News

The Four Cornerstones of Internal Controls

July 8, 2016 by Yeo & Yeo

Employees of most small to mid-size businesses are seen as part of the family, and business owners could never imagine that their family would steal from them. In fact, employees pose the greatest fraud threat in today’s economy. In its 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners states that 49% of employee fraud is committed by someone with over five years’ tenure. These employees are often the most trusted, yet the frauds they commit average over $225,000 in losses.

A business cannot grow to new heights without a strong foundation and, in order to have a strong foundation, it is necessary for a business to have thorough ...

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Combat Fraud and Identity Theft by Reviewing Your Statements Each Month

April 20, 2016 by Yeo & Yeo

With the prevalence of automated bill payment, many busy consumers don't bother to review their monthly bank or credit card statements anymore. Or they may review only those charges above a certain dollar threshold. But a recent indictment by the Federal Trade Commission highlights how important it is to review every line item on your statements, even the small ones.

In March, a Nevada grand jury indicted a British man living in Las Vegas, Nevada, on 39 counts of wire fraud, aggravated identity theft and money laundering for withdrawing money from victims' bank accounts without authorization. He used the ill-gotten gains to purchase five airplanes, a Land Rover, ...

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Protect Your Accounts from Identity Theft and Fraud

April 18, 2016 by Yeo & Yeo

From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information. But it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on the black market.

Thieves use personal data to access accounts, open new ones, complete fraudulent transactions, file phony tax returns and obtain access to personal contacts. In addition, many fraud scams are perpetrated through the Internet, often from foreign locations, which makes it harder for authorities to prosecute.

Risk Factors

Here are seven questions to help gauge whether you're at risk for online fraud or identity theft:

    1. Do you shop online or using mobile...

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2015 Year-end Tax Planning Checklist

October 20, 2015 by Yeo & Yeo

As we wind down the 2015 tax year, year-end tax planning will be especially challenging. Congress has yet to act on a host of tax breaks that expired at the end of 2014. Some of these tax breaks may be retroactively reinstated and extended, but Congress may not decide the fate of these tax breaks until the very end of this year or possibly not until next year.

Yeo & Yeo’s Year-end Tax Planning Checklist provides action items that may help you save tax dollars if you act before year-end. Yeo & Yeo’s tax professionals can help narrow down the specific actions that you can take and tailor a tax plan for your current situation...

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