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07 Jan

War Story 120-A

Topic: Fraud, PPP loan

Services: Tax return preparation, financial statement preparation

Al Highsmith, the owner of an auto repair and restoration business, Classy Chassis, in the New England area, has had financial difficulties with the business for many years, partly because he “borrows” money from the business for personal expenses but does not repay the money.

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07 Jan

War Story 120-B

Topic: Fraudulent PPP loans

Services: Tax return preparation

Russ Erickson, CPA, knew something was wrong when the IRS began rejecting tax returns he had prepared and submitted for some of his clients. When he contacted the IRS, they suspected that the clients’ Social Security Numbers (SSNs) had already been used for fraudulent tax returns, indicating that data had been breached at some point.

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Latest Articles

  • 24 Jun

    Indemnification: Understanding Your Risks

    By Suzanne M. Holl, CPA

    CPA firms are experiencing an uptick in clients trying to embed indemnification and hold harmless clauses in various agreements with the firms. Many of the clauses are inappropriate for CPA services or overly broad – even to the point of s... read more

  • 18 May

    Plan Ahead: Practice Continuation for Small Firms

    By Suzanne M. Holl, CPA

    No one likes to think about it, but as we age, some of us will become critically ill or injured, and some of us will experience a long-term disability. Family emergencies and obligations can also call CPAs away from their businesses for long pe... read more