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Van Elkins and Associates

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IRS abates penalties

Monday, April 4th, 2011

In a payroll tax case we have been working on for over a year, the IRS has agreed to abate penalties, saving the taxpayer over $200,000. This is a very unusual decision for the IRS, which considers non-payment of payroll taxes to be an unauthorized loan of government funds. Employers are required to withhold income […]

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Tags: CPA Knoxville, internal controls, IRS, payroll, small business, tax, tax audit, withholding, workplace fraud



IMPORTANT: ACH Phishing Alert

Monday, February 28th, 2011

The Electronic Payments Association has received reports that individuals and/or companies have received a fraudulent email that has the appearance of having been sent from NACHA and signed by a non-existent NACHA employee. Specifically, this email claims to be from the “Electronic Payments Association” and appears to be coming from the email address “payments@nacha.org.” These […]

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Tags: banks, fraud, internal controls, small business



Guard against electronic funds transfer fraud

Monday, November 8th, 2010

Your business, like many others, may receive and pay out funds through electronic funds transfer (EFT) and automated clearing house (ACH) transactions. Such transactions include converting paper checks to electronic payments, wiring funds, and paying taxes electronically. The frequency of EFT fraud and the size of losses have increased as cybercriminals are targeting small and […]

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Tags: ACH, banks, business consulting, cybercriminal, EFT, fraud, fraud detection, internal controls, small business



Fraud protection resource

Monday, June 21st, 2010

When times get tough, more people try imaginative (and illegal) ways to outsmart the system or take advantage of others. We’ve seen it during this recession in Ponzi schemes (e.g., Madoff and Bolze), unemployment insurance fraud, bank fraud, mortgage fraud, and more. Recently, the Federal government set up the interagency Financial Fraud Enforcement Tax Force to […]

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Tags: bank fraud, Bolze, business consulting, embezzlement, Financial Fraud Enforcement Tax Force, fraud, fraud detection, insurance fraud, internal controls, Madoff, mortgage fraud, Ponzi, small business, StopFraud.gov, workplace fraud



Seminar presentations

Tuesday, June 8th, 2010

Van and Karen presented at a seminar for business owners and managers in Morristown, TN today. Van talked about the increase in IRS audits and how companies can prepare for that possibility. Karen talked about detecting and preventing fraud in the workplace, which the latest study from the ACFE estimates costs the typical company 5% of annual revenue. […]

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Tags: fraud, internal controls, seminar, tax audit



Fraud and Embezzlement

Tuesday, May 25th, 2010

Workplace fraud is an age-old problem in all types of businesses. Whether it takes the form of financial statement fraud, corruption, or misappropriation of company assets, the cost to businesses is estimated at seven percent of annual revenues, according to the Association of Certified Fraud Examiners (ACFE). Their new report, to be released June 2, indicates that almost 90% of workplace fraud consists […]

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Tags: audit, embezzlement, fraud detection, internal controls, IRS, seminar, tax, tax audit, workplace fraud



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800 S. Gay Street, Suite 1919 Knoxville, TN 37929

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