What can One Word Tell you about a Company

What can one word tell you about a company?

| Business Miscellaneous

By Chris Mennel, CPA Living in a home built in 1910, I spend more time in Lowes than I care to think about. On one recent trip, it occurred to me that I’ve been seeing an awful lot of dogs in the store lately. It’s not uncommon to see a service dog, but you certainly don’t see multiple service dogs on a single visit to a store. At checkout, I commented on it and the clerk responded, “They’re dog friendly now”. I casually said I’m sure the dog owners enjoy it and then went about Read more [...]
Problem in young couple

Should you offer spousal health care coverage?

| Business Briefs, Business Miscellaneous

When looking to manage benefits costs, employers have many ideas to consider. One in particular is whether and how to offer health care insurance to their employees’ spouses. The Affordable Care Act doesn’t require spousal coverage. It only requires coverage for dependent children. But many employees may frown on seeing spousal coverage suddenly become expensive or vanish entirely. So this is a question warranting careful forethought. 2 established ways Essentially, there are two established Read more [...]
Pocketing company money. Cropped shot of a businessman placing money into his pocket

When it happens to you: An overview of what to expect when the suspicion of employee fraud enters your office

| Business Briefs, Business Miscellaneous

By Jean R. Patterson, CPA, CFE (As printed in the July 19, 2016 issue of DE Dental Economics, a dental industry news publication.) When I meet dentists and they learn that I am a fraud examiner, their reactions are generally the same. I call it the "how-interesting-but-I-totally-can't-relate" response. I sometimes feel like I am selling hurricane insurance in the Midwest. While all agree that hurricane insurance is a good thing, they just do not feel they need it. Here are some of the more Read more [...]
Nonprofit functional expense - blue

Nonprofit functional expense reporting and how to make sure it’s accurate

| Audit and Accounting, Business Miscellaneous

By Natalie Hopkins and Chris Mennel     One of the fun parts about offering auditing and accounting services to various nonprofits (that’s right, we used fun and auditing in the same sentence #accountingnerd), is getting to see the operations of different types of organizations.  There are some amazing missions, people and passions in the nonprofit community.   While every organization is different, there are certain parallels in the composition of an organization’s audited financial statement, Read more [...]
Business Entity Report

Don’t forget to file your Business Entity Report

| Alerding Alerts, Business Miscellaneous

Recently, several of our clients businesses’ were administratively dissolved because they failed to file their annual or biennual (every two years) Business Entity Reports with the Indiana Secretary of State.  It’s a simple inexpensive form to file, but a critical one to keep your company or nonprofit organization running smoothly. The deadline is tricky, which is why these clients overlooked the filing of this form. The filings are due during the anniversary month of your business’ formation Read more [...]
Part 3 - how to prevent business identity theft

How to prevent business identity theft

| Business Briefs, Business Miscellaneous

(Part 3 of 3 in the Business identity theft series) Business identity theft is one of the newest threats to businesses across the country.  Once a business’ identity has been compromised, the criminals can go on a spending spree buying electronics, office equipment, gift cards, liquidating lines of credit or opening new lines, filing fraudulent tax returns and more.  In severe cases, businesses have even had to close their doors because of insolvency caused by these criminal activities.  It Read more [...]
How is employee fraud like gingivitis Artwork

How is employee fraud like gingivitis?

| Business Miscellaneous

By Jean Patterson, CPA, CFE (As printed in the Jan.-Feb. 2016 issue of Apex360, a dental industry news publication) In one of my study club presentations, I begin with this question: "How is employee fraud like gingivitis?" As it turns out, there is more than one answer. Both are costly and both can progress over time. The answer that was my focus, however, was "Both are preventable." No procedures can guarantee that you will never become a victim of employee fraud. There are, however, Read more [...]
Part 2 - What can a criminal due with EIN

What can a criminal do with your stolen business’ EIN number?

| Business Briefs, Business Miscellaneous

(Part 2 of 3 in the Business identity theft series) A great deal!  How would you respond to receiving an $800,000 notice of deficiency requiring immediate payment for unpaid payroll taxes for 100 employees who never even worked for your company? This scenario is exactly what happened to a Captain D’s Seafood franchisee in Georgia. Thieves stole his Employer Identification Number (EIN) and used it in a tax refund scheme reporting more than $4 million in fictional salaries to the IRS and state Read more [...]
Part 1 - Could your business become a victim

Could your business become an identity-theft victim?

| Business Briefs, Business Miscellaneous

(Part 1 of 3 in the business identity theft series) Individual identity theft has received a lot of press in recent years, but what about the theft of a business’ identity? Business identity theft is proving to be easier and more lucrative than stealing a consumer’s identity. In 2014, JP Morgan Chase acknowledged a massive data breach that affected 76 million households and 7 million small businesses. Business theft occurs when criminals pose as owners or employees to obtain cash, credit Read more [...]
Alerding Alert Image for FB &  LinkedIn

FASB Issues New Lease Standard

| Alerding Alerts, Business Miscellaneous

On February 26, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02 – Leases.  This landmark standard will change the entire financial reporting landscape for entities that are a-party to Operating Lease Agreements as lessees. The new standard will require entities to record a “Right-of-Use” asset and an Operating Lease Liability at the time the Lease is entered into or when this accounting standard is adopted.  The Right-to-Use asset Read more [...]