Without question, this is the most frequent question of all. It is also one of the most important because it involves one of the current “hot-button” issues as far as the IRS is concerned. If a church or exempt organization is not careful, it can stumble into some very significant IRS penalties (often called Intermediate […]
Our busy season is winding down. Although many churches have changed their year-ends from December 31st, the vast majority are still locked into the calendar year. This results in a “crunch time” from March 15th to April 30th around PSK. During the course of this heavy load of engagements our auditors are asked many questions […]
According to the Association of Certified Fraud Examiners, the second most common red flag is financial difficulties of individuals involved in financial matters of an organization. The occurrence rate of 36% consists of reported frauds at all levels of the organizations victimized. However, if we look solely at frauds committed at the employee level (disregarding […]
I doubt that Oscar Wilde had church fraud in mind when he penned these words, but they do describe the nature of many embezzlers. Occasionally, the irresistible temptation to treat themselves to luxury items overrides a thief’s need to keep hidden. Ultimately, this inability to resist temptation brings unwanted attention to the culprits in the […]