Monthly Archive: February 2014

Feb 28

Identity Theft Tops Consumer Fraud List

The Federal Trade Commission (“FTC”) released the agency’s Consumer Sentinel Network Data Book 2013, which summarized consumer complaints.  There were over 2.1 million complaints reported in 2013.  The following table summarizes the top ten types of complaints filed in 2013:   Category No. of Complaints Identity Theft 290,056 Debt Collection 204,644 Bank and Lenders 152,707 …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/identity-theft-tops-consumer-fraud-list/

Feb 27

The Big Marriage Benefit in Estate Planning

The tragic news of Philip Seymour Hoffman’s death also came with an expensive reminder of how estate tax law favors marriage.  It has been reported that most of Mr. Hoffman’s $35 million estate will go to Mimi O’Donnell, his longtime love and mother of his three children.  Unfortunately, the fact that this couple wasn’t married …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/the-big-marriage-benefit-in-estate-planning/

Feb 26

IRS Reports its Investigative Wins

The IRS has released its Annual Business Report for 2013, detailing its investigative priorities and accomplishments during the year.  In terms of priorities, the focus has been on the following areas: Identity Theft Fraud Return Preparer Fraud & Questionable Refund Fraud International Tax Fraud Fraud Referral Program Political/Public Corruption Organized Crime Drug Enforcement Task Force …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/irs-reports-its-investigative-wins/

Feb 21

Liability Extended to Employees for Underreported License Fees

A recent case in the Canadian courts took the unusual step of extending liability to the employees working for the entity who underreported licensing royalties.  Plaintiff XY and Defendant JingJing entered into a licensing agreement for use of technology.  The Court found that JingJing breached the terms of the contract and falsified its records in …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/liability-extended-to-employees-for-underreported-license-fees/

Feb 19

How Much is Michael Worth?

The IRS is taking serious issue with Michael Jackson’s estate over the value of various assets upon which taxes are due.  According to a recent article in the Los Angeles Times (“LAT”), there is over a billion dollar discrepancy between the value reported by his estate after his 2009 death and the amount concluded by …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/how-much-is-michael-worth/

Feb 18

Auditing Standards Board Provides Guidance for Reliance on Internal Auditors

The Auditing Standards Board (“ASB”) has issued its Statement on Auditing Standards (SAS) No. 128, “Using the Work of Internal Auditors”.  SAS 128 defines the external auditor’s responsibilities in situations where they are (a) using the work of the internal audit function to obtain audit evidence or (b) using internal auditors to provide direct assistance …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/auditing-standards-board-provides-guidance-for-reliance-on-internal-auditors/

Feb 14

Have You Considered Refinancing?

Interest rates have been near historical lows in the recent past.  Even though they are not at the lows we saw in 2012 and early 2013, they are still low.  This provides a ripe opportunity for homeowners to refinance their homes.  A recent article from The Daily Ticker, by Aaron Task, highlights some important facts …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/have-you-considered-refinancing/

Feb 10

Top Risks for 2014

Protiviti, a consulting firm, and North Carolina State University Enterprise Risk Management Initiative released the results of a joint study “Executive Perspectives of Top Risks for 2014”.  The survey contained responses from over 370 board members and executives from various industries.  The top 10 risk concerning these board members and executives are: Regulatory changes and …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/top-risks-for-2014/

Feb 07

Is Uber a Connectivity App or an Employer?

Uber identifies itself as a tech company which developed an app to connect livery car drivers with a network of registered users in need of rides.  Whenever a connection is made and a service is provided, Uber collects a 20% fee. However, some fail to see the difference between Uber and a cab company in …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/is-uber-a-connectivity-app-or-an-employer/

Feb 06

2013 Worst Passwords Revealed

SplashData released their 2013 list of “Worst Passwords of 2013”.  The list is compiled from files containing stolen passwords posted online.  The following table ranks the top 25 worst passwords for 2013 and compares them to 2012 and 2011.   Rank 2013 2012 2011 1 123456 password password 2 password 123456 123456 3 12345678 12345678 …

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Permanent link to this article: http://betweenthenumbers.net/2014/02/2013-worst-passwords-revealed/

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