Why auditors monitor journal entries
July 18, 2024 Knowledge Center
Why auditors monitor journal entries

With a median loss of $766,000, financial misstatement schemes are the costliest type of fraud, according to “Occupational Fraud 2024: A Report to the Nations,” a study published by the Association of Certified Fraud Examiners. Fortunately, auditors and forensic accountants may be able to detect financial statement fraud by testing journal entries for errors and […]

Watch out for tax misinformation on social media
July 16, 2024 Knowledge Center
Watch out for tax misinformation on social media

Social media gets blamed for a lot these days — sometimes for good reason. Recently, the IRS issued a warning to individual and business taxpayers to beware of false claims about various federal tax breaks that appear on social media platforms. The common denominator of such claims is that they involve legitimate tax provisions for […]

Could a cash balance retirement plan suit your organization?
July 10, 2024 Knowledge Center
Could a cash balance retirement plan suit your organization?

When an employer is ready to sponsor a new qualified retirement plan for its employees, it will have many options to choose from. Although “401(k)” may be the first thing that comes to mind, some lesser-known plan types could suit the needs of some organizations under certain circumstances. One example is a cash balance plan. […]

Bookkeeping provides a solid foundation for financial reporting
July 8, 2024 Knowledge Center
Bookkeeping provides a solid foundation for financial reporting

There are currently more than 33 million small businesses in the United States, according to the U.S. Chamber of Commerce. To succeed in today’s competitive markets, it’s essential for your business organization to have accurate books and records. Bookkeeping vs. accounting  For starters, you should understand the distinction between bookkeeping and accounting. Bookkeeping refers to the systematic […]

Valuing donations of private business stock
July 3, 2024 Knowledge Center
Valuing donations of private business stock

Some business owners may be considering donating corporate stock to charities in 2024. Donations of public stocks are generally easy to value because their prices are listed on public stock exchanges. But valuations of private business interests are typically more complicated. Here’s some guidance on how valuators determine the fair market value (FMV) of closely […]

Protecting your business from real estate fraud
July 2, 2024 Knowledge Center
Protecting your business from real estate fraud

Whether your company acquires businesses that own real estate or you invest in real estate directly, fraud poses an ever-present threat. Buying and selling real estate is complicated, and it’s relatively easy for crooks to manipulate the process. To help mitigate real estate fraud threats, thorough due diligence is essential. Staying current on common schemes […]

Undue influence claims may upend your estate plan
June 26, 2024 Knowledge Center
Undue influence claims may upend your estate plan

One of the goals in creating a comprehensive estate plan is to maintain family harmony after your death. Typically, with an estate plan in place, you have the peace of mind that your declarations will be carried out, as required by law. However, if someone is found to have exerted “undue influence” over your final […]

SECURE 2.0: Which provisions went into effect in 2024?
June 24, 2024 Knowledge Center
SECURE 2.0: Which provisions went into effect in 2024?

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that […]

Social Security tax update: How high can it go?
June 19, 2024 Knowledge Center
Social Security tax update: How high can it go?

Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security tax they pay. If you’re an employee If you’re an employee, your wages are hit with the 12.4% Social Security tax up to the annual wage ceiling. […]

The Tax Consequences of Selling Mutual Funds
June 17, 2024 Knowledge Center
The Tax Consequences of Selling Mutual Funds

Do you invest in mutual funds or are you interested in putting some money into them? If so, you’re part of a large group. According to the Investment Company Institute, 116 million individual U.S. investors owned mutual funds in 2023. But despite their widespread use, the tax rules involved in selling mutual fund shares can […]

Timelines: 3 ways business owners should look at succession planning
June 12, 2024 Knowledge Center
Timelines: 3 ways business owners should look at succession planning

Business owners are rightly urged to develop succession plans so their companies will pass on to the next generation, or another iteration of ownership, in a manner that best ensures continued success. Ideally, the succession plan you develop for your company will play out over a long period that allows everyone plenty of time to […]

New survey reveals top audit committee concerns
June 7, 2024 Knowledge Center
New survey reveals top audit committee concerns

Audit committees act as gatekeepers over the accounting and financial reporting processes, including the effectiveness of the company’s control environment. However, as the regulatory landscape becomes increasingly complex and organizations face evolving risks, the scope of an audit committee’s responsibilities may extend beyond traditional financial reporting. Top-of-mind list In March 2024, a survey entitled “Audit […]