Blog posts from: 2017

Gifts to charity: Six facts about written acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: Have a bank record or written...

IRS will not accept returns without health coverage for 2018 filing season

The IRS recently announced that it‎ will not accept electronically filed tax returns where the taxpayer does not address the health coverage requirements of the Affordable Care Act for the upcoming 2018 filing season. The return must indicate whether the...

Monitoring fraud risks in the supply chain

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...

District Court denies IRS maximum FBAR penalty

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,...

IRS issues proposed regulations for TTINs on Forms W-2

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...

Shared services benefits for CPAs

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...

IRS tax relief for those affected by recent hurricanes

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...

Equifax Security Breach: Have you been affected?

  • September 11, 2017
  • 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...

Back to school means giving back at ShindelRock

  • September 5, 2017
  • Steve Wisinski, CPA, MAFF

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,...

Fraud controls may be lacking at smaller organizations

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...