The Association of Certified Fraud Examiners (ACFE), the largest anti-fraud organization in the world with over 50,000 members, recently published the results of its biannual study on occupational fraud (also known as employee fraud). With millions of people facing financial hardship, the odds that someone at your company may steal increases. Reading the report will serve as a wake call to business owners who haven’t actively addressed the issue of employee fraud. Three types of … [Read more...]
1099 Forms: New 1099 Filing Requirements for 2011: Truth Serum or More Red Tape?
For every one dollar in federal income taxes owed, the IRS is only able to collect 84 cents. The missing 16 cents is called the tax gap. New 1099 Filing Requirements for 2011 It’s the difference between what individuals and businesses should pay and what they actually do pay. After adjusting for late payments and enforcement actions by the IRS, the “net tax gap” is estimated to be approximately $290 billion a year. With the federal budget suffering from massive deficits, closing the net … [Read more...]
How the Epic Battle Over Interchange Fees Will Boost Your Profits
The financial reform bill has expanded significantly beyond its original scope. As with most major pieces of legislation, “mission creep” has occurred and almost anything having to do with money is being included. One area which impacts business owners directly is the regulation of interchange fees on debit card payment transactions. Senator Richard Durbin has attempted to regulate interchange fees for many years with little success. By including this issue in the financial reform bill … [Read more...]
Keep Your Sanity and Improve Financial Results With a Management Dashboard
Having relevant knowledge about your business and your industry is essential for making good decisions. Making uninformed decisions is the fastest way for owners to destroy a business. 50 years ago, the challenge was identifying sources and creating methods to capture data that could be analyzed and used to create business knowledge. Today, we have the opposite problem. Our technology has become so good at capturing data and storing it cheaply that we are bombarded with almost unlimited … [Read more...]
How to Renegotiate Your Office Lease
According to a recent report by REIS, Inc., a leading provider of commercial real estate market data, office vacancy rates rose to 17.2 percent during the first quarter of this year. This represents the highest vacancy rate since 1994. Most industry experts anticipate that the vacancy rate will remain at near record levels for the next 12 to 18 months. Such conditions make it an excellent time to renegotiate the terms of your soon-to-expire lease. If you plan on trying to renegotiate the terms … [Read more...]
how do I keep my money safe?
Keeping your company's cash secure We are living in a financially dangerous world. Since the inception of the financial crisis in September 2008, the number one question on most people’s minds has been “how do I keep my money safe?” Business owners, chief financial officers, vice-presidents of finance and corporate treasury teams have had to address the same issue. But for companies, the issue is more complex. When investing company funds, there are three considerations at play: · … [Read more...]
how do I keep my cash safe?
Keeping your company's cash secure We are living in a financially dangerous world. Since the inception of the financial crisis in September 2008, the number one question on most people’s minds has been “how do I keep my cash safe?” Business owners, chief financial officers, vice-presidents of finance and corporate treasury teams have had to address the same issue. But for companies, the issue is more complex. When investing company funds, there are three considerations at play: ·Safety - is … [Read more...]
Transaction Account Guarantee Program
Recent changes to the Transaction Account Guarantee Program The TAG program was set to expire in June 2010, but the FDIC recently extended the program until December 2010 and reserved the right to extend it through December 2011 if economic conditions warrant. However, many prominent banks have chosen to opt-out at different times or chose never to participate. The next opt-out date, June 30, 2010, will see many banks leave. Checking if your bank participates in TAG Here is a complete list of … [Read more...]
Financial Reform Bill Could Hurt Your Company’s Ability to Raise Money: Here’s What You Need to Know
The Restoring American Financial Stability Act of 2010 is the most comprehensive piece of financial reform legislation to be considered by the Congress since the repeal of the Glass–Steagall Act in 1999. Contrary to what the title of the bill might lead you to believe, key provisions target business owners and entrepreneurs directly. Specifically, the financial reform bill places new restrictions on angel investors and on Regulation D offerings. Both represent significant sources of capital … [Read more...]