Just joining us? Go back to part one for a summary of how the notorious Bernard Madoff orchestrated a Ponzi scheme that stole more than $50 billion from investors. Madoff’s clients were a who’s who of financial outfits, well-endowed philanthropies and ultra-wealthy persons including A-listers and boldface names. Part one
The increasing awareness of social justice issues over the past 18 months has triggered the need for organizations to have serious discussions about their internal culture and demographics. Terms like anti-racist, bias, micro-aggressions and allyship have become more widely used among HR and senior leadership teams. Companies across every industry pledged
This column focuses on the tax aspects of Ponzi schemes, starting with a bare-bones explanation of how scammers fleece investors. Their modus operandi isn’t complicated: They pay some original investors artificially high returns with funds collected from subsequently conned investors. The most notorious scheme is the one orchestrated by Bernard
Financial professionals are confronting some big obstacles when it comes to environmental, social and governance reporting, according to a new survey, including competing and sometimes conflicting disclosure frameworks, reporting methodologies and stakeholder demands. The report, released Thursday by Financial Executives International’s Financial Education & Research Foundation, polled 53 chief accounting
QuickBooks is a dynamic accounting application that has been designed in a way to reduce manual labor, increase business productivity, along structuring financial growth. It runs on the fuel of the internet, as most of its operations involve real-time record maintenance. There can be connectivity issues, or the system security
There are many times when a passive foreign investment company (PFIC) investment is made unknowingly and the tax consequences can be adverse. Certain elections should be considered that can lessen the tax implications, but it can be difficult obtaining the financial information necessary to determine whether or not the investment
A new Tax Court(Gaston, TC Memo 2021-107, 9/2/21) case found that clients may be able to deduct expenses relating to acting, even if they’re not the next Streep or DiCaprio. The tax difference in the new case is critical. If you incur legitimate business expenses, they can offset taxable income,
As hot as the latest TikTok trend, ESG (which stands for environmental, social, and governance) is the acronym on everyone’s lips, so what’s in it for CPAs? With ever-increasing stakeholder pressure, more organizations in the United States are reporting on ESG data, and the requisite assurance over ESG disclosures presents
In a perfect world, every aspect of your business, from your elevator pitch to your website, would connect with customers who need you most and are willing to pay for your services. Yet, identifying and speaking directly to your ideal client is not always easy. CPAs are numbers people, so they
ADP has added robust analysis tools to its Accountant Connect platform to help accountants and advisors provide their clients with key employee insights using payroll data available in ADP DataCloud. The purpose of the cloud-based, mobile-friendly Accountant Connect portal is to provide quick, secure access to authorized ADP business clients’