Most people would be very surprised to learn the extensive variety of industries in which forensic accountants are employed. They analyze data and determine through irrefutable numerical facts if and where a crime has been committed. They work in multiple industries where individuals and criminal enterprises may be involved.

Forensic consultants are primarily employed in white collar crime cases to determine if a crime has been committed. They also perform routine forensic services to ensure the honestly of companies and organizations in multiple industries. The specialists produce numerical evidence and may be required to testify in court. A forensic accountant is a certified public accountant (CPA) that has earned credentials as a certified fraud examiner (CFE).

Financial Institutions

Banks, credit unions and community development lenders all use forensic accountants, along with brokerage firms and savings and loan associations. Government lenders also employ the specialists, including those that make loans to veterans, homebuyers and students.

Insurance Agencies

Insurers are a prime target for fraud, making the companies a natural environment for forensic accountants. The professionals are kept especially busy after a natural disaster, as they sort through the myriad of real vs fraudulent claims that are made.

Government Agencies

Forensic accountants are employed by local and state governmental entities. The professionals also work at the federal level, including the Federal Bureau of Investigation (FBI), Central Intelligence Agency (CIA), and Internal Revenue Service (IRS). They also work with the Bureau of Alcohol, Tobacco, Fire Arms and Explosives (ATF) and the U.S. Securities and Exchange Commission (SEC).

Law Enforcement

From the local to federal level, forensic accountants work in conjunction with law enforcement. They handle a variety of cases in which a crime involving money is concerned, such as murders when a huge insurance policy is at stake and bankruptcy court.

Companies and Security

Risk management and security service agencies employ forensic accountants to aid in preventing crimes such as embezzlement and to strengthen corporate policies. Forensic services are used in the credit card and utility industries.

Phone and Internet

Computer applications, phone fraud and telemarketer fraud are all within the investigative abilities of a forensic accountant.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

There’s been much in the news about forensic procedures ranging from police work to voting machines. A lot of misconceptions surround forensics in the field of accounting. A forensic accountant is a certified public accountant (CPA) who looks for evidence of a crime.

Forensic accountants typically work for financial firms, insurance companies, government entities, a wide range of law enforcement agencies, and even consulting companies. CPAs earn certified fraud examiner (CFE) credentials to be a forensic accountant.

The professionals often collaborate with other investigative teams, primarily to identify where a crime has been committed. The legendary criminal, Al Capone, is an example of someone who was taken down for tax evasion by forensic accountants in conjunction with law enforcement.

Skills

A forensic accountant has advanced skills in data analysis and is knowledgeable in the many ways that fraud can be hidden. They’re also highly experienced with the myriad of schemes criminals use.

What They Do

Forensic accountants perform a variety of highly-regarded and valuable tasks. They trace and conduct research into where funds and assets are going – known colloquially as “follow the money.” They prepare in-depth reports of their findings and may testify in court about the data when required. They typically work on white collar crime cases that include the following areas.

• Money laundering
• Insurance fraud
• Securities fraud
• Credit card fraud
• Bankruptcy fraud
• Locating hidden assets
• Computer applications
• Telemarketing fraud
• Legal system procedures
• Misappropriation of assets
• Violations of generally accepted accounting practices (GAAP) or generally accepted auditing standards (GAAS)

Opportunities

Fraud is a crime that never takes a vacation, with new schemes and variations occurring every day. It’s significantly increased the demand for forensic accountants and created new and expanding opportunities in the field. Fraud is a crime that individuals take great lengths to hide and for which forensic accountants are uniquely qualified to ferret out.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

The terms business, company and corporation are often used interchangeably by the general public. However, there are some significant differences and definite benefits.

Most Important Benefit

Corporations enjoy a variety of benefits and perks. The greatest benefit of all is limited liability. It means that stockholders can reap the benefits of profits through dividends and stocks, but they can’t be held personally liable for the company’s debts or a product problem. The only real risk to stockholders is losing the money they invested in the corporation.

What it Is

A corporation is a legal entity that’s often referred to as a “legal person.” It’s completely distinct and separate from the founders or owners. The Supreme Court ruled in 1886 that corporations were entitled to many of the same rights and responsibilities as an individual under the Fourteenth Amendment. Corporations can:

• Pay taxes
• Sue and be sued
• Own assets
• Enter into contracts
• Loan and borrow money
• Hire employees

Anyone Can Form One

Individuals or a group of people with a shared goal can form a corporation. To be recognized as a legal entity, it must be incorporated. Most corporations are for the purpose of making a profit, but there are also profit and non-profit organizations, along with charities that operate as legal corporations.

A corporation can conduct business under its own name, but it can also conduct business under a completely different name or have subsidiaries with other names that are owned by the parent company.

The Definition Varies

Corporations are created under the laws of the state in which they’re formed, but the exact definition of a corporation can vary among jurisdictions. The founders must file articles of incorporation and issue stock. Stockholders must also elect a board of directors during an annual meeting. The Securities and Exchange Commission (SEC) and federal law regulate public corporations.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!

It’s understandable that people want to save money, whether it’s on individual federal taxes or when keeping records for a business throughout the year. Many individuals are seriously debating whether to purchase professional accountant-level software or to hire an accountant. There’s really no comparison – hire an accountant.

Tax Accountant

Hiring an accountant minimizes the potential for an error and significantly reduces the danger of getting audited. Those with highly complicated tax situations involving stocks, bonds, investment income, dividends, and even cybercurrency are best served by an accountant. Professional accountants have worked with industry-grade software for years and even decades. They know exactly how and where to enter figures, and are familiar with all the terms used.

Tax accounts are highly trained professionals. They’re knowledgeable about all aspects of tax law, have the benefit of experience, and continuing education. They can provide advice about investments, credits, deductions, and tax planning to lower an individual’s tax burden, while helping clients to more effectively manage their finances. Accountants are available throughout the year to offer advice and answer any questions clients might have as they arise.

Tax Software

Many individuals believe that if they have accounting software like professional accountants use, their problems are over. Accounting software like the experts work with varies widely in cost. Some have a one-time cost per user of up to $999 per year. That’s just for the software. It doesn’t include licensing fees.

There’s also a steep learning curve for a non-accountant. Professional accounting software is highly sophisticated, with terms and abbreviations with which the average individual won’t immediately be cognizant.

Individuals trying to use accountant software can easily find themselves in the 4 percent of taxpayers that are audited. The risk of an audit is elevated if an individual has income exceeding $200,000 per year, is a sole proprietor of a business, or has foreign assets. Non-accountants trying to use professional accounting software are increasing their risk of an audit.

At Peavy and Associates PC our mission is to assist you with all your tax preparations, payroll and accounting needs.  We provide our clients with professional, personalized accounting services and guidance in a wide range of financial and business needs. Give us a call today (843) 347-0849 and discover why our clients return to Peavy and Associates, PC year after year!