With the pandemic-driven move to a primarily work-from-home model in 2020, the lines between work and life have never been more blurred. Yet, finding the right balance between the two is still a crucial component to a long and successful career. The shape that balance takes will depend entirely on the unique goals of each individual.

Principal Kelly Rancourt and Shareholder Andrew Prather have learned to create their own sense of balance as they worked full-time throughout their accounting careers. We sat down with them recently to discuss how they’ve done so and pointers for those still figuring it out.

A healthy work-life balance takes a lot of different forms.

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Cybersecurity fraud is gaining momentum as a significant area of concern for business owners and leaders of not-for-profit organizations alike. And I strongly encourage you to examine your organization’s resilience to such threats. However, there’s still a lot “old-fashioned” fraud being perpetrated from within organizations, and a focus on cybersecurity shouldn’t diminish your focus on these more traditional schemes. This article will cover recent newsworthy frauds and how the perpetrators got away with it.

Fake Company – Similar Name

The executive director of a not-for-profit organization was indicted for stealing money from her employer, the Miss Florida Scholarship Program.

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On Feb. 2, the IRS conceded a lawsuit filed by Joshua and Jessica Jarrett concerning the taxability of staking rewards for cryptocurrencies. This decision was initially greeted as a victory by the crypto-community, but it appears closer to a stalemate now that the dust has settled.

The case began in 2019 when the Jarretts paid close to $3,200 in income tax on new tokens they created through staking. Believing that their tokens should only be taxed when they are sold, the Jarretts filed for a refund of the $3,200 in August 2020. The IRS originally ignored the claim, resulting in the couple taking the matter to a federal court.

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The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-07, Compensation-Stock Compensation (Topic 718) titled “Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards.”

The amendments in this update affect all nonpublic entities that issue equity-classified share-based awards and elect the practical expedient in this update.

What’s in the Update?

A nonpublic entity can now determine the current price input of equity-classified share-based awards issued to both employees and nonemployees using the reasonable application of a reasonable valuation method.

The practical expedient describes characteristics of the reasonable application of a reasonable valuation method.

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The digital economy has been redefining industry boundaries for years. The onset of COVID-19 only accelerated this trend in the manufacturing and consumer product space. More middle market companies are now attempting to sell directly to consumers online, and many are extending their internet presence beyond the large e-commerce websites.

Part of this is attributable to manufacturers adjusting to new customer preferences. The pandemic created a drastic spike in demand for consumer products. And we all saw the effects this holiday season when most were faced with shipping delays, and many were unable to obtain out-of-stock products.

These consumer product gains haven’t all gone to large corporations though.

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Each year, emerging leaders at Clark Nuber are encouraged to take part in the Leadership Development Institute, where upcoming professionals throughout the firm are partnered with shareholders and principals to learn more about what it takes to lead. They are also tasked with running the annual Day of Caring event, where Clark Nuber employees spend a day volunteering with a local charity.

We recently had the opportunity to sit down with four LDI participants and discuss their experience with the program and the future of leadership. Our discussion ranged from their personal leadership journeys to what accounting firms can do to keep their employees on board in these tumultuous times.

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Do you remember the old Pringles jingle, “Once you pop, you can’t stop”? The idea was that, once you got a taste of the sinfully salty snack, you’d be compelled to eat more and more. That same principle can apply to committing occupational fraud. Oftentimes, once an employee has committed one act of fraud, they’ll go on to perform further criminal acts.

Frauds in the News

The following are a few recent stories from the news about people carrying out more than one con job at their place of business:

The defendant in this indictment from Evansville, Wisconsin,

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The Employee Retention Credit (ERC) has ended early with the signing of the Infrastructure Investment and Jobs Act into law. Previously set to expire as of December 31, 2021, the credit has retroactively ended as of September 30, 2021.

Taxpayers can still make retroactive claims for 2020 and 2021 Q1–Q3. However, no new claims may be made for 2021 Q4, unless you are a Recovery Startup Business. If a business qualifies as a Recovery Startup Business, the employee retention credit is still available for 2021 Q4.

Why Is It Ending Early?

The ERC has been a huge source of additional COVID relief funds for many taxpayers these past two years.

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Dustin VandeHoef
Marketing Manager
Clark Nuber
Phone: 425-454-4919
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