New ACFE Study: Knowledge Is Power in the Fight Against Fraud

Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes, perpetrators and victims of occupational fraud. “Occupational Fraud 2022: A Report to the Nations” was recently released. It covers more than 2,100 cases of white-collar crime, occurring in 133 countries. Consistent with the previous study, the 2022 report estimates…

Read More

New Tax Reporting Requirements for Payment Apps in 2022 Could Affect You

If you run a business and accept payments through third-party networks such as Zelle, Venmo, Square or PayPal, you could be affected by new tax reporting requirements that take effect for 2022. They don’t alter your tax liability, but they could add to your recordkeeping burden, as well as the number of tax-related documents you…

Read More

New Digital Asset Reporting Requirements Will be Imposed in Coming Years

The Infrastructure Investment and Jobs Act (IIJA) was signed into law on November 15, 2021. It includes new information reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for cryptocurrency transactions. Existing reporting rules If you have a stock brokerage…

Read More

Federal Tax News for Businesses

federal tax

1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. In one case, a personal trainer filed tax…

Read More

Part of the ‘New Normal” May Be More Fraud

According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if you’re now welcoming employees back in person or getting your business back to full…

Read More

Construction Contractors: Fraud Prevention Starts With You

From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than the $125,000 for all industries. Many factors make businesses in the sector rife for…

Read More

Watch Out for IRS-Related Phishing Scams

The Treasury Inspector General for Tax Administration (TIGTA) is warning taxpayers about criminals who have been impersonating Internal Revenue Service (IRS) employees, both over the phone and through email. To spot an IRS phone scammer, look out for these signs: The caller uses threatening language The caller aggressively demands immediate payment to avoid being criminally charged…

Read More

Insuring Your Business Against Cyber Liability

Lock image on coding

According to one study done by the US Small Business Administration, 88% of small business owners feel their business is vulnerable to a cyber attack.1 These concerns may be well founded: according to another study, 46% of all small businesses have at some point been the target of a ransomware attack.2 Business owners are required to…

Read More

How Virtual Currency Transactions Affect Your Tax Situation

Virtual currencies, also known as cryptocurrencies, have gone mainstream. For example, you can use Bitcoin to buy a Tesla, or you can use a Bitcoin wallet on your smartphone to make everyday purchases. But beware: Using virtual currency has federal income tax implications that may surprise you. With increasing market acceptance and the skyrocketing price of…

Read More

Make the Most of Patient-Facing Technology

Patient-facing technologies — or a healthcare practice’s phone system, website and patient portal — offer new and current patients ways to access the practice’s services. The importance of these technologies shouldn’t be underestimated. This article looks at each technology category and explains how practices can ensure that these technologies provide the best possible experiences for…

Read More