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By Carolyn C. Quill, CPA Two major pieces of tax reform legislation, the Patient Protection & Affordable Care Act and the American Taxpayer Relief Act of 2012 (the Acts), went into effect in 2013. As a result of these Acts, S corporations are now a better choice for many active closely held business owners, since S corporations provide business owners with a unique opportunity to lessen their tax burdens not available to other types of entities. Accordingly, now is the right time to revisit your choice of entity as well as reviewing your tax planning opportunities.
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When Congress passed the Sarbanes-Oxley Act in 2002, it mandated publicly-traded businesses pay more attention to their internal controls. Many business owners and executives believed this was not only unnecessary, it was a complete waste of time and money.
Unfortunately, we’ve become too accustomed to reading or hearing news on incidents of fraud in organizations. Hardly a week goes by that something doesn’t appear in the popular press. According to the Association of Certified Fraud Examiners’ 2016 Report to the Nation on Occupational Fraud and Abuse, asset misappropriation was by far the most common form of occupational fraud, occurring in more than 83.5% of cases.
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