On November 7th, Sam Bankman-Fried had an estimated $16 billion fortune, largely invested in cryptocurrencies. By the end of the week, that fortune was gone. According to Bloomberg, it was one of “history’s greatest-ever destructions of wealth.” It occurred alongside the collapse of his crypto exchange, FTX, an event that….
While it may seem like a simple game of numbers, business valuation is actually a complex process. Determining a company’s value depends on a number of different factors: some obvious and some less straightforward. Beyond that, the approach to business valuation can change depending on who is carrying out the….
The recent case of Bathke v. Costley gave the Florida Court of Appeals, Fifth District, the opportunity to reexamine equitable distribution of marital assets and liabilities when it comes to a potential or hypothetical sale of entities that would incur capital gain taxes. In this case, Benjamin M. Bathke (“Husband”)….
Ellrich, Neal, Smith & Stohlman, P.A., one of the leading forensic accounting firms in South Florida, announced the recent retirement of its leader, W. David “Dave” Ellrich, CPA, CFE, CVA, ABV, MAFF, ASA, CFF. Dave helped shaped the litigation and forensic accounting industry as trailblazer in the 1980’s, cultivating a….
Marriages do not always work out. And when a marriage takes place in the public eye, the ensuing divorce often becomes a spectacle. The public is fascinated by massive divorce settlements of well-known and powerful people. Rumors, cheating, criminal activity, plastic surgery, and money… the most historically lucrative divorce settlements….
In general, accounting is a system of recording and summarizing the financial transactions of business entities. As the “language of business,” accounting quantifies a business or organization’s economic activities and shares the information with stakeholders. There are many fields which fall under the umbrella term of accounting, including tax accounting,….
Forensic accounting is an industry understood by few, but with the massive increase in fraud (and divorces) over the last two decades, forensic accountants have gotten busier and busier. The internet has given scammers the tools to commit fraud at a much more rapid rate. Plus, the pandemic has produced….
The Crossing for Cystic Fibrosis is an incredible event where participants embark on an 80 mile journey across the Gulf Stream from Bimini in the Bahamas to the Florida mainland, on paddle boards. This long-distance endurance paddle challenge and international championship race is one of its kind, inspired by the….
The adoption of technology into accounting has had an interesting journey. While some were hesitant at first, it is clear that data analytics and sophisticated technology is imperative for firms and practitioners throughout the country. The reality is the digital tools have transformed the approach to accounting, making firms more….
Tax season is quickly approaching and investors who have made virtual currency transactions need to be prepared to report this activity to the IRS. Like any other transactions, cryptocurrency transaction is taxable by law. As such, taxpayers who have taken the cryptocurrency plunge must report their transactions on their tax….
Ellrich, Neal, Smith & Stohlman, P.A. was formed in 1988. Based in northern Palm Beach County, Florida, we serve clients throughout the state. The firm’s original founders are W. David Ellrich, Jr. and Becky B. Moore.
