,000 for rank-and-file employees.…
Deducting Business Meal Expenses Under Today’s Tax Rules
In the course of operating your business, you probably spend time and money “wining and dining” current or potential customers, vendors and employees. What can you deduct on your tax return for these expenses? The rules changed under the Tax Cuts and Jobs Act (TCJA), but you can still claim some…
Congress Lets Tax Relief Provisions Expire, Fails to Fix Tax Reform Glitches
The 2019 tax deadline came and went without fixes to some known issues in the Tax Cuts and Jobs Act (TCJA), frustrating both individual and business taxpayers. In addition, Congress did not pass traditional legislation that retroactively extends certain tax relief provisions that expired at the end…
Complex Variable Interest Entity Rules Relaxed for Private Companies
When private manufacturers own real estate or expand to new business ventures, they often set up separate legal entities to hold those properties. Current accounting rules require financial data from such “variable interest entities” (VIEs) to be consolidated on the controlling entity’s balance…
ESG Issues: To Report or Not to Report?
Securities and Exchange Commission (SEC) Chairman, Jay Clayton, recently stated that public companies should not be required to disclose information concerning environmental, social and governance (ESG) matters in their financial statements, using a standardized format. Currently, these disclosures…