RedGearTech Blog » Finance

Accounting Fraud

Alex — Wed, 25 Feb 2009 18:41:43 +0000

I found an interesting article on accounting fraud. CPA Australia president Alex Malley shared his thoughts regarding the role of CPAs and how it has evolved from “from a book-keeper of accounts to gate-keeper of the whole business.”

Click HERE and give it a read.

You might have an IOU from the IRS

Cris — Mon, 31 Mar 2008 20:10:57 +0000

In an article on MSN Money, MarketWatch reported that about $1.2 billion is sitting in the IRS coffers—waiting to be claimed by taxpayers. The money belongs to taxpayers who neglected to file a 2004 tax return. The average return for taxpayers who didn’t file in 2004 is $552.

This is significant this tax season because if some of this money belongs to you, the clock is ticking. If you don’t file your 2004 return by April 15th this year, the funds will be turned over to the U.S. Treasury.

There is no penalty for filing a late return as long as the IRS owes you money; however, if you’re eligible for a 2004 refund, you’ll have to file your 2005 and 2006 returns as well.

You can access forms for prior years at IRS.gov on the forms and publications page. Or, call 800-TAX-FORM. Read the full article on MSN here.

Can wealth be taught?

Cris — Fri, 14 Mar 2008 22:25:30 +0000

Today at lunch, a coworker mentioned that he and his wife decided to take the $300 tax rebate they’ll get for their infant son and invest it for him. I’ve been thinking about this. The situation with the tax rebates will present an opportunity for all American parents to teach their kids something about money and how to manage it.

I know we’re all supposed to go out and immediately spend the rebate on consumer goods. But—what if parents gave their young children the $300 and taught them something about investing and saving? There could be an entire generation of money-savvy Americans and prevent the need for rebates in the future.

In an article featured on MSN titled “Can you teach your kids to be rich?,” Abby Ellin addresses the importance of teaching children to manage money. According to the article, experts believe the desire to amass wealth is a mixture of genes and teachings. The article states, “it is possible to teach your kids behaviors that will increase their wealth—and that it’s never too early to start.”

According to Dr. Gabriela Cora, president of the Executive Health & Wealth Institute, the three key characteristics that most wealthy people possess are: risk-taking, creativity and perseverance. The article also quotes Frank McKinney, a self-made millionaire. He says it’s crucial for kids to see parents budget both their time and money, save money and avoid debt.

So before spending the $300 on unnecessary consumer goods, think of the impact you could have on your children’s financial stability in the future. This is an excellent article for parents. Read “Can you teach your kids to be rich?” here.