Forensic accounting or forensic economics?

In a previous blog, I discussed the term “forensic accounting” and ultimately provided a very general definition: Forensic accounting is the application of specialized accounting, finance, economics and related knowledge and skills in a legal setting. After publishing that blog, I realized that I may have given short shrift to the term forensic economics. Upon …

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Controls and programs to minimize fraud

In today’s environment, companies are often the target for fraud. In order to minimize threats, your company should have an effective system of programs and controls in place. These programs and controls work by discouraging individuals from performing fraudulent activities. The following conditions are generally present for fraud to occur: Incentive/pressure. Relates to finances, personal …

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Section 199A rules for trusts and estates

There has been much to say about the new Section 199A deduction created by the Tax Cuts and Jobs Act (TCJA). It is important to understand that Section 199A provides a deduction of up to 20% of qualified business income (QBI) from a domestic business and applies to all non-corporate taxpayers including trusts and estates. …

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How to maximize your charitable giving

Are you maximizing your benefit to yourself and others with your charitable giving? There are many reasons to not name a charity in your will or trust – the benefits are often greater by incorporating charitable giving elsewhere. Lifetime giving There are many benefits to gifting to charities during your lifetime rather than waiting until …

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Business taxes: year-end tax planning checklist

With year-end rapidly approaching, below are a few reminders for business taxes. These changes and strategies may affect your business in 2018. Be sure to discuss these with your tax professional! Biggest change in 2018? The 20% deduction offsetting income from Partnerships, LLCs, S Corps, self-employed (Schedule C) and rental businesses. The 20% deduction is …

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Tax planning: 2018 year-end checklist

Only one month remains in 2018, but you still have time to think about your 2018 taxes. Consider if these tax planning items could affect you and your family. Will you claim the standard deduction or itemize in 2018? The standard deduction has gone up to $12,000 for single filers and $24,000 for married filing …

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Are you developing tomorrow’s governmental accounting leaders?

I have attended several governmental conferences over the past few years and looked around the room and wondered where is the generation that will assume the finance responsibilities in 10 to 20 years. Governmental finance is a specialty and is not covered in detail at colleges and universities. You should be thinking outside the box …

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