Whether you manage a for-profit or not-for-profit, publicly held or privately owned organization, it is critical that a fraud risk assessment be performed to understand the company’s exposure and identify gaps in control coverage.
Our approach to assessing a fraud risk includes:
Identifying relevant fraud risk factors
Based on our experience, there are many potential fraud risk areas that organization can encounter. Some of the most common are cash manipulation, revenue misstatement or income manipulation, understatement of payables, thefts of inventory or other fixed assets, and kickbacks or fraudulently removing assets from the company to commit Foreign Corrupt Practices Act (FCPA) violations.
Every year, hundreds of thousands of people lose money to telephone scams. One of the most infamous scams is the IRS scam - and it is still on the rise. On July 19, the IRS issued its Tax Tip 2018-111, "Here's How the IRS Contacts Taxpayers", to help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information and ultimately his/her money.
On March 13, 2018 the IRS announced five new compliance campaigns (3/13/18 IRS Announcement - SECA Tax), one of which relates to the reporting of self-employment income by limited partners in partnerships and LLCs. In the past there has been much uncertainty and inconsistency about the reporting of self-employment income by LLC members. Sec. 1402(a)(13) states that, other than guaranteed payments, the distributive share of all other income to a "limited partner" is excluded from self-employment tax. This has led to many LLC members, whether active in the business or not, to exclude their earnings from self-employment taxes.
You have done your planning to make an IRA contribution or Roth IRA conversion and visit your broker to complete the paperwork to make the magic happen. You're given a myriad of documents to complete to set the account up, provide funding details and selecting a beneficiary. You start to gather your things to leave and then you're handed a three page document that appears to be a lot of "boiler plate" language and your broker tells you that no signature is required. You may not be aware that this document is the contract between you and your custodian and it lays out all of the rules you have agreed to follow. Much like a qualified retirement plan, the document governs everything.
The Michigan offices have been voted by the Michigan Business & Professional Association (MPBA) as one of 2018’s best and brightest companies to work for in Metropolitan Detroit for the 15th year in a row! Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.
Pfizer recently announced a major restructuring into three business segments. The move followed an unsuccessful attempt by the company to market its OTC, or Consumer Healthcare segment as it will be named under the new regime. The reorganization will position the company’s most promising growth area as its rebranded Innovative Medicines segment with the existing business lines from the old segment, as well as adding biosimilars and a new hospital business unit.