View From The Rock

Monitoring fraud risks in the supply chain

Wednesday, October 18, 2017 at 9:02 AM by Paul Carter CPA

Nearly one-third of about 2,600 supply chain professionals said their companies experienced supply chain fraud, waste or abuse the previous year, but only 40% had a program in place to detect or prevent these issues.  Companies can probe one of the top risks—third-party expense categories–and avoid overpaying: Track labor unit data in the smallest increments

District Court denies IRS maximum FBAR penalty

Wednesday, October 11, 2017 at 8:59 AM by Monica Silwanowicz CPA

Arthur Bedrosian, chief executive officer of Lannett Company, Inc. (LCI), has prevailed in his lawsuit with the IRS. Bedrosian filed a lawsuit against the IRS, after the IRS claimed Bedrosian failed to properly and timely report a foreign bank account, which he opened in 1973.  The IRS filed a counterclaim, seeking payment of a penalty,

IRS issues proposed regulations for TTINs on Forms W-2

Wednesday, October 04, 2017 at 8:50 AM by Maria Montie, CPA, MST, CVA, MAFF

In an effort to reduce identity theft, the IRS has issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (REG-105004-16). Permissible TTINs are Social Security numbers (SSNs) with the first five digits of the nine-digit number replaced with asterisks or

Shared services benefits for CPAs

Wednesday, September 27, 2017 at 8:55 AM by Marianne Lilly, CPA, CGMA, CVA, CFE

Client needs have become increasingly complex over the years and with this comes new opportunities for accounting firms to evaluate how they might increase the services they are able to offer clients without adding overhead or resources in-house.  A solution some CPA firms have seen success with is a shared service model, where two CPAs

IRS tax relief for those affected by recent hurricanes

Tuesday, September 19, 2017 at 9:56 AM by Monica Silwanowicz CPA

The IRS is providing relief to those affected by the recent hurricanes. Here’s a summary on how. How is the IRS providing relief to those affected by Hurricane Irma and Harvey? If an individual or business was affected and had either tax payments due or filing due dates during September, the IRS will grant them

Equifax Security Breach: Have you been affected?

Monday, September 11, 2017 at 10:38 AM by Maria Montie, CPA, MST, CVA, MAFF

As most of us know, Equifax recently identified a cybersecurity incident potentially impacting 143 million U.S. consumers.  To determine if you’ve been impacted, please visit https://www.equifaxsecurity2017.com/potential-impact/. If your information has been compromised, you can enroll in a credit monitoring and ID theft protection program.

Back to school means giving back at ShindelRock

Tuesday, September 05, 2017 at 11:48 AM by Kelly O'Donnell

The ShindelRock staff came together to make sure 33 4th graders at Munger Elementary – Middle School in Detroit were ready for their big day today!   Each student received a everything they might need to start the year off right, including a pencil case, three pens, an eraser, scissors, glue stick, pencil sharpener, box of

Fraud controls may be lacking at smaller organizations

Wednesday, August 30, 2017 at 8:58 AM by David Shindel

Organizations with fewer than 100 employees significantly trail their larger counterparts in the implementation of formal antifraud controls, according to a worldwide survey by the Association of Certified Fraud Examiners (ACFE). The industries most commonly victimized by fraud are banking and financial services, government and public administration, and manufacturing. Antifraud experts say formal controls can

Are your business assets vulnerable to theft?

Wednesday, August 23, 2017 at 8:43 AM by David Shindel

The United States Trustee (“UST”) encourages every chapter 11 small business owner to think about whether assets essential to the business are protected against theft or fraud. The potential for employee dishonestly, the most common type of business theft, increases when one or more employees have too much control over cash or other vulnerable assets

Changes to partnership audit procedures may prompt the need for review

Wednesday, August 16, 2017 at 8:58 AM by Maria Montie, CPA, MST, CVA, MAFF

Congress recently enacted significant changes to partnership audit and adjustment rules which are expected to dramatically increase the audit rates for partnerships. These changes will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, however, taking the time to plan today