The Internal Revenue Code requires businesses to maintain records of their activities including invoices for services rendered, bank records and invoices for expenditures made for business purposes. It is also wise to have a system of accounting, a spreadsheet with...
Any financial investigation, specifically income tax (civil or criminal), partnership embezzlement, and divorce, require books and records to be successful in tracing expenses and following the money. Without them the chances of success are diminished. In income tax...
We read in the newspaper that the number of audits is down to less than 1%. In the Kiplinger article dated April 30, 2014, the Commissioner of the Internal Revenue Service (IRS) advised the agency will perform 100,000 or fewer audits this year. The odds are...
The Tax Cuts and Jobs Act of 2017 (Public Law 115-97) modified the child tax credit (CTC) to provide a nonrefundable credit for qualifying dependents other than children (ODC) and amended Section 6695(g) to add due diligence requirements to cover eligibility to file...
What is Forensic Accounting? Forensic accounting, sometimes called investigative accounting, is the application of accounting concepts and techniques to legal problems. Forensic accountants investigate and document financial fraud and white-collar crimes such as...
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