Tuesday, November 26, 2013
Friday, November 22, 2013
- Be proactive: Adopt a code of ethics for employees and management that must be followed, and make it known that unethical behavior will not be tolerated.
- Establish hiring procedures: Every company should have formal employment guidelines that are strictly followed. Conduct thorough background checks and take ethical compliance into consideration during performance reviews.
- Train employees: All employees should be trained in fraud prevention. Employees should know how to report suspicious activity and understand the warning signs of fraud.
- Conduct regular audits: Surprise audits are the most effective and should be done routinely, especially in financial and inventory departments.
- Call an expert: If fraud examination is not practiced by your business, hire an expert to conduct regular examinations.
Tuesday, November 19, 2013
The current federal minimum wage is $7.25 an hour, but that number could be increasing soon. Last Thursday, the President announced his support of legislation that would increase the federal minimum wage from $7.25 to $10.10. According to the Huffington Post, the “federal minimum wage is actually worth $2 less today than it was in 1968”. As the cost of living goes up, minimum wage follows suit. The last minimum wage increase occurred on July 24, 2009, when minimum wage was increased from $6.55 to $7.25 an hour.
Some states have already begun the process of increasing minimum wage. New York and Connecticut have approved measures that would increase the minimum wage to $9 an hour and organizers in South Dakota, Massachusetts and Idaho are working to get the same wage increase on their ballots for voting in 2014. California lawmakers have approved an increase of minimum wage to $10, which will take effect by 2016, and New Jersey residents have voted to raise minimum wage to $8.25 an hour. The CNN Money website reports that “as of January, New Jersey will join 19 other states and Washington, D.C., in having minimum wages that exceed the federal level”.
Wednesday, November 13, 2013
Friday, November 8, 2013
Wednesday, November 6, 2013
The Internal Revenue Service has announced that the beginning of tax season could be delayed by up to two weeks, due to the government shutdown. Accounting Today notes that the "16-day government shutdown came during the peak period for preparing IRS systems for the upcoming tax season, which involves programming, testing and deployment of more than 50 systems" (Accounting Today). Considering that the government shutdown closed about 90% of the Internal Revenue Service's operations for 16 days, the delay is not a surprise. The Internal Revenue Service will announce the official start of the preparation for the upcoming tax season in December. This delay will not affect when tax returns are due. Taxpayers will still be required to file their returns by April 15th, and companies will still be required to send W-2 and other tax forms by January 31st.
If you have any questions, please contact us.