Lupita Martinez | August 23, 2017
When the Governmental Accounting Standards Board issued GASB Statement No. 34 in June 1999, it made drastic changes to how state and local governments, including tribal governments, did financial reporting. Now GASB is revisiting that statement and seeking input from stakeholders on how it can improve the model. This is an incredible opportunity to make your concerns known about the current GASB Statement 34 fund financial statements and the proposed changes to those statements.
The fundamental issue GASB is addressing is the form and content of governmental fund financial statements, including their measurement focus and basis of accounting. The objective is to make the statements more understandable for those making decisions based on a government’s fiscal health. Read more. Read More
Sandy Abalos | August 22, 2017
The IRS is urging businesses to beware of a recent increase in email scams targeting employee Forms W-2. The W-2 scam – called a business email compromise or BEC – is one of the most dangerous phishing email schemes trending nationwide from a tax administration perspective. The IRS saw a sharp increase in the number of incidents and victims during the 2017 filing season.
A business email compromise occurs when a cybercriminal is able to “spoof” or impersonate a company or organization executive’s email address and target a payroll, financial or human resources employee with a request. For example, fraudsters will try to trick an employee to transfer funds into a specified account or request a list of all employees and their Forms W-2. Read more. Read More
Laura Hall | August 16, 2017
Many investors, including some of REDW Stanley’s clients, are a bit uncomfortable with the present state of the stock market. They feel that valuations are too high, that the extended life of the recovery is undeserved, and that, any day now, the other shoe is going to drop (meaning the market will experience a correction – which, incidentally, is a normal part of an economic cycle). What can we, as your financial partner, do to help improve your comfort level? Read more. Read More
Tim Tribe | August 14, 2017
Vendor fraud continues to be a major threat to organizations. In fact, vendor, supplier and procurement fraud is the second most prevalent fraud, according to the 2016-2017 Kroll Global Fraud Annual Report.
Who is the most at risk from vendor fraud? Read more. Read More
Alliance Benefit Group Southwest | August 14, 2017
Some companies in certain industries are using a new strategy to keep the best employees and motivate staff to save for retirement. According to an article in the July 17 edition of The Wall Street Journal, companies ranging from Microsoft Corp. to Host Hotels & Resorts Inc. are boosting contributions to their workers’ 401(k) plans, a move many firms have long resisted because of the greater costs. Read more. Read More
Daniel Yu | August 9, 2017
Perhaps one of the most common comparisons is the one comparing investing to gambling. The similarities are undeniable. You can lose all your money or end up with a great deal of money. Even the indicators of success and language are similar. We talk about being up or being down, being in the red or being in the black, the big loss or the big win. Both utilize statistics and we talk about the odds of certain outcomes. However, there are major, fundamental differences that we will explore. Read more. Read More
Sandy Abalos | July 27, 2017
The Internal Revenue Service issued a warning on June 15 about a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where scammers call to demand an immediate tax payment through a prepaid debit card. This fraud is being reported across the country, so all taxpayers should be alert to the details. Read more. Read More
Tim Tribe | July 26, 2017
Two principal questions serve to illustrate the financial issues that may confront carriers in handling a first-party claim. First, so-called time element losses such as business interruption, loss of use, and additional living expense claims highlight the importance of understanding the insured’s on-going operations for purposes of evaluating the value of a loss.
Second, a discussion of questionable or even fraudulent claims illustrates how a complete understanding of the insured’s finances can identify red flags and, potentially, proof that the insured has overstated their claim or had a motive to commit arson or stage the theft of goods, services, and materials related to their business. We begin, therefore, with a discussion of those two issues as they arise under common first-party claim situations. Read more. Read More
Tim Tribe | June 28, 2017
Over the years, I have been invited to speak to various groups, and in a variety of venues, on the topic of employee theft—or, as the Association of Certified Fraud Examiners (ACFE) likes to call it, Occupational Fraud. In June, I had the opportunity to speak again on this subject, this time in London, U.K.
For my visit to the United Kingdom, I made use of this international data which shows a significant amount of consistency with results from the U.S., and a few surprises. Read more. Read More
David Cechanowicz | June 26, 2017
Recently, I read an article on retirement income planning that focused on the “best” combination of investments for a couple approaching retirement. The authors proposed that three hypothetical investors set out on their retirement journey with a healthy pot of money in the cookie jar and $24,000 of annual Social Security benefits as foundational income. The analysis then proceeded to look at three different ways to invest the nest egg to allow for the most flexibility in retirement.
I am quite sure that some investors are drawn to the mechanics of portfolio management and asset allocation while others are quite content to hire professionals to manage their accounts. But let’s compare this approach to retirement income planning with three different families that are about to go on an extended vacation, car and trailer included. Read more. Read More