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Due to the pandemic and current economic climate, unemployment insurance fraud is a growing area of concern. Many states have adopted an online unemployment filing process, which makes it easier for individuals to file legitimate claims but also opens the door for fraudulent claims. A recent data breach with the Illinois Department of Employment Security (IDES) may have exacerbated the problem for Illinois taxpayers; however, this type of fraud is not limited to individuals in the state of Illinois.

A startup franchise needed a solution to integrate POS data into their accounting software. They wanted to automate as much as possible while keeping budget in mind. The POS system needed to send summary data to the backend accounting software, and the franchisees used this data for reporting. The franchisor used the data to create transactions.

The IRS recently announced the 2021 dollar limits and thresholds for retirement plans, reflecting the latest cost-of-living adjustments. Here are some relevant amounts for 401(k)s and similar plans.

Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.

A warning if your not-for-profit organization is looking for expenses to cut: Don’t skimp on insurance. Should your nonprofit experience a fire, major theft or other calamity, you’ll be glad you have the coverage. Of course, you may also be required by your state, certain funders, lenders and your own bylaws to carry adequate insurance. Donors certainly expect you to protect their investment in your nonprofit by managing risk with insurance. But to ensure you’re not wasting money, consider what you need — and what you might not.

Typically, an estate plan includes accommodations for your spouse, children, grandchildren and even future generations. But you may overlook some older family members, such as your parents or in-laws. They may also need your financial assistance and help with their estate planning.

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these four best practices.

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” And it’s not deductible by the corporation.

Illinois Secure Choice is a program established by the Illinois Secure Choice Savings Program Act. Since its launch in 2018, the law requires all Illinois employers that have 25 or more employees and have been in business for two or more years to either provide a retirement plan of their own or join the state’s retirement plan.

There have been some recent reports of a new form of Ransomware that can be extremely dangerous if installed. The new ransomware has a name of Ryuk. It is spread via email and phishing links. Once clicked on, it can lay dormant for weeks or months before it will activate.

“Accountability” may seem like one of those popular management concepts you know would be nice to implement if your not-for-profit had the time and budget. But not only is accountability essential to your nonprofit’s health and efficacy — affecting everything from donations to grants, hiring to volunteering, board fiduciary duty to employee morale — it’s also easy to adopt.

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest.