Category: Scam Alert!

Scam Alert: Requests for payment from fraudulent email accounts

Beware of requests for vendor payments from an email address that looks similar to a trusted vendor but is not, upon close review, an exact match for the legitimate sender.  Common scams now include fraudsters buying domain names that are...

SR Client Question: Are theft losses deductible?

Theft losses are NOT deductible under the current law, which was enacted as part of President Trump's 2017 Tax Cuts and Jobs Act. If a person is scammed out of their retirement savings, they have to pay taxes on the...

Scam Alert: Fraudulent or misleading tax information online

All tax advice is not equal, and all tax advice on the internet and social media is DEFINITELY not equal!  We sometimes have clients call to verify information they've learned from a friend on Facebook or an influencer on Instagram,...

ERC withdrawal process initiatied for those who may have been scammed

Internal Revenue Service is allowing small businesses who believe they may have entered the ERC process fraudulently or under incorrect guidance to withdraw without penalty. This new withdrawal option allows certain employers who filed an ERRC claim but have not...

Compliance risk for people and businesses claiming Employee Retention Tax Credit improperly

The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people to file. The IRS and tax professionals continue...

SR Client Question: How safe are password managers?

Many of our clients use password managers to protect and store their password libraries.  With sometimes hundreds of unique log-ins between business and personal accounts, it can become unmanageable to remember each username and password.  The convenient password managers built...

Be aware of new collections scam

According to the Michigan Department of Treasury, Michigan taxpayers with past-due tax debts should be aware of a new scam making the rounds through the U.S. Postal Service, according to the Michigan Department of Treasury. In the scheme, taxpayers are...

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...

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...

Are your business assets vulnerable to theft?

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...