It’s difficult enough to divide a marital estate. But when a divorcing spouse owns a private business and attempts to artificially deflate its profits or hide assets, it may be time to engage a forensic accountant to investigate. WHAT TO ASK When working on divorce cases, fraud experts ask several questions about private business [...]
A wise person – who may or may not have been an accountant – once said, “Simplicity is the key to a family budget.” However, the budget should also be comprehensive enough to cover all necessities. To find the right balance, a budget should cover two distinct facets of family members’ lives: the near term [...]
Businesses need to have inventory on hand. But having excess inventory is expensive, so it’s important to keep it as lean as possible. Here are some ways to trim the fat from your inventory without compromising revenue and customer service. ACCURACY FIRST Effective inventory management requires starting with an accurate physical inventory count. That allows [...]
Traditionally, important tax and financial records have been stored as hard copies in desk drawers, filing cabinets and safe deposit boxes. These days, however, it’s become increasingly popular and easy to digitize documents and store them electronically. Is this the right move for you? THE CASE FOR GOING DIGITAL One of the biggest advantages of [...]
If your company benefits include group term life insurance paid by your employer, a portion of the premiums paid for the coverage may be taxable. Depending on the amount of coverage you’re provided, some of it may create undesirable income tax consequences for you. The cost of the first $50,000 of group term life insurance [...]
Like many financially savvy individuals, you’re probably already thinking about filing your tax return next year. But don’t overlook another critical and equally important aspect of financial planning: asset protection. Here are some fundamental strategies to consider. BUY LIABILITY INSURANCE Liability insurance policies help protect your assets from the financial risks associated with personal liability [...]