In the past 15 years, the terms ‘forensic accounting’ and ‘forensic accountant’ have become important parts of the financial crime lexicon and more widely heard each day. What is this specialization? What does ‘forensic accounting’ entail? Is there a body that regulates persons who practice it? Who uses ‘forensic accountants’? Forensic accountants are one of the fastest growing populations in financial crime and other fields....

IRS is Open for Business On March 5, 2013 (sixty four days after the end of the year) the Internal Revenue Service announced that it has completed the updating of its tax processing system as well as extensive modifications to certain tax forms. The IRS is able to process all individual and business returns effective immediately. The updating of the IRS systems and forms was needed in response to the American Taxpayer Relief Act (ATRA)...

Mortgage Debt Forgiveness Act Extended On January 2, 2013 Congress enacted the American Taxpayer Relief Act (ATRA) that included many changes to 2012 tax law. One of the tax reliefs that were set to expire on December 31, 2012 was the mortgage debt forgiveness on principle residences. This act, which was passed in 2007, allows taxpayers to avoid paying income taxes for mortgage indebtedness that was forgiven on their home instead of paying...

Tax Return Filling Delayed The Internal Revenue Service announced that it will not process any individual income tax returns until January 30th- at the earliest. On January 2, 2013 Congress enacted the American Taxpayer Relief Act (ATRA) that made changes to 2012 tax law, but the IRS is not ready to process returns. The IRS needs to update many tax forms and make changes to their computer processing systems. For the “less complex taxpayer”...

Dear Clients and Friends, We have seen a tremendous amount of tax law changes pending from our friends on the Hill. As the New Year is fast approaching, it’s important that you contact us so we can consider potential tax planning strategies for 2012. It is alarming and frustrating but we still do not know if our friends on the Hill will allow several provisions to expire or permit several new provisions to go into effect – making tax...

Impact of Risk Management and Internal Controls Opportunity, pressure, and rationalization are the key identified points of the Fraud Triangle. Within any organization, regardless of size, the risk of fraud can be mitigated by utilizing internal controls (fraud prevention techniques) in order to specifically reduce the “opportunity” for fraud. As the economic climate has shifted in recent years, the “pressure” to commit an illicit act in...