What’s New in QuickBooks 2012?

By Lisa Grossman on January 25, 2012

The program enhancements for QuickBooks 2012 can be divided into two areas:

  1. Enhancements for the user
  2. Enhancements for their accountants

Enhancements for the user are designed to make day-to-day accounting easier and provide better information about your business. We have listed many of the User Enhancements that apply to most versions of QuickBooks below.

  • Refresh Excel Data – provides user better integration with Microsoft Excel
  • Contributed Reports – allows user to share report templates with other QuickBooks users
  • Lead Center – allows user to manage sales prospects within QuickBooks and convert them easily to customers
  • Calendar View – allows user to view a calendar layout of a company’s important transactions (invoices, billing, reminders)
  • Global To Do’s – allows user more access to and flexibility with their To-Do lists
  • Document Center – users can scan and store attached documents
  • Memorized Transactions – improved to enable user to select transactions before entry
  • Batch Timesheets – allows user to enter the same timesheet information for multiple employees
  • Batch Invoicing for Time and Expenses – allows users to invoice several customers for time and expenses at one time
  • One Click Transactions – allows users to create a payment or credit memo from the contents of an invoice in one step; also can now pay a bill in one step
  • Improved Shipping Manager – allows user to integrate with USPS
  • Company File Search – allows users expanded search features
  • Integrated Help – provides users enhanced help features
  • Improved Condense Data – improves the clean up data/condense data feature
  • Easy Setup – provides users with an express start up for new QuickBooks files

If you have any questions or need assistance with QuickBooks, please contact Lisa K. Grossman or any of our QuickBooks ProAdvisors.

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Lisa K. Grossman is an associate principal at Kaufman, Rossin & Co., and a leader in the Firm’s QuickBooks consulting practice. Lisa is a Certified Public Accountant in the state of Florida and a QuickBooks ProAdvisor. Kaufman, Rossin & Co. is one of the top CPA firms in the country. She can be reached a lgrossman@kaufmanrossin.com.

Educating Our Students Today to Prevent Fraud Tomorrow

By Craig Hirsch on January 10, 2012

Did you know that it is estimated that the typical organization loses 5% of its annual revenue to fraud? Did you also know that 75-98% of college students admit to having cheated in academics compared to only 20% back in 1940? And did you know that these two variables are more than likely correlated with each other?

I recently had the pleasure of speaking to Hollywood Hills High School‘s Advanced Placement Government class taught by Larry Neuschaefe about my profession as a forensic accountant and the connection between their world and mine. More importantly, the students and I explored how cheating and plagiarizing in high school and college often leads to fraud in corporate America.

As I explained to the students, there are three components, which when combined together, increase the likelihood of fraud. In the corporate world, these three components are known as the “Fraud Triangle” and include:

  • Pressures – examples of financial pressures include mounting bills, loss of employment, or depletion of a nest egg due to poor economic conditions.
  • Rationalizations – human nature orchestrates excuses for indecent actions and behavior, allowing a person to justify their actions.
  • Opportunities – these often stem from missing or inadequate internal controls, such as the person approving check being the same individual as the one who writes it.

I proposed to the students that the elements of the Fraud Triangle – pressures, rationalizations, and opportunities – are also applicable to them as students. I also suggested that the behavior patterns they become accustomed to today may influence future behavior beyond school.

Students face pressures to score high grades, please parents’ expectations, and compete against fellow classmates to be accepted into top tier colleges. Rationalizing seems to be easy; after all, isn’t everyone doing it? And, thanks to the Internet and other electronic forms of social communication, the opportunities to plagiarize and cheat have never been greater.

If students are comfortable with this type of behavior in high school and college – during the critical formation years of their life – how will they respond to the increased pressures of corporate America and the challenges of “real life?”

In today’s society, driven by materialist values, instant gratification, and increasing financial stress, it’s critical to educate our future leaders on the importance of where their current actions may lead them. By investing the time to teach students about business and life ethics, we may be able to positively affect the future of our business environment and landscape.

Students seem willing and eager to learn about these real-world dilemmas. After receiving countless “thank you” letters from the students I spoke to, it’s apparent that students are listening, absorbing the lessons, and starting to see the dangers of cheating beyond the classroom. We can only hope that this may, in turn, reduce the number of fraudsters in tomorrow’s corporate America.

Below are just a few quotes that I received from this class.

“As teenagers, we look over “small” things such as cheating and stealing now, but we don’t really realize that our actions could lead to bad habits in the future.” – Samantha Khalil

“Craig Hirsch taught us life lessons in less than an hour just by correlating fraud in business to fraud in education.” – Aylin Kavrakov

“Merging the two worlds of education and real life, Mr. Hirsch provided us with a better realization of the necessity of a true education.” – Sophia Ip

“Thank you for opening our eyes to the dangers of cheating. I think every high school student in the country should have a speaker like you come to their class.” – Emily Thomas

“Mr. Hirsch was excellent at providing a “bridge,” if you will, from his career and life to the life of high school students. He was fantastic at putting things in terms for us and did a great job of educating us about types of fraud and what leads to fraud actions.” – Sarah Durnansky

“The fact that most cheaters or plagiarizers in high school and college tend to be the ones who commit frauds as adults made a lot of sense, and without Mr. Hirsch, I probably would not have made the connection. Knowing the reasons people commit fraud, in my opinion, can help young adults avoid doing so and falling victim to feeling, for example, the pressure of committing fraud.” – Vanessa Gutierrer

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Craig Hirsch is a manager in the Forensic and Regulatory Compliance consulting practice at Kaufman, Rossin. Craig specializes in forensic accounting, anti-money laundering and counter terrorist financing, financial intelligence, corporate investigations, dispute consulting, and fraud risk assessments.  Kaufman, Rossin & Co. is one of the top CPA firms in the country. He can be reached at chirsch@kaufmanrossin.com.

Identity Theft and Tax Fraud – Are You a Victim?

By Scott Berger on December 6, 2011

Identity theft and tax fraud are serious problems that continue to increase in number and complexity as each tax season rolls by.  Don’t think you will ever be affected? Accounting Today recently reported that the IRS identified 775,723 tax returns with $4.6 billion claimed in fraudulent refunds, as of April 30, 2011. The good news – the IRS prevented the issuance of $4.4 billion (96%) of those claims which is an increase of 171% over the previous year. Unfortunately, 4% of those victims were not so lucky.

Becoming a victim of identity theft and tax fraud can cause great hardship for you and your family. The Miami Herald recently wrote about a Miami Shores family who are struggling with the IRS to obtain their $8,000 tax refund after falling victim. Indeed, my colleagues and I have witnessed many falsified returns this past tax season, and although the IRS has implemented the IRS Identity Theft Program, there is no quick and easy solution to overcome this unfortunate circumstance.

While there is no guarantee that a thief won’t steal your identity, there are certain precautions you can take to prevent becoming victimized:

  • Safeguard your personal information
  • Monitor your credit report
  • File early
  • Respond immediately to IRS notices

If you have questions about preventing identity theft and tax fraud, or if you have already been targeted and need assistance, please contact me at sberger@kaufmanrossin.com or 561.620.1722.

Scott F. Berger is a tax principal at Kaufman, Rossin’s Boca Raton office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country.  He can be reached at sberger@kaufmanrossin.com.

What should you do before you board a helicopter?

By Janet Kyle Altman on December 1, 2011

I thought I was pretty savvy about money, but when I met earlier this week with the panelists for Thursday’s free breakfast seminar, Money Mistakes Savvy Businesswomen Should Avoid, I learned how much I don’t know.  

This is going to be a great panel, nothing like your typical financial planning seminar.  Panelists Lisa Grossman, Tanya Ferreiro, Debbie Morrison, and Ellen Siegel will share personal stories as well as their expertise.  We’ll discuss a variety of topics including:

  • the changing definition of  “emergency” fund
  • the longevity trap
  • the special issues of non-traditional families, and
  • what you should do before you board a helicopter!

We’re busy and we fail to make the the time for sessions like this.  That’s one of our major mistakes.  I urge you to find time to join us!

Now is the Time to Update Your Estate Plan with a CLAT

By James Barnett on November 30, 2011

Attorneys Robert Esperti and Renno Peterson define estate planning best as “giving what you have to whom you want, the way you want, and when you want, and if possible, saving every fee and tax possible”.  While the definition above appears concise and simple, estate planning, and more specifically wealth transfer, is potentially a complex undertaking requiring periodic updates to your plan.  As your objectives, family dynamics, property and tax laws, current and projected economic environment, and a host of other factors change, it becomes incumbent to make adjustments to the plan.  As an example, some or all of the following considerations may be important to you, and as they change over time it makes sense to update your plan to more closely align it with your objectives:

  • Amount of wealth to transfer
  • Married – financially secure or not;  first marriage or not
  • Children – adult or minor; financially secure or not; spendthrift or not
  • Closely held business(s) – controlling interest or not;  management team in place at death or not; adequate liquidity to both pay estate taxes and provide operating capital
  • Charity – benefit many organizations or a couple favorites; establish a legacy or not

It also makes sense to update your plan when an uncommon external opportunity presents itself. We are currently in an exceptionally low interest rate environment.  Certain estate planning strategies provide more favorable results when implemented during a period of low interest rates and the wealth transfer terms can be “locked in” at that time.  A Charitable Lead Annuity Trust (“CLAT”), by design, is an estate planning vehicle that can help an individual with the following profile to maximize their wealth transfer objectives in a low interest rate environment:

  1. Charitable intent
  2. Desire to maximize wealth transferred to heirs or others at some defined future date
  3. Financial situation allows for a portion of  income to be paid to a charitable organization(s) annually for a defined period
  4. Pay income tax at or near the highest tax rate

A CLAT, like many estate planning vehicles, is very technical and must be tailored to each individual’s situation. If you would like to learn more about CLATs and how they may benefit your individual situation, please review this PDF presentation or contact me via email or phone at 561.620.1715.

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James Barnett is a manager in Kaufman, Rossin’s Estate, Trust & Exempt Organization department. Kaufman, Rossin & Co. is one of the top CPA firms in the country.  He can be reached at jbarnett@kaufmanrossin.com.

#SeaTweetup – Networking on the High Seas

By Aubrey Swanson on November 23, 2011

This past weekend, 40 social media enthusiasts from around the globe took the term, “tweetup,” to an entirely new level. While sailing away to the Bahamas aboard Norwegian Cruise Line’s Sky, twitter users (and non-users) came together for the first ever #SeaTweetup.

#SeaTweetup was a 3-day cruise to Nassau which included special activities just for #SeaTweetup passengers. We organized a Social Media Scavenger Hunt and a MillerCoors beer and food pairing before even departing the Port of Miami. Once at sea, we hosted multiple tweetups sponsored by Norwegian Cruise Line and CruiseDeals. Señor Frogs even hosted one of our tweetups once we arrived in Nassau. One of the most valuable and exciting events on-board was the Social Media Roundtable Presentations where a handful of social media gurus gave seven five-minute presentations covering an array of social media topics such as listening, brand identity, measuring analytics, Klout, supporting local businesses using social media, video integration, and Twitter tips. Another perk of #SeaTweetup – each attendee was given complimentary WiFi minutes from MTN to tweet, post on Facebook, blog, and upload pictures!

All the unique activities made #SeaTweetup a fun, social media-friendly cruise. However, it was the networking and newly created friendships that really made the experience unforgettable. As one of the #SeaTweetup committee members, I knew we had organized a really unique experience for those in the social media sphere, but it blew away my expectations! People literally flew from around the world to attend, with all different backgrounds, and founded new relationships out of nothing but a common interest in social media (at first). Most networking events are two hour events consisting of “what do you do?” #SeaTweetup changed the game because we had three days to get past the “what do you do” question and dig deeper to find out who they really are.

I will never forget the first #SeaTweetup and all the new relationships I made. If everything goes as planned, we’ll soon welcome you aboard the second annual #SeaTweetup, so don’t miss the boat!

Check out the full #SeaTweetup itinerary and view the cruise pictures on Flickr and Facebook!

#SeaTweetup sponsors and organizers include:

Kaufman, Rossin & Co. | @KaufmanRossin @Aubrey_Swanson

Norwegian Cruise Line | @CruiseNorwegian

CruiseDeals | @CruiseDeals

Soul of Miami | @SoulofMiami @thepumagirl

Social Esquire | @SocialEsquire @roriffic

SocialBuzzTV | @SocialBuzzTV

iamJeffCohen | @iamJeffCohen

MillerCoors | @ScottNovak14

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Aubrey Swanson is the social media coordinator at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country.  She can be reached at aswanson@kaufmanrossin.com. Connect with Aubrey on Linkedin. Follow Aubrey on Twitter.

Join us to Toast Non-Profits!

By Janet Kyle Altman on November 21, 2011

People like you make a real different in our community.  Our annual “Toast to Non-Profits” event, celebrating a year in South Florida’s non-profit community, is the perfect place to:

  • share your passion about your organization
  • meet others who might want to get involved
  • learn about new organizations
  • celebrate a year of caring commitment.

WHEN: Wednesday, December 7, 2011, 6:00pm – 8:00pm

WHERE: Kaufman, Rossin & Co., 2699 S. Bayshore Drive. 3rd Floor 

RSVP:   http://events.kaufmanrossin.com/12072011

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New FDOR Ruling May Mean Sales Tax Relief for Real Estate Held in Separate Entities

By Dan Wagner on November 8, 2011

The Florida Department of Revenue treats inter-company and other related party use of real estate as a taxable rental for sales tax purposes. This is true even when there is no written lease involved.  This has long been a significant downside of holding real estate in a separate entity which for liability purposes is desirable. A recent ruling issued by the Department may provide relief to such situations. The ruling addressed a lease which contained the following terms:

  • No reversionary interest to the owner/lessor;
  • Transfer of title by deed to the lessee at the end of the lease term;
  • The monthly rent was equal to the monthly payments of principal and interest;
  • The lessee had the option of early payoff to accelerate transfer by deed; and
  • The lessee bore the risk and benefits of changes in the property value.

The Department ruled that the lease was in substance an installment sale and not a taxable lease for sales tax purposes. Persons with intercompany or other related party use of real property can now consider the option of putting such a lease in place. This will permit the limited liability benefits of owning real estate in a separate entity without creating the downside of a taxable lease for sales tax purposes.

For additional details and stipulations, please click here or contact me at 561.620.1718 or dwagner@kaufmanrossin.com.

Dan Wagner is an associate tax principal in Kaufman, Rossin’s SALT practice.  Kaufman, Rossin & Co. is one of the top CPA firms in the country.  He can be reached at dwagner@kaufmanrossin.com.

It’s all about the people!

By Janet Kyle Altman on November 4, 2011

Jim Kaufman put it best at this morning’s How to be a Best Place to Work seminar when he used the words “caring”  and “culture” to describe what makes Kaufman, Rossin & Co. a perennial winner of Best Place to Work awards.   He should know — he’s the real architect behind the employee-focused CPA firm that keeps clients satisfied by putting their people first.  For nearly 50 years he’s made sure that the firm never loses sight of  Joy at Work, one of its core values.

Marketing principal Janet Kyle Altman, HR Director Joy Batteen and the firm’s benefits broker, Sean Dugan from the Hays Companies, gave some tips that other companies could learn from.

  • Compensation is not the only factor that motivates employees. It’s  important, but only to the extent that you’re competitive in the marketplace.  Use salary guides for your industry (staffing companies often provide them) or www.salary.com to see where you stand.
  • Traditional Benefits should be customized to employees’ needs as much as possible.  Some benefits brokers provide Total Compensation Reports that help employees recognize the value of the benefits you’re offering.  If you have a cafeteria plan, make sure you educate employees well – some are afraid they’ll lose their money — and consider offering a debit card that helps make it easy to use.
  • Non-traditional benefits are where you can create a really special workplace.  At Kaufman, Rossin these include everything from our annual Weight Loss Contest and on-site gym to the firm’s fully stocked kitchen and subsidized yoga and massage.  Go to a Kaufman, Rossin party and you’ll see all levels – from managing partner to administrative staff – truly enjoying themselves together.  These special features create real camaraderie.
  • Community involvement helps build good feelings within the company and outside.  Kaufman, Rossin believes it should extend to all levels, and encourages all employees to get involved in causes they care about.  The firm demonstrates its support by budgeting an annual community contribution fund, and lets employees at all levels submit requests.  And of course big community events like the Corporate Run are fun, healthy, and good for the community.
  • Professional Development is an area where we get a lot of positive feedback.  Since 2006, Kaufman Rossin University has provided employees with opportunities to learn technical skills, technology, management techniques and even “life” skills.  We’ve taught everything from PowerPoint to Poker, Management to Music Appreciation, and much more.  For several summers the firm has offered voluntary Leadership programs for employees at all levels who want to be future firm leaders.  One year our Innovation Challenge (modeled on The Apprentice) created buzz, teamwork, and great new ideas for the firm.
  • Leadership is at the core of a Best Place. This isn’t something you can fake, or drive solely through HR.  Through open communication daily and semi-annual seminars that show all staff how the firm’s future is unfolding, Kaufman, Rossin keeps our leaders in touch with employees, and our employees looped into the vision.

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Janet Kyle Altman is marketing principal for Kaufman, Rossin & Co., and responsible for many of the management and leadership training programs the firm offers.  She can be reached at jaltman@kaufmanrossin.com.

Are You Sure Your Data is Secure?

By Jorge Rey, CISA, CISM, CGEIT on October 25, 2011

You’ve taken the necessary precautions to protect your information from unwanted visitors, but are you absolutely certain your data isn’t being compromised?

Data security breaches are occurring in all types of companies – public, private, large, small, and even governmental agencies such as the Securities and Exchange Commission (S.E.C.). According to a recent article in The New York Times, the very entity which governs and oversees the financial market to ensure regulatory compliance may not have given its own employees the same kind of protection it requires of others. To monitor the S.E.C.’s employees’ investments within the Ethics Program System (E.P.S.), the organization hired Financial Tracking Technologies (F.T.T.). F.T.T. was given access to S.E.C. employees’ brokerage account numbers, financial data, and sensitive personal information, and the company subsequently allowed access to its system to a subcontractor and consultant. Although the S.E.C. says it did not grant F.T.T. permission to allow third parties access to its database, F.T.T. argues that it publicly discloses third party permissions on its website concluding that a data breach did not occur in this or any other instance.

This situation still begs the question, “are you sure your data is secure?” If the S.E.C. incidentally risked the security of  imperative information, then how can you be sure your third party providers are not putting your data at risk?

Another surprising move by the S.E.C. is its recent disclosure guidance for public companies to disclose any potential data security breaches having effect on the bottom line, according to the released Cybersecurity disclosure guidance. Therefore, the public will be forewarned about possible compromised data which will be beneficial for investors and the like.

Public, private, large, small – whatever the case may be, you should be taking the necessary precautions to ensure that your data is safe and secure.

Jorge Rey is Director of Information Security for Kaufman, Rossin & Co., one of the top CPA firms in the country. He can be reached at jrey@kaufmanrossin.com.