19May
2016

Let’s say your company has detected internal fraudulent activity, fired the employee involved and documented the findings. Now, you would like to pursue criminal charges and potentially receive restitution. How do you present the case to law enforcement? Consult with your attorney and consider taking these six steps: Organize Files This may sound simple and obvious, but it is a common failure point. Your paper and electronic case files should be organized in such a way that a person with no previous knowledge of the industry or profession can easily follow the document trail. Remember: The law enforcement individual working…

19May
2016
Retirement Planning: Foresee to Provide for the Future

In a well-known Aesop’s Fable, ants stockpile food during the summer bounty, while the grasshopper sings and plays. When winter sets in, the grasshopper starves. The moral of the story is to work hard and plan ahead. In modern times, this lesson can be applied to retirement planning. Are You an Ant or a Grasshopper? Unfortunately, many Americans behave more like grasshoppers than ants when it comes to stockpiling money to pay their living expenses during retirement. Thirty-one percent of non-retired Americans have no retirement savings or pensions, according to the latest Report on the Economic Well-Being of U.S. Households,…

19May
2016
Critical Estate Documents

Financial Documents   Question Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated Holds your belongings until your death Can it authorize someone to handle your financial affairs if you are unable to communicate? Generally, no Generally, no Can it specify how you want your belongings transferred after your death? But only those belongings owned jointly Generally, no Is it private? When does it go into effect? As soon as joint ownership is recorded Either immediately…

05May
2016
Special Needs Trusts: What Expenses Can they Pay For?

A special needs trust or a supplemental needs trust can be established to help a disabled individual who is receiving assistance from the government — or is eligible to receive it. Disabled people, who cannot support themselves and rely on government assistance, are not allowed to have more than a certain amount of personal assets, so family members can’t just give them money to pay for just any expenses. The use of a trust can pay for some expenses and keep the disabled person from being disqualified from receiving public assistance, including Medicaid or Supplemental Social Security, because he or…

05May
2016
Strictly Speaking: Travel and Entertainment Recordkeeping

If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS and courts take a strict position on recordkeeping — miss one element and the deduction is most likely to be disallowed. The Basics The rules for travel recordkeeping are slightly different from those for entertainment. For travel expenses, you’ll need records to support the: Cost…

05May
2016
From Counting Transactions to Cultivating Relationships

With technology at the forefront of modern communication, more and more people are turning to the Internet to stay abreast of the latest news and information. Likewise, many of today’s consumers use the Internet to find the best prices and to conduct research when they’re planning their next purchase. What does this trend mean for your company? The right technology can transition any business from the outmoded idea of counting transactions to the modern strategy of cultivating relationships. If you haven’t yet embraced modern communication as a significant part of your company’s overall marketing strategy, it may be time to…