Report finds big fraud problems for small businesses
Occupational fraud continues to siphon staggering amounts of money from businesses worldwide, with smaller organizations being hit particularly hard.
Thatâs one of the trends identified in the 2018 Report to the Nations on Occupational Fraud and Abuse, released Tuesday, April 17, by the Association of Certified Fraud Examiners. The biennial report, which is based on thousands of fraud cases reported by fraud examiners worldwide, provides a detailed look into how fraud is being perpetrated, detected, and combatted in various industries and regions worldwide.
The median loss of the 2,690 frauds covered in the report was $130,000, but businesses with fewer than 100 employees suffered a median loss of $200,000, nearly double that of the $104,000 median loss reported for companies with 100 or more employees. In the 2016 report, examiners reported a median loss of $150,000 for small and large businesses.
4 smart ways to cut business costs
Keeping costs under control is crucial in today's challenging business environment. Without a doubt, one of the quickest ways for a business to cut costs is through staff reduction. But cutting jobs is not always the best cost-cutting strategy. Drastic job cuts can lead to a vicious cycle of reduced productivity, followed by even slower growth and decreased profitability. Replacing skilled workers when times improve may be difficult, leaving your company to struggle longer still.
Take a look at some alternative cost-control strategies:
Is your business waving a red flag at the IRS?
The chance the IRS will target your business for a federal tax audit is usually low. However, if your tax return for your business includes certain red flags, you boost your odds of being audited. Here are a few of the most common audit triggers that are likely to grab the attention of the IRS.
Continuous losses. If you report a net loss on a Schedule C in more than two out of the last five years, the IRS may consider your business a hobby. If deemed a hobby, you can deduct expenses only up to the amount of your hobby's total income. Enjoy rebuilding cars? Great. But if you never turn a profit, don't expect the IRS to consider it more than a hobby.
Thank you for considering Dugan & Lopatka! We truly are a great company. Our dedication to our team is second to none as witnessed by our extremely low employee turnover.
Seasonal Tax Preparer
Dugan & Lopatka CPAs is looking for a seasonal tax preparer for our office in Wheaton, Illinois. 25+ hours/week from early February through April 15.Â The potential for a part-time position throughout the year exists.Â We offer a friendly work environment and a forty year commitment to family.Â The right candidate must have at least three years of experience preparing individual tax returns.Â
Job Responsibilities and Duties
â¢Â Independently prepare individual tax returns.
â¢Â Communicate with partners and managers on client matters.
â¢Â Obtain information and follow up with clients in person or over the phone.
Qualifications and Skills
â¢Â Bachelorâs degree.
â¢Â Three years of professional experience preparing individual tax returns.
â¢Â Strong interpersonal/verbal/written communications skills.
â¢Â Proficient using Microsoft Office (Word, Excel, Outlook).
â¢Â Strong attention to detail.
â¢Â Excellent organizational skills.
â¢Â Knowledge of CCH ProSystem software a plus.
â¢Â Ability to prepare business and fiduciary tax returns a plus.Â
Auditor Position Now Available!
Dugan & Lopatka is seeking anÂ auditor for a full-time position in our Wheaton, Illinois, office.Â The primary functions of the position are the performance of audit and review engagements.Â Candidate will spend time in our offices as well as on-site at numerous client locations, primarily in the western suburbs, working side-by-side with clients and other team members.Â Our clients are privately-held businesses and non-profits primarily in the Chicagoland area.Â Â The position reports to the principals and managers in the firm's Audit & Review Department.Â Â
The position requires that the candidate have good people skills, technical knowledge and the ability to multi-task.Â Bachelor degreeÂ required with up to four years of current public accounting firm experience.Â CPA or CPA candidate a plus.Â Entry level candidates willÂ be considered.
You are welcome to send us your resume.
Imran Safvi is a staff auditor with Dugan & Lopatka, CPA PC, a large local public accounting and consulting firm.
Imran Safvi is a staff auditor within our Audit & Review Department.Â HeÂ focuses his practice on assisting not-for-profit organizations and a variety of for-profit businesses. His previous experience includes work as a staff accountant for the nonprofitÂ organizations Christopher House and DuPage Housing Authority as well as a tax accountant for The Northern Trust Company.
Imran is a 2007 graduate of Northern Illinois University where he received his Bachelor of Science in Accountancy. He is a member of both the Illinois CPA Society and the American Institute of
Certified Public Accountants.
CPA Compass Blog
Warning: XMLReader::read() [xmlreader.read]: An Error Occured while reading in /home/duganlo2/public_html/libraries/joomla/feed/factory.php on line 69
Feed not found.