Fraud Common in a Bankruptcy

Bankruptcy fraud ranges from the simple failure to list assets on bankruptcy schedules to the complex schemes such as bust outs, bleed outs and rent/equity skimming. Most bankruptcy fraud involves an effort to conceal assets from creditors. In the simplest form of this type of fraud, the debtor does not list all assets on the [...]

2020-08-08T05:46:38-05:00August 12th, 2020|Accounting|

Business Interruption and Business Interruption Insurance: An Overview

What is Business Interruption? And what is Business Interruption insurance? Perhaps you’ve heard the term “Business Interruption” and can get a general idea of the concept from context clues. But what are the parameters for an event to qualify as a “Business Interruption?” And how can a business actually obtain insurance for such occasions? These [...]

2020-08-07T09:00:40-05:00August 7th, 2020|Accounting, Business Interruption|

“Who Gets What?” Splitting Assets in Texas Divorces; Part 4: Mixed Property

This is Part 4 of a blog series in which we are answering the common question “who gets what in the event of divorce?” and why. Deriving the answer can be straight-forward or convoluted depending on several factors, so working with a financial expert is often an advisable choice. Before dividing property in Texas, it [...]

2020-08-05T12:46:01-05:00August 5th, 2020|Accounting|

“Who Gets What?” Splitting Assets in Texas Divorces

In the following blog, we will continue to address one of the questions consistently asked during divorce: who gets what? Often, connecting with a financial expert to assist in determining the appropriate division of debts and assets is the most prudent course of action as the process of answering this question has the potential to [...]

2020-07-22T15:25:54-05:00July 31st, 2020|Accounting|

Tracing Preferential Payments

Preferential payments are a more subtle method of asset concealment and require training and diligence to trace. A preferential payment occurs if a debtor makes a payment to a creditor, in which a creditor receives more than what they would be owed in the bankruptcy distribution. Bankruptcy statutes of each state dictate who is paid [...]

2020-07-22T15:17:14-05:00July 29th, 2020|Accounting|

Important Accounting Reports for Your Business

As all small business owners know, improving and expanding a company is hard work and involves time and dedication. It’s important to remember, though, that in addition to the day-to-day running of a business, utilizing accounting reports can play an important role in achieving your goals. Listed below are a few of those reports: Income [...]

2020-07-22T15:14:13-05:00July 24th, 2020|Accounting|

Fraudulent Conveyance

In a bankruptcy proceeding, the trustee is allowed to set aside or “avoid” certain transfers of the debtor’s assets that unfairly place assets beyond the creditor’s reach. Fraudulent transfer is a transfer of the debtor’s assets to a third party to obstruct creditors from accessing the assets to satisfy the creditor claims. Fraudulent conveyance can [...]

2020-07-22T11:42:24-05:00July 22nd, 2020|Accounting|

New PPP Loan Forgiveness Applications Released

The U.S. Small Business Administration (SBA), in consultation with the Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP) on June 17, 2020, as well as an EZ application option. The updated applications reflect the changes made to the Paycheck Protection Flexibility Act, which became law earlier this month. The revised [...]

2020-07-14T11:06:49-05:00July 10th, 2020|Accounting|

Sales Tax on Computer Software and Services in US States

Determination of the taxability of computer software and services in different states in the US can be ambiguous and taxing. To better understand the taxability of software, the very first thing is to classify the sale of software - whether they are sales of: Packaged /Prewritten software delivered in tangible personal property; Packaged /Prewritten software [...]

2020-06-26T15:57:45-05:00July 8th, 2020|Accounting|