Where accounting makes "cents"

If you know me then you know I ❤️ bookkeeper fraud! This scheme I happened upon was a first for me. The bookkeeper was crafty and unfortunately only uncovered after she was fired. As an outsourced accountant, one of my tasks involve year end 1099 processing. A 1099 tells the IRS that your business paid money to an entity or person. I asked the subcontractor to send me a completed W9 so I can generate a substantial 1099 for work performed in 2022. The subcontractor responded with, “I’ll come by later to give you an envelope.” I thought he would drop by and provide me a signed W9 for my records. The subcontractor handed me an envelope of cash. I laughed and was stunned and asked what’s going on? Well the other lady said if I paid her she wouldn’t give me a 1099 and I could file my taxes with whatever amount I wanted. Since the other lady is no longer here and you took over, here’s your payment. Mr. Subcontractor that’s called a kickback and it’s illegal. I will be generating a 1099 for a...

I learned a new fun fact about box 7 on Form 1099-Misc regarding a buy/sell agreement … As I printed out the form and saw no amounts and only a checked box, panic ensued. Just what anyone wants! To learn about tax law changes under deadlines. Direct sales were normally listed with an amount on form 1099 – but the PATH Act changed that. Now the checked box says “a payer made direct sales of $5,000 or more of consumer products to a recipient for resale.” To me it seems like a way to slip under the reporting radar for the recipient. But if those are the instructions, I will follow them. Make sure that you are working with a qualified professional that understands these changes and how to apply them to your business. #accountant   #bookkeeping   #palmbeachaccountant   #outsourced   #outsoucedaccountant   #management   #managementconsultant   #fractionalcfo   #outsourcedaccounting   #cfe   #quickbooks   #quickbooksonline   #form1099...

Received a call from someone that was given my contact info and was told I work accounting miracles. I need a new accountant... my bookkeeper doesn't know bookkeeping or computers or Quickbooks..Can you please help me! It is important to properly vet your employees to make sure they are doing the best job for you and your business.  #accountant #bookkeeping #accounting #accountability #bookkeeper #bookkeepingservices #outsourcedaccounting #outsourcedbusiness #outsourcedbookkeeping #consultant #managementconsulting #managementconsultingservices #quickbooks #quickbookscleanup #jobcostaccountant #cfe #womanentrepreneur #womanownedbusiness

 Did you know Quickbooks Online has a worflow approval process?  Recently I discovered a scheme where the construction bookkeeper was paying for work on her home using company funds. The owner allowed her to process payables under a $ amount using the workflow tool. To avoid detection she paid the invoices in multiple increments below the threshold.  This could have been detected if owner reviewed the bank activity, physically signed the checks and matched them to invoices or outsourced to my company to review the bookkeeper's work. #womanownedbusiness #constructionaccounting #smallbusinesssupport #smallbusinesstips #acccounting #latinabusinessowner #consultant #bookkeeping #smallbusiness #managementconsulting #internalcontrols #consultantservices #cfe #consultation #fraud #bookkeeperfraud #outsourcedaccounting #outsourcedbookkeeping