Category: Business


Tax Return Fraud Can Happen To You

Posted by CYAAdmin in CYA, Fraud Prevention, Tips. No Comments

17th October

Do you have your date of birth on your Facebook page?  You could be making it easier for a fraudster to steal your identity and your tax refund.  Now the only other thing they need is your social security number, which can be bought from the right people. The IRS should be able to protect us, they have our W2s electronically filed.  The tax season has been delayed for the past several years.  Why don’t they


Theft in the Sunny Side of Louisville

2nd October

It seems that we’re hearing about another fraud case every week.  The refreshing fact on these recent local stories are that restitution is being made, perpetrators are being held accountable and prosecution is imminent.  It has been a rarity for the victim organization to recover any of the losses in the past.  I welcome this new trend of companies pressing charges in these theft cases.  Most recently there was a young Branch Manager accused of theft at Centra Bank in Scottsburg, IN.  She schemed $63,000 from Centra Bank over the course of 2012 by taking cash from teller drawers and manipulating customer accounts.  I wonder if that position provides too much temptation for a 24 year old.

Read the rest of the story at http://newsandtribune.com/local/x134966270/Former-bank-manager-arrested-for-63K-theft-in-Scottsburg



Theft in the Church

Posted by CYAAdmin in Fraud Prevention, Uncategorized. No Comments

2nd October

These days we see theft and deception everywhere, even in churches.   In the local news, we have a bookkeeper accused of stealing $thousands$ from a church by taking donations meant for the school.  The issue of trust comes into play in many a minds.  As a minister or a small business owner, you want to believe that people can still be trusted.  Although there are still many trustworthy people, the reality is that morality and right and wrong are becoming more subjective based on the benefits available to the decision maker at the time of the decision.  Opportunity, motive and rationalization .  So, why does an Accountant/Fraud Examiner choose topics like this for their blog?  I choose these topics for two reasons: 1) because I believe small business owners need more than trust as the “go to” tools in their Asset Protection Arsenal … Read More »



Fraud in Healthcare

Posted by CYAAdmin in Accounting, Business, Fraud Prevention. No Comments

2nd October

Fraud is in the Local news again.  This time the target organization is the University of Louisville.  The Executive Director of the Center for Family & Geriatric Medicine is alleged to have written checks to himself in excess of $2 Million.  What I find interesting is that when interviewed, U of L President, James Ramsey commented that “there was nothing wrong with the University’s internal controls procedures, they just weren’t followed.”

If that doesn’t scream something’s wrong, I don’t know what does.  We can all have the most elaborate policies, but if they aren’t followed, we aren’t protecting our assets.  The development and implementation of Internal Controls must go together in a Asset Protection Plan.  This alleged scheme has been allowed to go on for 7 years.   This is not the first case that the university has had come up in the news … Read More »



Serious Tax Headache or Opportunity to Explain and Repair

Posted by CYAAdmin in Business, IRS, Louisville, Taxes. No Comments

31st August

Are you in the 20,000 businesses that have received IRS Notifications of Possible Income Underreporting in recent months.  Since 2011, the IRS has required payment processors to file 1099-K forms, a record of all credit card transactions on their systems.  I could imagine this would impact many small businesses.   Varying from industry averages and how your business model differs from others in your industry could have you justifying your situation to the IRS just as the companies in this CNN Money article.

I think it depends on which side of compliance you are on, whether you view this as an opportunity or a serious tax headache.

To read the full article, go to http://money.cnn.com/2013/08/19/smallbusiness/irs-crackdown/index.html



Would you work for free?

Posted by CYAAdmin in Accounting, Business, Tips. No Comments

31st August

In these economic times, many people have lost high paying jobs and are turning to entrepreneurship to replace that salary.  As that happens, you have people who have a skill or talent, but may not know the ins and outs of managing the financial outcome of a business.  Too many entrepreneurs today are heard saying “I’m working for free!”  You wouldn’t work for some other company for free, so why work for your own company for free?  If you work for free in the beginning, it makes it harder to work for pay later.  Let’s talk about how to avoid this.  The topics that I think help you avoid working for free are pricing, expenses, break-even point and profit.  If you don’t know what these are, you can’t possibly make sound financial decisions.

Pricing is sometimes the last thing a business … Read More »



Credit Card Processing Fees

Posted by CYAAdmin in Business, CYA, Louisville, Tips. 3 comments

6th August

Why not use your bank for credit card-processing services?  What you are paying for that convenience, versus shopping around, might surprise you.  Those fees are explained thoroughly in this article from Forbes, as well as some extra perks you might not have considered asking for in your negotiation.  I hope you enjoy it!

Processing Fees

When Yvonne Chu launched Kimera, her Brooklyn, N.Y.-based dress retailer, five years ago, setting up a system to accept her customers’ credit cards was an afterthought. Already armed with a small business card from Capital One, she figured why not use the bank’s credit card-processing services, too? “I needed it in a hurry,” says Chu.

It took a few years, but Chu eventually realized she was leaving real money on the table…..

Read more: http://www.forbes.com/2007/02/20/visa-americanexpress-globalpayment-ent-fin-cx_mf_0220creditcard.html



Many Benefits of Outsourcing Your Accounting Tasks

Posted by CYAAdmin in Accounting, Business, CYA. No Comments

2nd July

Small-business owners in Louisville can become consumed by the core financial functions of their business. As the owner of a small business, have you ever considered how much more profitable your business could be if you weren’t spending your time working on your own Accounting? Would your time be better spent on revenue generating projects? There are many benefits to handing off these tasks to a competent Accountant.

 The most obvious benefit is increased time and focus for revenue-generating activities. Second, you get peace of mind because now you have a watchful eye covering your assets. Third, you benefit from more effective decision making because you have timely and accurate financial reports to rely on. Lastly, control – you get better control of your assets, internal controls and your life because you aren’t spread thin from doing it … Read More »






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Tax Return Fraud Can Happen To You

Do you have your date of birth on your Facebook page?  You could be making it easier for a fraudster to steal your identity...

Credit Card Processing Fees

Why not use your bank for credit card-processing services?  What you are paying for that convenience, versus shopping around, might surprise you.  Those fees...

A Common Personal Finance Mistake New ‘Treps Make

I found a good article in Entrepreneur Magazine about some of the common money-related mistakes that young entrepreneurs make in business. I hope you...