According to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE), the average organization loses 5% of its annual revenues to fraud. Bear in mind, that’s the top line of your income statement, not the bottom. So, your company is expected to lose an average of $50,000 to  Continue Reading »

You might have to close up shop for a while if your business is hit by a natural disaster; hurricane, windstorm, blizzard, or if it falls victim to arson or terrorism. As a result, you could suffer a major loss of income. A key component to continuing as a thriving enterprise after a disaster is to  Continue Reading »

Many business owners and executives feel like they’re admitting defeat when filing Chapter 11 bankruptcy, but it shouldn’t be that way. Chapter 11 immediately freezes all financial claims against the company and stops lawsuits and collection activities. The automatic stay provision of Section 362 in the bankruptcy code is the most important provision in achieving this goal.  Continue Reading »

This is a useful library of some IRS publications covering issues that can affect businesses and employers. The rules are often complicated and can be difficult to implement. Contact your tax adviser for more information.   Title Publication Number Description Basis of Assets 551 The amount of your investment in property used to figure depreciation,  Continue Reading »

There’s no doubt that technology has transformed our lives, from mobile apps to the Internet. It facilitates financial transactions and the transmission of information. But with convenience, it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Thieves use personal data to access  Continue Reading »

Donations from a will may not actually get to your organization for some time because of probate and estate administration. That raises the issue of what value and what date to use in issuing the official tax receipt. When a will contains a gift in kind to be donated, the timing for when the organization actually receives  Continue Reading »

Many of us have bought stock in a company that later failed over the years. While you may prefer to forget such an investment, don’t forget to claim your rightful capital loss deduction on your tax return. But beware that figuring out when to claim a worthless stock loss can be tricky. Here are the two ways  Continue Reading »

When faced with the choice of leasing certain assets instead of buying them outright, many companies are choosing to lease. These arrangements are especially common among construction contractors, manufacturers, retailers, health care providers, airlines and trucking companies that rely on expensive equipment or real estate in their day-to-day operations. According to estimates made by the  Continue Reading »

The tax elections you make on your 2015 personal tax return can be extremely important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers in Maine and Massachusetts due to their Patriot’s Day  Continue Reading »

Overpayments of sales and use taxes may be caused by various situations. For example, retailers and suppliers have been aggressive about charging sales tax to avoid audit deficiencies because field auditors in many states, like Maine, have become more aggressive about assessing taxes, interest, and penalties. Sales tax may be charged in some cases even when a  Continue Reading »