Is Your Inventory Missing — or Stolen? Ask an Expert

For many businesses, such as retailers, manufacturers and contractors, strict inventory control is central to operations. If you don’t track inventory accurately, you can’t effectively produce goods, meet customer demand and realize profits. Let’s say you’re...

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Be Aware of the Tax Consequences of Selling Business Property

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable...

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Valuing Donations of Private Business Stock

Some business owners may be considering donating corporate stock to charities in 2024. Donations of public stocks are generally easy to value because their prices are listed on public stock exchanges. But valuations of private business interests are typically more...

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Shoring up protections against expense reimbursement fraud

One of the types of occupational fraud schemes that became more costly for employers since the beginning of the COVID-19 pandemic in 2020 is expense reimbursement fraud. According to the Association of Certified Fraud Examiners’ (ACFE’s) latest report, this type of...

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What taxpayers should do if they receive mail from the IRS

Issue Number: Tax Tip 2024-45 IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if something comes in the mail from the IRS – they’re...

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Got Fraud Losses? How Experts Put a Number on Them

If your company suffers significant losses due to a fraud incident, you may decide to pursue the perpetrator in court, possibly to obtain compensatory damages. Assuming you win your case, you should know that estimating fraud damages is challenging. It generally...

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