Preventing and reporting elder financial abuse

Elder financial abuse is a growing problem. In an earlier blog, I provided information about the reasons elder financial abuse has increased and “red flags” that may indicate abuse has occurred. In this blog, I provide information about preventing elder financial abuse and reporting it if it has already occurred. Ideally, financial elder abuse would …

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Elder financial abuse: how to spot red flags

The National Committee for the Prevention of Elder Abuse (NCPEA) defines elder financial abuse as “the illegal or improper use of an older person’s funds, property or resources.” Elder financial abuse comes in many forms, ranging from promises to care for the elder in exchange for money or control over property to outright forgery, theft …

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Tax season ends: from boom town to ghost town

The gold rush is over, how did you fare? Did you find yourself breaking even, did you get your gold back, or did you find yourself stuck in the mine shaft? If you’ve never been around a public accounting firm during tax season, then you probably don’t quite understand my metaphor. Around the beginning to …

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IRS focusing on a target “rich” environment

If you’re the IRS and you want to keep the revenues flowing despite being in an environment of budget cuts and auditor staff reductions, what do you do? It’s not rocket science but more of a battle plan. What they’ve done is focus their auditor brigade on a more target “rich” environment. While total IRS …

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A change in who’s the boss? Form 8822-B

Does your business or entity have a new “responsible person?” If so, use Form 8822-B to notify the IRS. The IRS requires any entity with an employer identification number (EIN) to report any change to its responsible party within 60 days of the change on Form 8822-B.The form is available on the IRS website at …

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CPAs who testify – can they be advocates for their clients?

I was approached by a prospective client a few years ago requiring forensic accounting services in connection with his divorce. The prospective client made it clear to me what his ultimate objective was. He told me, “I want you to review documents I’m going to show you and conclude with me that my wife stole …

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Cycle counting: an alternative to year-end physical inventory

With the close of 2016, did you question why you do a full physical count every year? Did you wonder if there was a better way to achieve the same result instead of having your employees come in early, stay late, and possibly closing your doors during regular business hours? If your company maintains inventory, …

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Tax myths, lies and untruths as told by your CPA

So, as frequently happens, taxes come up in conversation. Well, at least, when I am around, they come up in conversation. But, there are some strange things out there that have been said about taxes or tax preparation that leave tax preparers, both seasoned and unseasoned, scratching their heads. Here are just a few tax …

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Popular government fraud schemes

State and local governments have fraud just like other industries and organizations. In fact, according to the Association of Certified Fraud Examiners’ (ACFE) most recent 2016 Report to the Nations, “government and public administration” was second only to “banking and financial services” when it came to the number of cases of fraud reported to the …

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Get your Social Security Form SSA-1099 online

Sometimes a taxpayer’s Social Security tax form goes missing. You don’t need to visit a Social Security office to get a copy of your Form SSA-1099 or SSA-1042S to do your tax return. The Social Security Administration has made your statement available online. As reported by SocialSecurity.gov, an SSA-1099 is a tax form Social Security …

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