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Forensic accounting is a valuable tool for uncovering financial wrongdoing and can be used in a variety of legal proceedings. It is important to find a qualified and experienced professional to conduct these services. This article will discuss the basics of forensic accounting and what you need to look for when hiring a forensic accountant. What Is Forensic Accounting?Forensic accounting is the application of accounting principles and techniques to investigate and analyze financial information for use in legal proceedings. It involves the examination of financial records and documents to determine if there has been any fraudulent activity or mismanagement. Forensic accountants often work closely with law enforcement agencies, lawyers, and other legal professionals to gather and analyze evidence in criminal and civil cases. When Is Forensic Accounting Needed?In general, forensic accounting is needed whenever there is a need to examine and analyze financial information in a legal context. This can apply to any lawsuit that is suing for financial compensation. Forensic accounting can be used in a wide range of situations, including divorce proceedings, partner or shareholder disputes, and financial fraud investigations. Who Should You Hire for Forensic Accounting?Forensic accounting requires a thorough understanding of accounting principles and financial statements, as well as the ability to think critically and analyze complex data. Forensic accountants may be called upon to testify in court as expert witnesses. If you are in need of forensic accounting services, you will want to find a qualified accountant who is experienced in making court appearances.
It is best to work with an accountant who has attained the Certified in Financial Forensics (CFF) credential through the American Institute of Certified Public Accountants. The CFF credential is granted exclusively to CPAs who have demonstrated expertise in forensic accounting, and very few CPAs ever receive this specialty designation. Those who are certified in financial forensics have credibility and are recognized as experts in their field. Their testimony is often given weight in legal proceedings, and their findings are considered reliable and trustworthy. Larry Bradford, CPA, is certified in financial forensics and has been awarded the CFF credential. He has over 40 years of experience in investigative accounting and has made over 400 court appearances. If you are looking to hire a certified and experienced CPA for your forensic accounting needs, contact Larry Bradford today. Call 512-402-0049 or send an email to larry@bradfordtexas.net to set up an appointment.
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The U.S. Internal Revenue Service, or IRS, is an agency of the U.S. federal government that collects taxes and enforces tax laws. If you receive a notice of an impending IRS audit, you must take the matter seriously. The IRS is a powerful agency that has the ability to impose penalties ranging from civil fees to imprisonment for criminal tax evasion, depending on the severity of the non-compliance. This section will discuss what an IRS audit is and what to do if you receive notice of an upcoming audit. What is an IRS Audit?An IRS audit is a review of an individual’s or business’s tax return to ensure that all income has been reported and all taxes have been paid. The IRS may contact you about an audit if you report unusual income, claim deductions that are questionable, or have errors on your tax return. Taxpayers who under-report their income, claim large deductions, fail to file their taxes on time, and business owners are more likely to be audited. The auditor will require the individual or business to substantiate documentation to prove that the information claimed on the tax return is correct and that all required tax payments have been made. Hire a CPA ImmediatelyIf you receive an IRS audit notice, do not respond on your own. Do not communicate with the IRS directly. Immediately contact a CPA to communicate with the IRS on your behalf. If you respond to the IRS yourself, you may inadvertently admit something, give information that is contradictory, or get caught in a lie. This can result in substantial financial penalties and legal consequences.
A CPA will also ensure that the matter is addressed promptly. Many taxpayers who receive a notification of an IRS audit simply ignore it. This results in missing critical deadlines, which allows the IRS to invalidate deductions and substantially increase taxes and penalties. Hiring a CPA will prevent you from saying the wrong things to the IRS and will ensure that the situation is addressed in a timely manner, saving you money and keeping you out of legal trouble. Have you received an IRS audit notice? Don’t wait! Contact Larry Bradford, CPA, today. Larry Bradford has over 35 years of experience as a Certified Public Accountant and will use his expertise to help you properly handle your upcoming audit. Call 512-402-0049 or send an email to larry@bradfordtexas.net to set up an appointment. |
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