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 [...]

Lessons from the Tank

| Business Miscellaneous

By Chris Mennel     Millions of people have tuned into ABC’s “Shark Tank” to see whether amateur and experienced entrepreneurs can land a deal with one of the millionaire or billionaire sharks.  We may watch for the entertainment value; but after 7 seasons, there are real-life lessons to be learned.   In fact, selling ownership in a company isn’t much different than pitching an idea to a new program partner, potential donor, or board of directors. To be effective, you have to know Read more [...]
Oh What A Difference a Day Makes

Oh, What a Difference a Day Can Make

| Business Miscellaneous, News

By W. Owen Pryor, CPA       On what appeared to be a normal day, a trip to a California junk shop proved to be life changing for one lucky customer. A seemingly innocent $2 purchase is now thought to be valued at a whopping $5 million. Turns out the decision to purchase a random black and white photo, which has been authenticated to be Billy the Kid, will now present quite a serious tax situation for the potential $4,999,998 capital gain. Let’s take a look into what this lucky customer, Randy, Read more [...]