D.E. Rodrigues & Company Accounting Blog

July 2016

Accountable plans are a win-win business idea

Written by July 26, 2016

Are you looking for a way to give your employees a tax-free benefit that is also tax-deductible for your business? Consider an accountable plan. These arrangements let you reimburse your employees for expenses incurred on behalf of your company, such as driving to the post office or office supply store. With a properly administered plan, you can deduct the reimbursements...

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Some types of frauds, identified

Written by July 21, 2016

As I’ve noted before, there are many types of frauds and they can take all forms. Here are a few of them.   Lapping of receivables – This is a situation where someone steals a payment on account and uses the next payment to pay off the balance stolen. Over time it becomes harder to perpetuate this fraud and eventually...

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Take these steps to help prevent fraud in your business

Written by July 21, 2016

How can you prevent employee fraud in your business? Here are four suggestions. Screen job applicants. Check work references, criminal records, and professional recommendations. By instituting a screening policy, you may save a lot of cash and grief. Just remember to treat every applicant equally, and get written permission for background checks. Reconcile bank accounts. A standard and simple internal...

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Are you taking steps to prevent fraud in your business?

Written by July 20, 2016

The 2016 Global Fraud Study released recently by the Association of Certified Fraud Examiners shows that asset misappropriation occurred in more than 83% of the cases reported. Asset misappropriation includes billing and check tampering schemes. According to the study, billing schemes were most common, comprising slightly more than 22% of the cases, and check tampering schemes were the costliest, with...

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Certain tax deadlines to change next year

Written by July 13, 2016

According to a law passed in 2015, the deadlines for Federal partnership and LLC returns will change for the 2016 tax year. Effective with that tax year,  calendar year LLC and Partnership returns will now be required to file by March 15, instead of April 15. Feel free to contact out office for further information.      

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Start reviewing overtime now.

Written by July 12, 2016

In May, the U.S. Department of Labor updated the rules for paying overtime. Under the new rules, salaried employees who earn less than $913 per week ($47,476 per year) will be eligible for overtime pay. That’s double the annual exempt amount of $23,660 under current rules. The changes take effect December 1, 2016, which means you need to begin reviewing...

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