In only a few months, the COVID-19 pandemic has turned the world upside down. This paradigm shift is forcing all of us to re-evaluate how we shop, travel, and even work.Read More
Ohio Governor Mike DeWine signed House Bill 197 on March 27, 2020 as the state’s response to the current COVID-19 pandemic. The provisions of the bill include a number of tax-related measures, including suspending the 20-day rule during the COVID-19 pandemic. Under the normal rules, effective January 1, 2016, local taxes are withheld based on an employee’s “principal place of work” (as defined in Ohio Revised Code Ann. Sec. 718) for the first 20 days an employee works in another Ohio municipality (“non-principal place of work municipality”). Withholding is required for the “non-principal place of work municipality” beginning on the 21st day. Exceptions to the new 20-day rule exist for certain construction and other long-term worksite locations.
If you’re reading this, hopefully you were able to obtain a Paycheck Protection Program (“PPP”) loan and have either received the funds or will be receiving the funds soon. If you couldn’t get funded, then there is hope that the program will be replenished soon so keep close to your banker and have your application ready to go. Now that companies are getting funded the question on everyone’s mind is how to make sure most of this loan, if not all, gets forgiven under the forgiveness provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and in the various guidance the Small Business Administration (“SBA”) has issued. And that’s a great question that unfortunately currently has a lot of unknowns until final guidance is issued.Read More
Ohio Governor, Mike DeWine announced today that the Ohio Department of Health has issued a Stay at Home order for all of Ohio. The order goes into effect at 11:59 PM, Monday, March 23 and will go until at least April 6. Then it will be reevaluated, according to DeWine.Read More
Accounts receivable (A/R) are often a popular fraud target because of the high volume of transactions that go through the A/R account. These types of fraud can be costly, but early detection can help minimize losses. This article identifies four signs that something is amiss with receivables: slow turnover, missing controls over financial reporting, excessive write-offs and errors, and customer complaints.Read More
Statutory appraisals in dissenters’ actions are typically based on either the deal price or the company’s unaffected market value as a going concern. This article summarizes a recent Colorado Court of Appeals case that affirmed a decision to consider more than just deal price when determining the fair value of a minority shareholder’s interest.
Crocker v. Greater Colorado Anesthesia, P.C., 2018 Colo. App. 33, 2018 WL 1247618, Mar. 8, 2018Read More
It’s been more than a decade since Bernie Madoff made headlines for his massive Ponzi scheme. That case taught a valuable lesson: If an investment seems too good to be true, it probably is. Unfortunately, some investors are still being duped by slick con artists who promise quick and easy returns. This article highlights another recent securities fraud indictment last fall and explains how these frauds work. A sidebar discusses ways a forensic accounting expert can help identify the signs of securities fraud scams.Read More
When it comes to fraud detection, the amount of available data in the company’s paper and electronic records can seem staggering. Fortunately, the field of data analytics continues to advance, arming qualified financial experts with the tools to mine massive mounds of data effectively and efficiently. Association analysis, outlier analysis, and cluster analysis are among the detection techniques that have rapidly gained footholds in today’s data-driven world.Read More