As more people use mobile phones, more fraud perpetrators target these devices. According to Javelin Strategy & Research, between 2017 and 2018 the number of fraudulent mobile-phone accounts opened grew by 78%. Schemes in which thieves open a phone account in your name and use it to access your bank account, sign up for
Ellenbogen
Aug 13, 2019
Aug 8, 2019
The IRS is targeting business transactions in bitcoin and other virtual currencies
- By Ellenbogen
- Business, Taxes
- 0 Comments
Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a new “educational letter” campaign. The nuts and
Aug 7, 2019
Take a closer look at home office deductions
- By Ellenbogen
- Business, Deductions, Taxes
- 0 Comments
Working from home has its perks. You can skip the commute and you might be eligible to deduct home office expenses on your tax return. But you must meet the tax law qualifications. Under current Federal law, employees can no longer claim home office deductions. But if you’re self-employed and run a business from your
Aug 6, 2019
Naming a trustee may be one of the most important decisions of your life
- By Ellenbogen
- Estate
- 0 Comments
One of the major decisions you’ll need to make when establishing a trust is who will act as your trustee. As the name implies, this individual or financial institution must be above reproach. But that’s just one quality of many that your trustee requires. Other qualities include an understanding of tax and trust law, integrity
Aug 1, 2019
Making your nonprofit’s special event profitable
- By Ellenbogen
- Non-Profit
- 0 Comments
As in the for-profit world, sometimes not-for-profits need to spend money to make money. This is particularly true when it comes to fundraisers. At the same time, it’s critical that you make a budget and stick to it. Estimate expenses for such items as facility rental, food and drinks and entertainment, and then scrutinize the
Jul 31, 2019
Assess for fraud risk before you experience financial losses
- By Ellenbogen
- Fraud
- 0 Comments
Privately held businesses aren’t required to conduct fraud risk assessments, but you should do so anyway. In general, there are four ways employees might exploit your system: Fraudulent financial reporting, misappropriation of assets, improper expenditures and illicitly obtained revenue and assets. To prevent these schemes, interview executives and managers to ensure they’re setting the right
Jul 30, 2019
The “nanny tax” must be paid for more than just nannies
- By Ellenbogen
- Taxes
- 0 Comments
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper or other household employee (who isn’t an independent contractor) may make you liable for federal income tax, Social Security and Medicare (FICA) tax and federal unemployment tax. You may also have
Jul 25, 2019
Cover all the bases with a background check
- By Ellenbogen
- Fraud
- 0 Comments
Background checks don’t inoculate companies against occupational fraud. After all, many thieves have never been caught. Yet these procedures remain critical to fraud prevention. Before conducting checks, obtain written authorization from the job applicant. Depending on the position, you might contact former employers, verify education and professional certifications, and review criminal, credit and driving records.
Jul 24, 2019
M&A transactions: Avoid surprises from the IRS
- By Ellenbogen
- Business, Taxes
- 0 Comments
If you’re in the process of a merger or acquisition, it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you could increase your chances of being audited. If a sale involves business assets (as opposed to stock or ownership interests), the buyer and the seller must generally report
Jul 23, 2019
Should you revise your nonprofit’s bylaws?
- By Ellenbogen
- Non-Profit
- 0 Comments
If you haven’t revisited your not-for-profit’s bylaws recently, they may not be as effective as they could be. Your bylaws should cover your nonprofit’s broad charitable purpose and provide procedures for resolving internal disputes, such as the removal and replacement of a board member. If you decide changes are needed, first check to see if