Category Archives : Accounting and Taxes

Killing billing fraud schemes

Killing billing fraud schemes Employee billing fraud can take a big bite out of a company’s profits.  Motivated by the potential for big rewards, thieves have come up with a variety of billing fraud schemes. But businesses and their legal advisors can help prevent large losses and possibly enhance their chances of a successful prosecution […]

It’s Time to Tighten Internal Controls

Strong internal controls can protect a company from fraud losses and reduce its exposure to liability. Since executives frequently lack the time and expertise to evaluate their controls, they may be wise to consider seeking external advice from a financial consultant. Today’s business managers have more reasons than ever before to tighten internal controls. The […]

Measuring Fair Value – Recent Statement Likely Will Have Wide-Ranging Effect

A recent Financial Accounting Standards Board (FASB) statement, No. 157, Fair Value Measurements, is likely to affect every company’s financial reporting. As this article discusses, the statement defines and establishes a framework for measuring fair value and becomes effective for financial statements for fiscal years beginning after Nov. 15, 2007. Among other things, FASB 157 […]

FIN 48 Expands Reporting Requirements

Initially released in June 2006, Financial Accounting Standards Board (FASB) Interpretation 48 (FIN 48), Accounting for Uncertainty in Income Taxes, significantly revised the requirements for measuring and disclosing uncertain tax positions. FIN 48 requires both public and private companies to examine their uncertain tax positions and disclose any related potential tax liabilities on their financial […]

Attorneys’ Fees and Income Taxes: Is the issue finally resolved?

For years, the federal appellate courts split over whether contingent fees paid out of judgments or settlements in employment discrimination cases were taxable to the plaintiff. The American Jobs Creation Act eases the tax burden on most discrimination plaintiffs by providing an “above-the-line” deduction for these fees. But a recent Supreme Court ruling mandates a […]

Insurance fraud: Is your client being scammed?

Abstract: Although businesses potentially can become victim to a variety of schemes intended to bilk insurance companies and workers’ compensation funds, on-the-job injury and property-casualty fraud are the most common. But there are specific clues that fraud experts use to uncover dishonest behavior. In addition to investigating workers’ comp or property-casualty claims, they can help prevent […]

Secrets behind securities fraud

Secrets behind securities fraud Thanks to the widespread popularity of retirement accounts and college savings plans, growing numbers of individuals, entities and institutions have poured into the securities and commodities markets in recent years. Increased participation has, in turn, led to increased opportunities for — and incidents of — fraud. When victimized investors turn to […]

Re: 2012 American Taxpayer Relief Act Overview

Dear Client: After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress has passed legislation to avert the tax side of the so-called “fiscal cliff.” The American Taxpayer Relief Act permanently extends the Bush-era tax cuts for lower and moderate income taxpayers, permanently “patches” the alternative minimum tax (AMT), provides […]