Several financial fraud schemes can affect businesses. These include:

Payroll Fraud

This is one of the most common types of corporate fraud. It can be defined as the theft of funds from a business via the payroll processing system. Payroll fraud is usually committed by an employee attempting to receive any money they are not entitled to from their workplace.

Asset Misappropriation/Skimming

This can be defined as using company or client assets for personal gain. Although the average loss of each fraud case is low, asset misappropriation is the most common type of occupational fraud committed.

Invoice Fraud Schemes

Invoice fraud is when a third party submits fake invoices to a company with the intent to extract money. Often, companies are unaware of the scheme and unwittingly pay for goods or services never rendered.

Tax Fraud

Also known as tax evasion, tax fraud is the illegal abuse of the taxation system for financial benefit. It’s a serious crime and carries a maximum penalty of up to 10 years’ imprisonment. Many different federal and State offenses fall under the umbrella of tax fraud.

Other schemes that businesses may come across include:

-Data, Intellectual Property and Identity Theft

-Insurance and Banking Fraud

-Money Fraud

-Bribery and Corruption

Critical Steps to Reporting a Crime and Potentially Recovering Lost Funds

For companies that previously functioned with primarily in-person interactions, payments, and other dealings had to shift online quickly when the COVID-19 pandemic hit around the world. Even for those who already managed money transfers digitally or customer communications via email, some level of adjustment still had to be made. Unfortunately, the shift has led to a rise in business fraud.

One crime, known as business email compromise, involves a company receiving an email and pretending to be a known client or vendor. The message may indicate that the payment details have changed, and funds must now be transferred to a new account, bank, or recipient.

Because the note includes familiar information, such as the logo or name, the reader may deem it legitimate and follow the instructions. In the wake of this payment, a business may likely recognize their error and find themselves in an alarming situation – their money is gone.

Realizing your business has become a victim and funds have been sent to a fraudster can be distressing. The actual number of instances is unknown as not all crimes of this nature are reported. It’s essential to notify the appropriate parties so action can be taken. Immediately contact your accounting department and make sure you keep records of ALL contacts made with the fraudster (i.e., electronic copies of the emails).

Do not make any further payments to the beneficiary until the security issue is resolved.

It’s important to note that corporations are “legal persons” capable of suing and being sued and capable of committing crimes. A corporation may be held criminally liable for the illegal acts of its directors, officers, employees, and agents. To be held responsible for these actions, the government must establish that the corporate agent’s actions (i) were within the scope of his duties and (ii) were intended, at least in part, to benefit the corporation.

In all cases involving wrongdoing by corporate agents, prosecutors should consider the corporation and the responsible individuals as potential criminal targets. It is very common for corporate fraud charges to include conspiracy, other types of fraud, and other types of theft. In addition to a prison sentence for conviction of corporate fraud, federal criminal statutes allow for the imposition of criminal fines and restitution.

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A company that fails to keep an accurate record of its business transactions is more likely to operate inefficiently and may lose revenue in the long run. Accounting systems help business owners and their managers to measure business growth in terms of profitability accurately. This identifies areas that need attention and improvement.

Many business owners believe that a sound accounting system starts and ends with the accounting software used in the business’s bookkeeping process. Keep in mind; the output is only as good as the people who are using it.

With the technology we have today, we no longer have to do manual transactions or use ledgers that make many people cringe at the thought of having to use them.

Accounting Software Available

There is a multitude of accounting software available and popular in America. This includes:

-FreshBooks

-Intuit Quickbooks

-Sage Business Cloud Accounting

-Wave Accounting

-Xero

-GoDaddy (E-commerce Businesses)

These computerized accounting systems require a certain level of experience, so be sure your accountant has prior knowledge of these accounting tools. It may be worthwhile sitting down with your accountant and discussing what accountant software they use and whether it would benefit your business.

Some of the above software may also offer free trials. These trials are beneficial for business owners as they can try them out and see what software they prefer to use. You can always upgrade if you need more features that will streamline your business.

Keep Accurate Records

It is well recognized that failure to keep proper books and records is one of the critical factors of business insolvency. Business owners need to keep accurate records of income and expenses and often do not have a developed process or system that allows them to do that.

As a result, owners may not know whether they are even making a profit. Even more concerning is that they cannot identify types of expense or, indeed, whether a payment is an expense at all.

Establish Financial Systems For Your Company

If you are one of those business owners who has not been keeping good financial records, now is a great time to start establishing sound financial systems for your company. Good financial systems will not only help your business grow, but they also identify problems before they get out of hand.

Do you know if your company has a strategy to develop, adopt and review accounting processes? If you don’t know if this is the case or don’t have a plan in place, now is the time to contact your accountant for a friendly chat and talk over your accounting systems. You may be surprised at the information your systems can provide both you and your business.

You must have accurate data. Once you have this part correct, you will confirm the accuracy of what is being reported. This is where good accounting software comes in. These days, most accounting software will provide you with complete financial statements after completing all the necessary data.

Your company must have sound accounting systems in place. Without this, incorrect decisions may be made because of a lack of information. Having suitable accounting systems will give you confidence that what is being reported is accurate.

The post How To Develop And Improve Accounting Systems For Your Business first appeared on TNT Accounting Services, LLC.

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The balance sheet provides a picture of the financial health of a business at a given moment in time — usually the end of a month or financial year. It can tell you if you owe more money than what you currently have, the current value of your assets, and the overall value of your business.

The income and cash flow statement. It is an essential tool for investors to gain insight into a company and its operations. The purpose of a balance sheet is to give interested parties an idea of the company’s financial position and display what the company owns and owes.

Components Of A Balance Sheet

It has three components: assets, liabilities, and net worth or equity. The Balance Sheet is like a scale.

Balance sheets are typically prepared monthly, quarterly, and annually, but you can design one at any time to show your firm’s position.

It will depict your total assets, liabilities, and net worth. The business balance sheet offers a quick look into your financial health and can help inform lenders, investors, or key stakeholders about your business.

Balance sheets are one of the most critical financial statements. Learning how to generate them and troubleshoot issues when they don’t balance can help you become an invaluable member of your organization.

A balance sheet displays the risks and returns that your business faces at any given point in the form of its liabilities and assets. All of the business’s liabilities, whether short-term or long-term, outline its priorities from immediate to more distant ones. In contrast, assets reflect the business’s ability to generate cash through short-term assets and sustain its operations via long-term assets and investments.

The balance sheet results can also indicate if the business is running on losses due to a more significant amount of liabilities. By knowing such critical information, business owners can then plan and adjust towards achieving their future goals and rectify their progress if it strays off-course.

Should A Balance Sheet Balance?

A balance sheet should always balance. The name itself comes from the fact that a company’s assets will equal its liabilities plus any shareholder equity issued. If you find that your balance sheet is not truly balancing, it may be caused by one of these culprits:

• Incomplete or misplaced data
• Incorrectly entered transactions
• Errors in currency exchange rates
• Errors in inventory
• Miscalculated equity calculations
• Miscalculated loan amortization or depreciation

It’s your responsibility as an owner to know and understand your business’s income statement and the balance sheet.

The necessity of keeping a small business’s balance sheet up-to-date is always vital – it gives business owners a good picture of their current financial standing and prepares them for future decisions. If you haven’t updated your balance sheet recently, it’s advised to make an effort to do so sooner rather than later. Contact TNT Accounting if you’re not sure where to start when it comes to having a balance sheet or keeping it up-to-date.

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The Association of Certified Fraud Examiners (ACFE) defines occupational fraud as “the use of a person’s occupation for self-enrichment through deliberate misappropriation and misuse of the employing organization’s asset and resources.” Every year, AFCE confirmed that organizations run at a loss of about 5% of their revenues to occupational fraud, which is way more than the fraud prevention would cost.

Three Types of Occupational Fraud

Occupational fraud is of three types: Asset misappropriation, Corruption, and Financial Statement fraud. Asset misappropriation is the most common type of occupational fraud. Asset misappropriation occurs when an employee is involved in the theft or misuse of the organization’s assets and resources by stealing cash, billing, or presenting hiked expenses reports.

In cases of corruption, the senior management staff is usually most guilty. Over sixty percent of corruption cases have people in positions of authority as perpetrators. This type of occupational fraud refers to an employee’s involvement in the misuse or abuse of his influence in business transactions to obtain a benefit or any kind of bribery. This corrupt act has caused a median loss of about $250,000 to victim organizations.

Financial Statement fraud is the least common but most costly type of occupational fraud. It involves an overstatement of assets, profits, revenues, and an understatement of losses, expenses, and liabilities. It is deliberately manipulating the representation of an organization’s financial status through the intentional omission or misstatement of amounts in the financial statement in the bid to deceive the receivers or users of the financial statement.

Be Proactive

Every business owner needs to put measures in place to combat occupational fraud. You need to consider the enormous financial consequences of occupational fraud on your business. Being proactive is a necessity. The earlier the protection systems are implemented, the better.

It is essential to set up systems for accountability. In smaller organizations, employees are assigned to check each other’s work to ensure accountability. One individual will not be given to a task without proper documentation and supervising processes.

When setting up an anti-fraud plan, the focus should be on employees who have a higher chance of occupational fraud. Staff in departments prone to fraud include management, accounting, sales, etc. This is because they are at the forefront of invoices, payments, and other items of value. It is crucial to begin your fraud prevention plan from the top because it is easier to get everyone else to comply after the executives and management.

In occupational fraud, a thorough company audit can detect any problem. Regular audits help to assess the company by third parties who will remain impartial while spotting errors.

Fraud Loop Holes

Employees may notice possible fraud loops but may be too timid to report or be completely unaware of the act being fraudulent. Therefore, it is crucial to set up fraud training to acquaint them with fraudulent actions and behaviors and tips to report suspected cases, for instance, through the filing of anonymous tips or reports.

Occupational fraud can be prevented when proactive measures are put in place to ensure accountability and loyalty of all staff members and organizations. You can also hire the services of an expert accountant to guard your resources. Otherwise, without proper anti-fraud plans, the organization is prone to theft and other fraudulent acts that can cause setbacks for the organization, both in the organization’s finances and reputation.

If you have any questions about occupational fraud and how we could help you and your business, please get in contact, and we’ll be more than happy to help.

The post How To Protect Yourself From Occupational Fraud first appeared on TNT Accounting Services, LLC.

The post How To Protect Yourself From Occupational Fraud appeared first on TNT Accounting Services, LLC.

Any reduction in tax that you can find will be vital for their survival. Even the IRS acknowledges that you must keep some money to live on and run your enterprise. Minimizing taxes may be the difference between a profitable business and one that is just scraping by.

Like timing income and expenses, some small businesses must accomplish tax savings strategies before the end of the tax year. But others, such as funding a retirement plan, can be done at any time before you file your tax return.

Different Ways We Can Reduce Your Tax

• Tax credits are the federal government’s way of encouraging businesses and individuals to do things—or not do something—that affect the greater good. You can take tax credits for hiring employees, going green, providing access to disabled employees and the public, and providing health coverage for employees.

• Businesses can take tax write-offs on business equipment, machinery, vehicles, and sometimes even real estate. These write-offs can sometimes be taken in the first year you own and use the equipment.

• You can deduct up to $25 per person from the cost of gifts given to customers and vendors. An exception exists for those that bear your business name, are distributed as a matter of course, and cost less than $4.

• Timing your income involves moving it from one year to another. You first have to determine the year in which you expect to pay the most in taxes. Review your current expenses before the end of each year and prepay some of those amounts if you want to reduce your income for the current year. You can also increase your expenses and decrease payment by making expenditures such as stocking up on supplies.

Review Your Accounts

• The end of the year is also the time to review your customer accounts if your business operates on the accrual accounting method. First, find those customers who aren’t likely to pay you. You can write off the amounts they owe as “bad debts” and deduct them from your business income to save on taxes.  Bad debts can also include loans made to clients, vendors, or employees who don’t pay you back.

• Consult a tax professional before making any decisions that can affect your business tax return or spending money for the sole purpose of saving on taxes. Make sure you select someone who can help you all year, not just at tax time. Consider hiring an expert who can represent you before the IRS in case you ever get audited.

• Keeping track of your spending is easier than ever these days, but it can still seem daunting to some. Most credit cards will send you a year in review, and all of your bank transactions are available online. While online banking has made things a lot easier, there is still plenty of room to miss something. Use accounting software like Quickbooks to make things easier for you.

• Too many people who work from home are afraid of taking the home office deduction. If you work from home, at least look at if you qualify for this tax deduction. You may be surprised by how much money you can save.

Wise Planning

With wise planning, you can reduce your taxable income as a small business owner and keep more of your money working for you. Just remember to consult a tax professional to make sure you qualify for the potential savings discussed here. Contact us today to find out how we can help you and also what tax credits might be available for you.

The post Tips For Tax Reduction For Businesses first appeared on TNT Accounting Services, LLC.

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What is the medical expense deduction?

For tax returns filed in 2021, taxpayers can deduct qualified, unreimbursed medical expenses that are more than 7.5% of their 2020 adjusted gross income. For example, if your adjusted gross income is $40,000, anything beyond the first $3,000 of medical bills — or 7.5% of your AGI — could be deductible. That means if you had $10,000 in medical bills, $7,000 of them could be deductible. 

The 7.5% threshold used to be 10%, but legislative changes at the end of 2019 lowered it.

As part of the $1.4 trillion spending bill Congress passed, millions of Americans will get a permanent break on the deductibility of out-of-pocket medical expenses. Not only is this a great tax break for retirees it will also be helpful for the unemployed, the underemployed and even working folks with employer coverage who are paying ever more in high out-of-pocket medical costs. 

Look at your state’s rules, because even if you can’t get the deduction on your federal return, you might be able to on your state return. 

It’s important to remember that it’s the year in which you pay for your health care services is when the amount applies toward the deduction — not when you incur the expense.

Be aware that any expenses paid for with funds from a flexible spending account or health savings account cannot count toward the deduction because those contributions are already tax-advantaged.

What kind of medical expenses are tax-deductible?

Below is a summary of what comprises of tax-deductible medical expenses:

• Payments to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and other medical practitioners
• Hospital and nursing home care
• Acupuncture
• Addiction programs, including quitting smoking
• Weight-loss programs for doctor-diagnosed diseases, including obesity (but diet food and health club dues usually don’t count)
• Insulin and prescription drugs
• Admission and transportation to medical conferences about diseases that you, your spouse, or your dependents have (but meals and lodging don’t count)
• Dentures, reading or prescription eyeglasses, contacts, hearing aids, crutches, wheelchairs, and service animals
• Transportation costs to and from medical care
• Insurance premiums for medical care or long-term care insurance if they’re not paid by your employer and you pay out of pocket after taxes
• Travel costs associated with health care also can be used
• Even modifications to your house — i.e., a wheelchair ramp, perhaps a swimming pool — can count if they were installed for medically necessary reasons
• If you pay for health insurance with after-tax dollars, your premiums might be able to go toward the deduction

These are the medical expenses that you can’t claim for:

• Funeral or burial expenses
• Toothpaste, toiletries, and cosmetics
• Vacations
• Most cosmetic surgery
• Nicotine gum and patches that don’t require a prescription

While you don’t send in your receipts and records with your tax return, you’d need to be able to produce them if the IRS were to ask for proof of those expenses.

The post Medical Tax Deductions – What you can and can’t claim first appeared on TNT Accounting Services, LLC.

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The post New 1099 Form Rules first appeared on TNT Accounting Services, LLC.

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During this busy tax season, most business owners are frantically thinking about how they can maximize their deductions. With tax returns due by April 15, if we haven’t already prepared beforehand it may be too late to implement an efficient investment strategy for minimizing our tax bill.

Tax planning strategies can defer some of your current year’s tax liability to a future year, thereby freeing up cash for investment, business, or personal use. This can be accomplished by timing when certain expenses are paid or controlling when income is recognized.

For most small businesses, every penny counts. Not only do you want to optimize revenue, but you also need to minimize your tax liability. 

A Wise Investment

Seeking expert advice is a wise investment in minimizing tax & protecting your wealth. Accountants do more than tax filing; they can take a comprehensive assessment of your finances and create a forecast through the year to keep your business in a healthy, prosperous state. 

At TNT Accounting we offer a customized Tax Strategy Plan to our small business clients. The plan includes 2-4 tax strategies that can be implemented in the taxpayer’s business to save money throughout the year.

We prepare tax returns for both individuals and businesses in all 50 states. Individual Returns, Schedule C for Sole Proprietors, Rental Returns, Partnership, and Corporate Returns (1120 and 1120S). We also file Sales and Use Tax Returns and assist with estimated tax payments. We’ll take the headache out of all your tax planning and problems.

We can support you by easily identifying these potential deductions throughout the year and advise you on how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses, and home office space.

Reasons for Tax Planning

Many small business owners don’t realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management. 

Despite this, many business owners go it alone when it comes to managing their money. Getting help early will save you valuable time and money in the long term.

There are a number of ways we can help you reduce your taxes. These include:

• Contribute to a Retirement Account
• Open a Health Savings Account
• Use your side hustle to claim business deductions
• Itemize State sales taxes
• Adjust Your Basis for Capital Gains Tax
• Don’t Forget State and Local Tax Breaks

Tax Strategies:

• Proper record-keeping to maximize all your deductions
• Picking the right entity to avoid double taxation
• Retirement planning
• Hiring your children to work in the business

How to Keep Your Records in Check

Record keeping is a tedious element to owning your own business that is so important but a pain to do. However, it must be done. Whether it be for taxation or legal purposes, not having your records stored could lead you into deep trouble. 

Fortunately, there are some great methods that make the whole process simpler, and once utilized will speed up the whole process like using an Accountant for example.

If you did not do any record-keeping, come tax time, you could be throwing money down the drain. When tax time comes knocking, having all records of your expenses will help you take advantage of every deduction or tax credit that you are entitled to.

The life of a business owner can be isolating, especially when you’re left with a pile of receipts and invoices to plow through at the end of the month of the year. It doesn’t have to be that way. If you hire us as your accountants we can help you plan your taxes ahead of time and save you money.

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The Internal Revenue Service (IRS) reports that more than 80 million taxpayers use paid professionals to complete and submit their tax returns. And it certainly does make it easier and less stressful for all parties involved.

If you’re one of these 80 million taxpayers, it is important to organize your receipts, forms, and other documents well before tax time. Your preparer (like us) may take information directly from you or ask you to complete a questionnaire. Either way, you’ll need time to gather everything you—and your preparer—will need. Here are the steps to take.

• Even if you hire someone else to prepare your tax return, you’ll need to do some of the advance work yourself—and the earlier you start, the better.
• Round up your receipts and check that you’ve received all the forms you need from employers and financial institutions.
• Last year’s tax return can be a good guide for making sure you aren’t missing any important information.

The sooner you meet with your preparer, the sooner you should be able to complete your return (even if you decide to file for an extension). If you anticipate a refund, you’ll get that sooner, too. If you wait too long to schedule an appointment with a tax preparer, it might not happen before April 15th, and you could miss out on opportunities to lower your tax bill, such as making a deductible contribution to an IRA or a health savings account.

Gather Your Documents

By the end of January, you should have received all the various tax documents that you need from your employer or employers, as well as from banks, brokerage firms, and others with whom you do business. For each form, check that the information matches your own records.

These are some of the most common forms:

• Form W-2,⁵ if you had a job.
• The various 1099 forms that report other income you received.
• Form 1098,¹¹ reporting any mortgage interest you paid.
• Form W-2G,¹² if you had certain gambling winnings.

Round Up Your Receipts

Which receipts you’ll need to provide depends on whether you itemize your deductions or claim the standard deduction. You’ll want to choose whichever produces the bigger write-off, but the only way to know for sure is to add up your itemized deductions and compare that with your standard deduction. For the 2020 tax year, the standard deduction for single taxpayers is $12,400 and for married couples filing jointly it is $24,800.

In particular, look for receipts for medical costs not covered by insurance or reimbursed by any other health plan, property taxes, and investment-related expenses.

The better organized your records are, the less time it will take a preparer to process your taxes, which translates into lower fees for their service.

List Your Personal Information

You probably know your Social Security number, but do you know the Social Security number of each dependent you claim? You’ll want to jot those down, along with any other information your tax preparer is likely to need. For example, if you own a vacation home or rental property, note their addresses. If you sold a property in the past year, note the dates you bought and sold, the amount you originally paid, and how much you received from the sale.

Plan Ahead for Any Refund

If you expect a tax refund, you have several options for how it’s handled.

• You can apply some or all of the refund toward next year’s taxes. If you normally pay estimated taxes throughout the year, that can help cover the first quarterly installment.
• The government can send you a check or deposit the refund directly into your checking or savings account.
• You can contribute some or all of your refund to certain types of accounts (IRAs, health savings accounts, education savings accounts) or buy U.S. Savings bonds through Treasury Direct.

Find a Copy of Last Year’s Return

If you use the same preparer that you used last year, they are likely to have your previous information. If you are going to use a new preparer, last year’s return can serve as a reminder to the preparer—and you—of some items you don’t want to overlook. Here are two examples:

• Interest and dividends. Last year’s return should indicate which banks, mutual funds, or other financial institutions sent you 1099 forms. Use that list to make sure you received 1099s from them again this year (unless you closed those accounts or sold the investments in the meantime).
• Charitable deductions. If you made small gifts, you may not have received any acknowledgment from the organization, but you can still deduct these contributions as long as you have a canceled check or other proof. Consult last year’s list of organizations you donated to and see whether you made similar gifts this year.

The Bottom Line

Whether you do your own taxes or hire someone else to handle it, keeping good records will save you time and, in the case of a paid preparer, money. The earlier you start, the more smoothly it should go, and the sooner you’ll have put the process behind you for another year.

The post Prepare Your Tax Return BEFORE the Tax Deadline first appeared on TNT Accounting Services, LLC.

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Virtual accountants compile and verify financial transactions and ensure that their clients are financially efficient as well as compliant with lawful business practices. Instead of working in the office, Virtual Accountants work from home or in another location outside of the office. Virtual Accountants handle a wide range of responsibilities, depending on their specialty. 

During tax season, a Virtual Accountant prepares tax documents, calculates taxes owed, and follows up on payments made to or received from different government agencies. 

Other responsibilities may include documenting individual expenditures, reviewing financial statements for quality assurance, and verifying transaction compliance. Virtual Accountants may also be expected to make budget recommendations to increase the financial efficiency of their clients.

Benefits of Using a Virtual Accountant For Small Businesses

Business owners, increasingly, who, according to the report, “value their time tremendously and believe that focusing their time on what they do best – rather than what they can do if needed – is good business strategy.”

Outsourcing the bookkeeping part of your business to Virtual Accounting services allows you to have more time to study the financial health and well-being of your business and develop plans for future investments in growth. It helps focus your analysis at the strategic level. You can utilize this time to review and manage company productivity, the recruitment process or other current business planning needs.

Because of this, a Virtual Accountant may be the best option for small businesses, particularly when it comes to cost. For one thing, you can hire a Virtual Accountant on a contract basis. This is a massive advantage over paying for vacation time, benefits, payroll taxes and additional office space.

There’s no need to go through the tedious process of recruiting, hiring or training someone new. Instead, you enjoy instant access to trained, experienced and qualified accountants and can choose one based on your financial needs, be it part-time or full-time.

Virtual Accounting Apps

Additionally, you can get your pending work done quickly, as Virtual Accountants are generally available 24/7. Virtual Accounting apps are easy-to-use and include Freshbooks, Quickbooks, Xero and Wave which are relied on for accurate and transparent results.

With virtual accounting, you sign up only for the services you need. This means you only pay for what you need without wasting money on additional services. There is no need to worry about data security. We understand businesses need to keep financial data secure and it can be difficult to completely trust someone to keep it safe. This can be a problem when a business’s accounting is outsourced.

However, Virtual Accountants require access to your organization’s financial data, either from a local computer using a remote desktop protocol (RDP) or from your cloud. This means that none of your data is transferred and it will remain completely under your control. The information is encrypted, ensuring that confidential data remains safe from any threat.

If you are a business that currently does their own accounting but it is all becoming too much and taking up way too much time, then a Virtual Accountant is definitely a choice that you should consider.

The post Why You Need A Virtual Accountant first appeared on TNT Accounting Services, LLC.

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