Blog
Financial Statement Fraud Red Flags
Over the last several years, the number of cases related to financial statement fraud has experienced a gradual increase. In fact, according to a recent Cornerstone Research report, Accounting Class Action Filings and Settlements—2014 Review and Analysis, shows the...
Following the Paper Trail for Corporate Fraud
How financial statements reveal corporate fraud The U.S. economy is finally recovering from the effects of the recession, but at least one major financial risk remains — corporate fraud. Fortunately, a CPA certified in financial forensics (CFF) can help companies and...
Government Contract Audits and How to Survive Them
Ensure your accounting practices are ready for a contract audit With the US Government spending billions of dollars on contracted expenditures, such as DCAA assessed defense contract with businesses, audits by government entities are commonplace to justify those...
Hidden Assets in a Business Owner’s Return
Experts look to tax returns in hidden-asset investigations Business owners involved in divorce or engaged in fraudulent activity have plenty of motivation to manipulate their companies’ financial statements for their own ends. Fortunately, for financial experts such...
How the New Tangible Property Regs Apply to Small Business
Is it a depreciable asset or not? The Internal Revenue code (IRC) states that you must capitalize all tangible property acquired, produced, or improved regardless of the size and price. So in theory, the IRC requires you to put the $19.99 USB stick that you bought as...
The Importance of Mileage Tracking for Employees – 5 Things to Consider
Modern smartphone and data management applications help maintain mileage logs As common and routine as it may be, taking another look at your mileage tracking process for employees can be another way to tighten your accounting records. The IRS requires transportation...
Your Maryland CPA Firm and Independence – Part 2
In part 1 of our blog article series on CPA firm independence, we provided the definition and discussed the ethical guidelines Maryland CPAs should follow. In today’s installation, we discuss why independence of your CPA is so important and provide insight into the...
Is Your Data Safe?
What small businesses need to know about data security Does your company have sufficient safeguards in place to protect client, employee, and company data? Donna Dietz, president at CMIT Solutions, states that hackers prefer small to medium size businesses. Why? These...
What’s Going on with GSA Schedule Contracts?
Some of the Latest on GSA & VA Schedule Contracts GSA manages forty different schedules including ones specific to the Veteran Administration (VA) as well as a few that allow purchases from multiple schedules at once. Both the GSA and VA schedules offer a wide...