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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 […]

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 […]

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 […]

For business and occupation (“B&O”) tax purposes, taxpayers earning apportionable revenue calculate their taxable Washington revenue by applying a “receipts factor” apportionment methodology. Taxpayers computing B&O tax in this manner are required to complete and file an Annual Reconciliation of Apportionable Income form with the Department of Revenue. When is the Annual Reconciliation of Apportionable […]

The FASB has taken the next step in formally delaying the effective date of the Leases standard.  They are also delaying the effective date for two other new ASUs that impact credit loss accounting and the accounting for derivatives/hedges. A recent FASB News Alert was issued, noting that the FASB has issued an ASU exposure […]

For tax years 2018 through 2025, individuals, trusts and estates can get a 20% deduction of Qualified Business Income (QBI) from sole proprietorships, S corporations and partnerships subject to certain limitations. In general, all business income/loss qualifies for the deduction with the following exceptions and limitations: It does not include employee wages, capital gains/losses, interest, […]

As an executive, if you don’t receive accurate and timely end-of-month financial reports, your business could suffer in a multitude of ways: You’ll be unable to identify errors in a timely manner, allowing the inaccuracies to balloon. Year-end reporting will take longer than necessary. Fraud is more difficult to detect. And, you’ll lose the ability […]

Last year, I wrote an article about the activity around quality of earnings (QoE) reports for M&A activity. To recap, a QoE report is a detailed analysis of all the components of a company’s earnings and the degree to which both cash and non-cash earnings, based on measurement and estimates, are subject to change. They […]

Taxpayers taking advantage of any one of the available State of Washington tax incentives – including tax deferrals, reduced B&O tax rates, exemptions, and credits – may be required to file an Annual Report or Annual Survey. Some incentives require that both the report and the survey be filed, while other programs do not have […]

Occupational fraud doesn’t always translate to hard cash leaking out of the company’s bank account. This article from the Rochester Democrat & Chronicle discusses an ongoing case about the alleged employee theft of over $2 million worth of diabetes test strips, illustrating how noncash fraud can be very lucrative in the right circumstances. Enabling Factors First of […]

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