Blog Archives: 2019

Invest in a Qualified Opportunity Fund by End of Year for Maximum Tax Benefits

In order to enjoy the maximum potential tax benefits of a Qualified Opportunity Fund (QOF), you must invest in a QOF by December 31, 2019. This will allow you to hold the investment for seven years prior to December 31, 2026 and thus receive the maximum 15% reduction in capital gains. Investors may still invest […]

New Question Regarding Cryptocurrencies Added to Form 1040

Virtual currency investors, and blockchain miners, take note: the IRS wants to know more about your 2019 cryptocurrency transactions. In an effort to raise awareness of the tax consequences involving virtual currencies, the IRS added a new check box to the top of Schedule 1, Form 1040, Additional Income and Adjustments to Income that asks […]

Tone at the Top: The Most Important Internal Control?

It’s common knowledge that internal controls are important for preventing and detecting fraud. Separation of duties, multiple layers of review, two check signers for large disbursements, and written policies and procedures to formalize everything; these are all good elements for a strong internal control system. But poor tone at the top can undermine the whole […]

U.S. Census Bureau Provides Single Audit Alert to Auditors and Auditees

Recently, the Office of Management and Budget (OMB) sent out an email alert to those organizations that require Single Audits to be performed. If your organization does not have a Single Audit performed, there is no need to read further. For those organizations that do require Single Audits to be performed, we wanted to draw […]

Catching “Under the Radar” Fraud with Strong Internal Controls

When it comes to fraud, it is true that we live in a technological age of cyber-threats, such as ransomware and account hacking.  However, one should always remember that the opportunity to commit fraud can be as simple as not having basic internal controls. This fraud story comes to us from Brownsville, Pennsylvania and involves […]

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