Monitoring fraud risks in the supply chain
Supply chain professionals face significant challenges with fraud, waste, and abuse; however, not all companies have measures in place to detect or prevent these issues. Key strategies to mitigate risks include meticulous tracking of labor unit data to prevent fraudulent...
Shared services benefits for CPAs
Client needs have become increasingly complex over the years and with this comes new opportunities for accounting firms to evaluate how they might increase the services they are able to offer clients without adding overhead or resources in-house. A solution...
Back to school means giving back at ShindelRock
The ShindelRock staff came together to make sure 33 4th graders at Munger Elementary – Middle School in Detroit were ready for their big day today! Each student received a everything they might need to start the year off right,...
Fraud controls may be lacking at smaller organizations
Small organizations, defined as those with fewer than 100 employees, lag significantly behind larger counterparts in adopting formal anti-fraud measures, as revealed by a global survey conducted by the Association of Certified Fraud Examiners (ACFE). Industries most susceptible to fraud...
Are your business assets vulnerable to theft?
Employee dishonesty, particularly when individuals have excessive control over cash and accounting functions simultaneously, poses the greatest risk of theft and fraud. By implementing fundamental internal controls and maintaining vigilant oversight of accounting procedures, business owners can reduce opportunities for...
Changes to partnership audit procedures may prompt the need for review
Congress recently enacted significant changes to partnership audit and adjustment rules, expected to lead to higher audit rates for partnerships. Partners should carefully review and possibly revise their partnership's operating agreement in response to these changes. While these rules generally...
Failure to substantiate charitable contributions could cost you
Substantiation requirements for charitable contributions vary depending on the size and nature of the donations—and taxpayers should be prepared with adequate documentation. While a recent article in Forbes pokes fun at substantiating charitable contributions, it reminds us that the IRS...
Client Question: What should I do if an employee claims a high number of exemptions?
The IRS advises employers to withhold federal income tax based on the allowances claimed on employees' valid Form W-4s, even if the withholding amount seems incorrect. Employers must inform employees that the IRS may review and adjust withholding if deemed...
Do you qualify for a like-kind exchange?
Are you thinking about selling parcels of land and then turning around and purchasing additional parcels? If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides...
Thank you to our generous clients for supporting Community Living Centers
Our matching donation campaign to Metro Detroit non-profit Community Living Centers closed recently, with ShindelRock presenting $2,785 to CLC on behalf of our firm and our clients! This donation allows CLC to continue to provide developmentally disabled adults with the services and...