Required Minimum Distributions (“RMD”) From Retirement Plans In 2022
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) have made several important changes to required minimum distributions (“RMD’s”) which were effective in 2020, including the waiver of RMD’s and increasing the applicable age from 70 ½ to 72. Currently, no […]
Client Memo Fraudulent EFTPS E-Mail Scams
There is a new e-mail scam related to the Electronic Federal Tax Payment System (EFTPS) that we want you to be aware of. According to the IRS, the scheme targets individuals and businesses who utilize EFTPS to pay their federal taxes online or via telephone. The fraudulent e-mail claims that the user’s tax payments were […]
Client Memo – Estate Beneficiary
Client Memo – Red Flags
Fraudsters exhibit behavioral warning signs of their misdeeds. These red flags are not to be ignored as they might be the key to detecting or deterring fraud. Employee Red Flags – Employee lifestyle changes: expensive cars, jewelry, homes, clothes Significant personal debt and credit problems Addiction problems: substance abuse, gambling, and excessive drinking Refuse to […]
Client Memo – Fraud Prevention
A strong system of internal accounting controls is important in preventing fraud. The internal control system consists of the mechanisms that are in place to protect company assets. The assets most vulnerable to loss include: Cash Accounts Receivable Inventory and Fixed Asset Confidential Information We have listed below some of the procedures and policies that […]
Client Memo – Common Types of Fraud Schemes
There are two types of fraud, occupational fraud, and financial statement fraud. Of the two, occupational fraud is the most costly to small businesses. The common types of occupational fraud schemes include the following: 1. Asset misappropriation – Skimming. This is the most common form of cash misappropriation. Skimming is stealing incoming cash before it […]
Client Memo – Big Concern for Small Business
According to various studies conducted by the Association of Certified Fraud Examiners (ACFE, www.cfenet.com), the per-employee losses from fraud in the smallest businesses are 100 times the amount of their largest counterparts. This is mainly due to the fact that small businesses have limited resources to perform adequate employee prescreening and implement sufficient internal controls […]
Client Memo – IRS Warns of Phone Scams
We would like to bring to your attention a recent warning issued by the IRS about a phone scam that targets people across the nation. Callers claiming to be from the IRS would tell intended victims that they owe taxes and must pay using a pre-paid debit card or wire transfer. The scammers threaten those […]
