Forensic Accounting
The OFE’s Role in Combating Tax Fraud
When it comes to the IRS, tax fraud is one of its biggest and most urgent concerns. Launched in 2020, the IRS established the Office of Fraud Enforcement (OFE) is order to focus more strategically on combating tax fraud. Fraud detection has long troubled the IRS, so the OFE serves to “promote compliance by strengthening…
Read MoreCorporate Fraud Spike is Inevitable
From financial statement fraud to cybercrimes, and many other types of fraud in between, 2021 and beyond is likely to see a rise in fraud reaching nearly every industry. The pandemic has laid the foundation for fraud to run rampant, creating an environment where fraudulent activity will increase due to a number of major factors:…
Read MoreMost Common Types of Financial Crimes in the U.S.
In a broad sense, a financial crime is defined as any type of crime that results in financial benefit to the criminal(s) involved. Financial crimes are carried out by organizations or individuals who seek economic advancement via illegal tactics. Regulatory bodies throughout the world are constantly developing new strategies to fight financial crimes, but the…
Read MoreFraud Prevention Strategies for Your Business
While it may seem counterintuitive, small and medium sized businesses are far more exposed to the prospect of fraud than large organizations. Approximately 5 percent of annual revenue is lost to internal fraud each year, according to research from the Association of Certified Fraud Examiners (ACFE). Unfortunately, many businesses focus their fraud prevention efforts on…
Read MoreSome of the Largest Mergers and Acquisitions Ever
From August 2019 to August 2020, there were a total of 12,123 merger and acquisition deals negotiated between businesses. Regardless if the agreements are large or small, each financial negotiation comes with its own set of complexities and requires intricate attention to detail. If you’re looking to complete your own merger or acquisition this year,…
Read MoreWhy Are Expert Witnesses Important?
When representing a case, the attorneys have no say who they can use as a witness, as relevant witnesses are ones who were at the scene of the crime or have useful information. However, when consulting an expert witness, attorneys can choose a person with key knowledge that can help them in a case. An…
Read More9 of the Biggest Financial Crimes in History
Financial crimes range from fraud to money laundering, from insider dealing and market abuse to corruption and bribery, and from electronic crime to terrorist financing. While financial crimes have always been a global threat, the last few decades have unearthed just how impactful these crimes can be on the global economy and its stability. Ponzi…
Read MoreHow is Divorce Different with a High Net Worth Couple?
While every divorce is different and comes with its own challenges, there are often many extra obstacles for couples with a high net worth. On top of an emotionally and financially taxing process, high net worth couples usually have higher stakes involved, with more to gain or lose. With more assets involved, divorce proceedings usually…
Read MoreAprès Divorce Financial Planning
Your divorce if over, the ink is dry on your settlement agreement or final judgement, as the case maybe. Now begins the picking up of the financial pieces. As a family, your financial status was fairly affluent. There was the large marital home, the vacation home, retirement accounts and savings/investment accounts. There is a successful…
Read MoreFraud Detection and Prevention for Small Businesses
Any business, no matter the size or scope, has a potential risk of fraud. In fact, according to the Association for Certified Fraud Examiners (ACFE), small businesses are actually the most vulnerable to fraud. According to a study published in 2002, the smallest business organizations, those with less than 100 employees, has the highest levels…
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