IRS does not pay ‘bounties’ to retirement plan auditors

Posted Leave a commentPosted in 401(k), Accounting, Retirement

I found this interesting exchange in the reader comments on Employee Benefits Adviser. I changed the names and of course can’t vouch for the authenticity of the writers. The article topic was the increased rate of audits of retirement plans since the IRS is aware that a high percentage of retirement plans have major deficiencies. […]

More warnings of crowdfunding fraud

Posted 1 CommentPosted in Accounting, Computers and Internet, Crowdfunding

“There was a time when a fool and his money were soon parted, but now it happens to everybody”. Yesterday GrindTV ran an article about more crowdfunding fraud. Investment without responsible independent financial oversight leads to disaster. That’s why the accounting profession exists. Investors simply need a healthy dose of reality here. The most basic […]

Aetna oddities

Posted Leave a commentPosted in Health Insurance, News and Politics

News is emerging that Aetna attempted to strong-arm the U.S. Justice Department last month before pulling out of the individual health insurance exchanges. That doesn’t seem like a smart strategy under any circumstance and of course it did not work. I recall sitting in an Aetna corporate strategy presentation in the late 1980s and recognizing […]

CPA licensing issues

Posted Leave a commentPosted in Accounting, Legal, News and Politics

In the aftermath of my recent unplanned involvement in investigating CPA license reciprocity issues, state licensing and peer review requirements, I conclude four things: 1) The stated intention of the AICPA’s mobility project is largely usurped by the states that do not wish to lose control and revenue from the practice of accounting within their […]

Arizona small business crowdfunding

Posted 1 CommentPosted in Banking, Crowdfunding, Small Business

Arizona joined the growing number of states that allow small business equity crowdfunding within its borders on terms that do not violate federal securities laws. The state’s new small business crowdfunding law went into effect this month. FundMyBusinessAZ.com is a site that operates under a new law signed by the governor that paved the way for […]

Another reason to stay clear of GoFundMe

Posted 1 CommentPosted in Crowdfunding, Entertainment, Scam

In a post titled “Fraud in Crowdfunding” I’ve written about the ridiculously high rate of fraud on GoFundMe campaigns. Some third-party evidence suggest that the majority of campaigns on that site involve some type of fraud, deception or mismanagement. The scams reported target both the project sponsors and those who fund the projects. Simply put, […]

Insulting Pennsylvanians: enough BS already

Posted 1 CommentPosted in Leadership, News and Politics, Values

I’m still astounded by Trump’s accusations over the weekend about voter fraud in the banana republic of Pennsylvania. Even if he is completely ignorant on the topic, his advisors must be aware that there isn’t a single case of documented voter fraud in recent PA history even after substantial (and expensive) investigation and litigation in […]

Nonprofits and small businesses lack security measures

Posted Leave a commentPosted in Computers and Internet, Data Management, nonprofit, Security

I started the week by reviewing IRS’s publication about guarding taxpayer data. The publication is meant for tax firms but the concepts apply to all organizations that handle sensitive data. Last week I reviewed an accounting firm’s operations and, for the second time this year, declined to work with a service provider solely on the […]

Small business equity crowdfunding: the first 90 days

Posted 1 CommentPosted in Crowdfunding

In the first three months that small business equity crowdfunding was allowed, only 17 of the 117 businesses that registered offerings on SEC-approved platforms met their minimum funding requirement, according to a NextGen Crowdfunding press release. By ‘small business equity crowdfunding’ I am referring to public offerings up to $1 million sometime referred to as […]