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Less Expensive CPAs Don’t Equate to Savings
CPAs often get a bad rap for their field being dull. But the truth is that a good CPA can help your business with financial strategy, reduce your tax obligations, and ensure your company is meeting audit requirements for your government contracts and bank financing...
DCAA Compliant Timekeeping
DCAA Compliant Timekeeping One would think, timekeeping would be a simple process. An employee is paid for 40 hours a week, so how difficult can it be? Not so fast. The Defense Contract Audit Agency (DCAA) focuses on the labor charges process just as much as, if not...
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...