Dana McGuffin CPA Blog
You may think of life insurance as income-replacement protection for your family in the event you or your spouse dies. But what are the tax implications of life insurance? Here are four rules to know. Death benefits. Normally, death benefits paid under a life insurance policy aren’t subject to income tax. But this isn’t a…
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We are proud to announce that clients, friends of the firm, and Southlake Journal readers have voted Dana McGuffin CPA, PLLC the Best of the Best CPA in Southlake, Texas for the 5th year in a row! From the Southlake Journal March 25, 2015 Edition: When the Dana McGuffin CPA, PLLC accounting firm wanted to…
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My Big Why FREEDOM. Really, that’s what it all comes down to. It’s my BIG WHY. Freedom is why I got into business in the first place. I wanted freedom to run a business the way I saw fit. I wanted freedom from the “old” standard practices of accounting firms. I wanted freedom from being…
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In our 4th post on fraud, we covered the opportunities for fraud in a business. After covering material that is negative in many ways, let’s discuss something positive: How to PREVENT fraud in your business! Separation of Duties Separation of duties is a cornerstone concept of accounting. In a small business, this critical separation can be…
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In our 3rd post on fraud, we discussed 3 Key Elements of Fraud in any Business. To recap, the first two elements were: Pressure Rationalization Opportunity is the third element and what we are going to focus on today. Opportunity, or a favorable juncture of circumstances, is the element over which employers have the most control after the employee…
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Let’s continue our discussion on fraud. (For our 2nd Post on fraud with recent examples we’ve seen, click here.) FRAUD \ noun\ ‘fröd\ Definition of FRAUD 1a: DECEIT, TRICKERY; specifically : intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. In other words, fraud…
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Fraudulent disbursement schemes provide a unique opportunity for the fraudster. The company is essentially “tricked” into making a legitimate- looking disbursement. Unlike larceny or skimming schemes, the employee is not even physically required to take custody of the funds; the money can be converted indirectly by the employee through a third source, such as a shell…
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Is An Employee Stealing From You? Fraud presents itself in many ways in businesses! Over the years, we have seen dozens of examples of employee fraud. From buying personal gasoline and clothing on company credit cards to dispersing additional payroll checks to themselves, employees find creative ways to steal from their employers. We’ve had numerous…
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Dana McGuffin CPA, PLLC is proud to announce that Firm Manager Lindsay Polyak has been appointed to the Southlake Chamber’s Board of Directors. Lindsay has been actively involved in the Chamber since 2009, through the Ambassadors’ Committee, which she currently chairs. Lindsay will serve a 3-year term on the Board of Directors. The Board of…
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(Pictured L-R: Mark Guilbert, Traci Bernard, Lindsay Polyak, Bob Ortegel) Lindsay Polyak Ambassador of the Year for 2013 at the Southlake Chamber The Southlake Chamber held the Celebrating Community MVPs Annual Awards Banquet on Thursday, June 20th at the Marriott Solana Hotel. The recipients were recognized at the tailgate themed event presented by Texas Health…
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