blog
August 16, 2019
“Innocent Spouse” Relief from Tax Liability

In some cases, spouses are eligible for “innocent spouse relief.” This generally involves individuals who were unaware of a tax understatement that was attributable to the other spouse. To qualify, you must show not only that you didn’t know about the understatement, but that there was nothing that should have made you...

August 16, 2019
Social Listening Strategies for Nonprofits

How well do you listen to your not-for-profit’s supporters? If you don’t engage in “social listening,” your efforts may not be good enough. This marketing communications strategy is popular with for-profit companies, but can just as easily help nonprofits attract and retain donors, volunteers and members....

August 10, 2019
Is it Time to Hire a CFO or Controller?

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore.  If you can relate to the feeling, it may be time to add a CFO o...

August 9, 2019
ASC 606 Revenue Recognition Guidance Introduces Transfer of Control

ASC 606 provides different guidance about revenue recognition because it explains things differently about completion of contracts. Instead of thinking about revenue recognition based on being able to estimate the contract value and duration, it considers it in terms of “performance obligations” and how they transfer c...

August 5, 2019
The Best Method to Fight Business Fraud

When it comes to reducing business fraud loss and duration, active detection methods (such as surprise audits or data monitoring) are far more effective than passive methods (such as confessions or notification by police). This was a major finding of the latest Association of Certified Fraud Examiners (ACFE) ...

July 25, 2019
Is Your Phone a Fraud Risk?

As more people use mobile phones, more fraud perpetrators target these devices. According to Javelin Strategy & Research, between 2017 and 2018 the number of fraudulent mobile-phone accounts opened grew by 78%. Schemes in which thieves open a phone account in your name and use it to access your bank account, sign up fo...

July 24, 2019
Strategic Planning Meeting Tips

Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out just doesn’t work. Here are a few ways to run your strategic...

July 23, 2019
What is the Nanny Tax?

You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations....

July 22, 2019
Should You Revise Your Nonprofit’s Bylaws?

Your not-for-profit has likely grown and evolved since it was founded. Have your bylaws kept pace? Bylaws are the rules and principles that define your organization — and, if you haven’t revisited them recently, they may not be as effective as they could be....

July 22, 2019
Anti-Fraud Checklist for Construction Companies

According to the Association of Certified Fraud Examiners’ Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse, organizations victimized by fraud lose a median $130,000. But construction companies, in particular, are even harder hit, with a median loss of $227,000. What can you do to protect your c...

July 22, 2019
Assess for Fraud Risk Before You Experience Financial Loss

If you’re like most business owners and executives, you may not actively search for fraud risks — until there’s an incident and you’re facing possible losses. Although publicly traded companies must conduct fraud risk assessments, privately held businesses don’t have the same requirements. Nevertheless, reviewing inter...

July 17, 2019
Summer is a Good Time to Review Your Investments

You may have heard about a proposal in Washington to cut the taxes paid on investments by indexing capital gains to inflation. Under the proposal, the purchase price of assets would be adjusted so that no tax is paid on the appreciation due to inflation....