Fraud costs organizations worldwide an estimated 5% of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). If applied to the 2013 estimated Gross World Product, this translates to a potential projected global fraud loss of nearly $3.7 trillion.
Year-end tax planning for 2014 must consider many important “temporary” tax provisions that have expired and may not be retroactively reinstated and extended before the end of the year. With the election now passed, Congress may or may not act to extend or reinstate various beneficial tax provisions.
Increasing information security of sensitive data is a topic that is
resonating throughout the legal profession. The growing rate of
attorneys electronically transmitting and maintaining sensitive
information increases a law firm’s risk surrounding its information
security and controls. This risk factor is becoming a principal concern
within the legal profession.
As competition has increased in attracting donor funding, many not-for-profit organizations have looked to create separate partnerships and ventures in order to better serve their constituents. When these new entities are created, organizations must evaluate whether generally accepted accounting principles require these entities to be consolidated for financial statement presentation. Whether a not-for-profit should consolidate a related entity depends on two factors: economic interest and control.