In Austin, TX, an individual convicted of conspiracy recently had his conviction overturned by the 5th Circuit Court of Appeals in New Orleans. During oral arguments for the appeal, the Austin American–Statesman newspaper stated, “The federal judges weighing his...
When reviewing transactions in an accounting system it is important to pay particular attention to journal entries. Journal entries are used to adjust accounting records for activities that are not cash in nature. When dealing with an accrual accounting system,...
The Paycheck Protection Program (PPP) initially authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms were established to be the same for everyone. The loan amounts will be forgiven as...
As a way to stay on top of company expenses, my credit card company recently recommended I provide my employees with their own business credit card. If you’re in business for yourself, this has probably happened to you. The benefits outlined in their sales brochure...
Income tax evasion and fraud occur daily in the United States, and Internal Revenue Service (IRS) studies show that the largest arena of fraud is the small solely-owned business. The average citizen receives wages or a salary and taxes are withheld, therefore their...
The Association of Certified Fraud Examiners recently issued its Report on Fraud to the Nation for 2014. The report cites three major areas of occupation fraud: asset misappropriation, corruption, and financial statement fraud. “Small businesses are both...
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