IRS Opens 2023 Dirty Dozen With Warning
The IRS has issued a warning about Employee Retention Credit (ERC) claims as part of its 2023 Dirty Dozen list of tax scams. The Dirty Dozen is an annual list of the most common and aggressive tax scams that taxpayers should be aware of. According to the IRS, the ERC is a valuable tax credit […]
4 Tips to Prevent Expense Fraud to Know About
Expense fraud costs businesses millions of dollars each year. Suffice to say, if your staff members have expense accounts, you’ll want to make sure what they’re submitting is on the up-and-up. Below are 5 tips you can take to help prevent fraud. Define your policies Make sure your employees understand what they can and cannot […]
SBA Issues Fact Sheet About Hurricane Ian Assistance
Homeowners, renters, and businesses located in disaster areas may qualify for low-interest, long-term disaster relief loans for losses not fully covered by insurance or other means. The U.S. Small Business Administration (SBA) offers affordable financial help to businesses and private non-profit organizations in declared disaster areas. The SBA has recently issued a fact sheet about […]
IRS reports significant increase in texting scams; warns taxpayers to remain vigilant
The Internal Revenue Service is warning taxpayers of a recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified and reported thousands of fraudulent domains tied to multiple MMS/SMS/text scams (known as smishing) targeting taxpayers. In recent months, and especially in the last few […]
Claiming Disaster Related Losses after Hurricane Ian
Tax Benefits for Costs Not Covered by Insurance The President has declared a federal disaster area for all counties throughout the states of Florida, North Carolina, and South Carolina due to the storm. In addition to the relief related to tax deadlines (in general to February 15, 2023) and payments for taxpayers who live or have […]
Rebuilding Southwest Florida Together
HSC Guide to Hurricane Ian Disaster Relief Our thoughts are with everyone who has been impacted by Hurricane Ian. We hope that you and your loved ones remain safe during this difficult time. While the recovery process will take time, federal and state governments have announced various measures of disaster relief to assist as we […]
Glossary of common accounting terms
Meeting with a tax professional can sometimes be challenging, especially if they’re using a lot of terms that you don’t understand. Consequently, below are just a few of the most common accounting terms that you may want to familiarize yourself with. Accounts payable: Your accounts payable includes expenses that your business has incurred but have […]
How to identify occupational fraud at your company
Occupational fraud, i.e., workplace fraud, isn’t a victimless crime. In fact, a 2018 report from the Association of Certified Fraud Examiners found that the median loss for US-based businesses is approximately $108,000 annually. Although there are several different types of fraudulent activities that constitute occupational fraud, for this blog, we’re going to focus on asset […]
What you need to know about IRS audits
If you’ve been notified that you’re being audited by the IRS, it’s natural to feel a sense of panic. However, if you’ve been abiding by tax laws, and you’ve been filing your taxes with the help of a reputable CPA firm, you likely don’t have anything to worry about. The IRS conducts audits to confirm […]
How to spot phony IRS scams
If you were to receive an out-of-the-blue phone call from someone claiming to be from the IRS, what would you do? If they said you owed back taxes, and they needed to verify your personal information, such as your full name, address, date of birth, and Social Security number, would you give it to them? […]