A will doesn’t need to be the only document in an estate plan. Consider writing a letter of instruction.  You may view your will as the centerpiece of your estate plan. But other documents can complement it. For example, if you haven’t already done so, consider writing a letter of instruction. What is a letter […]

Identifying potential conflicts of interest with auditors is important. If one exists, it could impair objectivity and even compromise your company’s financial statements.  Conflict of interest defined The American Institute of Certified Public Accountants (AICPA) determines conflict of interest to exist if “a member performs a professional service for a client and the member or […]

The proceeds from a life insurance policy are generally subject to the estate tax. You can remove them from your taxable estate by transferring policy ownership. If you wait too long, however, this tactic might not work. If you die within three years of the ownership transfer, the proceeds will be considered part of your […]

Although remote audit procedures can streamline the audit process and minimize health risks, to accurately identify and assess the risk of fraud during an audit of financial statements, it’s important to be able to see somebody’s face. The solution to this conundrum may lie in remote meetings using videoconferencing technology. Questions Matter Auditors must assess […]

There are many tools that can help forensic accounts uncover attempts to hide assets. One of the most effective, however, is something known as lifestyle analysis. Lifestyle analysis involves putting together a financial profile on a subject and looking for discrepancies between a person’s known resources and their lifestyle.  Making a financial profile Financial profiles […]

Feel overwhelmed by the lack of guidance on the multiple pages of the PPP loan application? Want to make sure your application is accepted and approved? Get an understanding of what the application involves and how to completely it correctly with our step-by-step webinar including: Details of the SBA loan forgiveness application (Form 3508) Calculating […]

A business is a complex arrangement of liabilities and assets.  This makes determining the value of a business much more complicated than determining the value of a physical asset like a house or a car—business valuation must take into account both the risk and potential returns associated with the company. One such risk is fraud.  […]

Business owners can’t predict the future—much less control it. COVID-19 has brought rapid and dramatic change to the business landscape. Many companies have lost revenue due to the pandemic. Others need capital to take advantage of new business opportunities. Even though you can’t predict the future, you can still be informed about the range of […]

Debt restructuring is one way that banks assist borrowers who are experiencing financial difficulty. Troubled debt restructurings (or TDRs) are traditionally subject to a complicated set of accounting rules. Recently, however, the Financial Accounting Standards Board (or FASB) confirmed that short-term modifications to a loan that result from a borrower experiencing COVID-19 related financial difficulties […]