Martin Lind’s Accountant Admits to Theft

These days, honest accountants are hard to come by. It seems like every time you turn on the news, there are more reports of dishonest accountants, many of them high profile professionals who work with very important clients. The latest story of a dishonest accountant features the accountant for Martin Lind, the former controller of Northern Colorado. The accountant, Jennifer Choury, recently pleaded guilty to theft and has been ordered to repay the whopping $300,000 she stole.

Choury was not an otherwise upstanding accountant who made a one-time mistake. No, she stole funds for a full four years, and that wasn’t all the wrongdoing she engaged in either. Choury sent many forged emails, forged checks, and was just all-around untrustworthy and dishonest.

With so many accountants like Choury in the world, you have to be extremely careful when it comes to who you trust with your money. Fortunately, if you’re in Naperville, you can find trustworthy, honest accountants at Susan S. Lewis Ltd.

Don’t Forget to Pay Your Taxes!

Not paying your taxes could land you in big trouble, as the Alle-Kiski Valley School District recently found out. The school, it was discovered, owed a whopping $32 million in back property taxes, and amazingly, this isn’t the first time the school district has been found to be in tax debt. In fact, tax debt is relatively common among school districts in the United States. The reason is that school districts don’t often sit down to plan their budgets for the coming year and most don’t have the funding they need to pay taxes and to give students everything they need to succeed.

While the federal government is often relatively forgiving toward school districts that are late on their taxes or that don’t pay their taxes in full, the same can’t be said for the average taxpayer. As such, if you are behind on your taxes, you could find yourself in legal and financial trouble. Fortunately, there is a place you can turn for tax help in your area! Those needing tax help in Naperville are strongly encouraged to seek assistance from Susan S. Lewis, Ltd.

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Failure to Pay Property Taxes May Lead to Audit

Currently, in the United States, there are literally thousands of people who have not yet filed their taxes. While, in the past, these people may have been able to get away with missing the tax filing deadline, this year, they are being warned that they could face a revenue tax audit if they don’t pay property taxes on time.

Those not paying their property taxes are scheduled to be labeled as “non tax compliant,” regardless of whether or not they file a tax return. In fact, even if all other taxes are paid, those who skip out on the property tax will still face this unwanted distinction.

There are around 600,000 people who will need to file their taxes by the end of October 2013—mainly the self-employed. Online filers, regardless of employment status, have a little more leeway in terms of paying property taxes; they are given until November 14, 2013 to get their taxes paid. Despite the impending deadline, around 159,000 homeowners still have yet to pay their property taxes.

If you’re concerned about paying your property tax and would like to avoid a tax audit and possible other consequences, be sure to contact Susan S. Lewis, Ltd. of Naperville.

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Prepaid Payroll Cards Increasing in Popularity

Within any business, there are bound to be employees who are considered “underbanked,” meaning they don’t have adequate banking services or completely “unbanked,” meaning they don’t have a banking institution at all, either because they simply don’t want to, are uninformed about the benefits of banking, or are unable to have a bank account for various reasons. How do companies handle payroll processing for these employees? While there are a variety of ways in which payroll matters can be handled for the underbanked and unbanked, the vast majority of employers are turning to prepaid payroll cards.

In fact, in 2012 alone, employers in the United States placed more than $3.4 billion on 4.6 million prepaid payroll cards, and those numbers are increasing steadily. In fact, by 2017, the number of payroll cards being used is expected to double (at least), based on reports from Aite Group.

While some employees may look at these prepaid banking cards as a nice option, there are better choices out there, choices that can help employees to manage their money more effectively and to get more out of their money. If you are currently being paid via a prepaid payroll card and would like to look into other options, contact Susan S. Lewis, Ltd. of Naperville.

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Xero’s New Quickbooks Conversion Service

For a long time, internet-based Xero has operated as a little known accounting service. Recently, though it has attracted new attention by offering a product designed to simplify Quickbooks migration. The product can be accessed on the Xero website and is available to all users of the Quickbooks desktop version. Users have to sign up for the Xero service, upload their Quickbooks file, and can then have their account file populated with the necessary data.

Transferring data into the Xero system is said to be incredibly simple, but the service will not be suitable for everyone. Those who are curious about the Xero system are encouraged to take a trial run before getting rid of their Quickbooks program altogether.

Whether you decide to stay with Quickbooks or to make the switch to Xero, know that Susan S. Lewis, Ltd. is there for you. Trained accounting experts can help you to make the right decision for your business or for your personal finances. The Naperville firm is dedicated to helping all clients make the best choices for themselves.

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Real Business Solutions Releases Updated Payroll Mate

Real Business Solutions has long been known for offering its payroll processing software, Payroll Mate. The company recently announced, however, that it is releasing an updated version of the software, one that includes support for Microsoft Windows 8.1

Those who are currently using the software are encouraged to download and install the Windows 8.1 update if they have not already done so. Once the update is installed, users of the software program will be able to process their payrolls and cut checks. Those who are new to using the software will not have to install the update; their software will already come updated after purchase.

While it is always nice for software to be updated, getting used to new programs can take some time, so those using the program are encouraged to set aside extra time for training employees on how to work the updated program and for familiarizing themselves with it. Furthermore, those who use payroll processing software are still encouraged to also work with a financial services company that can check their records for errors and make sure everything goes smoothly with the payroll process. A great financial services company to choose in the Naperville area is Susan S. Lewis, Ltd.

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Mark Kronforst Named Chief Accountant

Mark Kronforst was recently called as chief accountant, which is a higher honor than just being a traditional CPA, of the Securities and Exchange Commission. Kronforst will work directly in the organization’s Division of Corporation Finance and is taking the place of former chief accountant, Craig Olinger. Olinger, however, is not leaving the organization; instead, he plans to serve as deputy chief accountant in the Securities and Exchange Commission’s Corporation Financial division.

Kronforst comes to the position highly qualified, having served as a divisional associate director in control of disclosure operations for the past three years. Kronforst, in fact, has had a long history with the Securities and Exchange Commission, having once served as the deputy chief accountant, and before becoming employed by the organization, he served as the director of financial reporting at Solectron Corporation.

If you’d like to work with a CPA who is every bit as qualified as Kronforst and who lives and works right here in Naperville, then come on down to Susan S. Lewis, Ltd!

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Gender Bias at Abington Memorial Hospital?

Mary Grace DeSantis had served as the corporate accountant for Abington Memorial Hospital, based in Montgomery County, Pennsylvania for twelve years when she finally got fed up and left her job. Why would someone leave what sounds like a great position? Well, according to DeSantis, her supervisors refused to investigate her claims that she was being sexually harassed and treated poorly by an employee by the name of Judson Erick.  DeSantis claims that the poor treatment was in direct relation to the fact that she was female.

DeSantis is working with lawyer Gerald R. Clarke and has brought her allegations before the United States District Court of Philadelphia. Only time will tell what verdict is rendered in this case, but if DeSantis was actually mistreated, one can only hope she gets the justice she deserves.

Obviously, you don’t want to trust your finances to or do business with a company that mistreats its employees. At Susan S. Lewis, Ltd. of Naperville, you can rest assured that everyone on staff, from the most qualified corporate tax accountant to the receptionist, is treated fairly and equally and that you’ll receive that same great treatment as well.

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South Loop CPA LLC Launches Online Bookkeeping Service

South Loop CPA LLC, based in Chicago, recently announced that it has created a new online bookkeeping service. There’s a catch, though; this new service isn’t available to just anyone. No, the new online service is available strictly for businesses that bring in anywhere from $1 million to $5 million in revenue each year.

Why, you may be wondering, would the online bookkeeping service only be available to businesses within this earnings bracket? Well, according to the founder of South Loop CPA LLC, these businesses have different needs than other businesses. Namely, the founder says, these businesses tend to deal with a large number of transactions and need an easy way to catalog financial documents, keep track of accounts receivable and payable, and create and send out a large number of statements.

No matter how much your business earns, know that there is an excellent accounting and bookkeeping solution for you right here in Naperville: Susan S. Lewis, Ltd., and, as is the case with South Loop CPA LLC, you’ll even be able to manage certain aspects of your account online.

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Tennessee Valley Authority Overbilled

An audit is rarely something that is looked forward to, but sometimes, as is the case for the Tennessee Valley Authority (TVA), it can lead to good discoveries.  In the case of the TVA, the organization recently discovered that a company—AMEC Environment and Infrastructure Inc.— had overbilled it for a Kingston Fossil Plant ash spill cleanup back in 2008.

The overbilling is quite substantial—a whopping $2.2 million dollars, but it’s still only “alleged.” AMEC is arguing that the findings of the audit are inaccurate, so only time will tell who is telling the truth or whether this matter was simply a mistake.

You don’t have to wait for an auditor to knock on your door to learn about possible mistakes or errors in your business’s finances or in your own personal finances. In fact, it’s better for you to be aware of problems and to correct them before they cause trouble. Make sure all your financial matters are straight by contacting Susan S. Lewis, Ltd. of Naperville.

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Paychex Makes a Move

For years, Paychex has been a major accounting firm, offering payroll and other services for small to medium-sized businesses. Recently, the firm found itself in the news as it announced its new move to cloud accounting. Like many accounting firms before it, Paychex has stepped into the future and has partnered with Kashoo via an equity investment.

Though the exact total of the investment is being kept under wraps, both by the accounting firm and by Kashoo, it must have been fairly sizable since Paychex will likely be placing two executives on Kashoo’s board, a privilege Paychex received as part of the agreement.

In this day and age, it is important for businesses that offer accounting services to stay as technologically advanced as possible in order to meet the ever-growing and changing demands of customers. For the most advanced accounting help in the Naperville area, contact Susan S. Lewis, Ltd.

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California Accountant Faces Charges of Embezzlement

There are some people in the world who you just assume are trustworthy, and teachers and other school professionals are usually among them. Unfortunately, however, in a bizarre case from San Bernardino County, California, a school accountant who presided over her school’s lunch money has been charged with embezzlement. 48 year old Judith Oakes had served as a Rialto school district accountant since 2005, but that all came crashing down when she was caught on video stuffing lunch money into her bra.

It is estimated that Oakes has stolen as much as $1.8 million dollars in her time as the school accountant, and she is now facing sixteen felony charges, all of which she has pleaded “not guilty” to. If convicted on all counts, Oakes could face as much as eleven years in prison, an amount of time many people feel isn’t long enough.

Regardless of what you think about the Oakes case, let it serve as a reminder to you to be careful about who you entrust your money to. hiring someone to help you with tax preparation or to oversee your business’s funds throughout the year, be cautious. For tax preparation and general accounting professionals you can always trust, turn to Susan S. Lewis, Ltd. of Naperville.

Whether you’re

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Accountant Accused in Madoff Case

If you’ve been paying any attention to the news, then you probably already know that police have been investigating Bernard L. Madoff, the alleged perpetrator of a Ponzi scheme that warranted him billions of dollars, for quite some time. Now, someone else besides Madoff has been called up on charges in the fraud. That “someone” is Madoff’s longtime friend and accountant, Paul J. Konigsberg.

This allegedly unscrupulous accountant is now charged with helping Madoff to create fraudulent account statements; his exact charges are “conspiracy” and “falsifying records.” If Konigsberg is found guilty, he will join yet another long string of financial professionals who have proved to be untrustworthy, making it more important than ever for people to choose their accountants carefully.

For a tax professional you can trust 100%, take your business to Susan S. Lewis, Ltd. of Naperville.

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No Taxes on Internet Sales in Illinois

Many people are confused about their taxes and regularly seek out tax help in their areas. Of course, it doesn’t help that tax laws are regularly changing, or at least attempting to change, as is the case with a proposed Illinois state law that was recently brought before the Illinois Supreme Court. The law made it so that some internet sales were taxed, and those bringing the law before the court argued that the “Amazon tax” affixed to purchases from the online retail giant, violated discriminatory tax regulations.

The Supreme Court threw out the law based on a 6 to 1 ruling, marking the first time in history that a court has made null an internet sales tax law. While some are happy about the recent decision, small retailers in the state are not. They are asking Congress to regulate taxes on web sales in an effort to help save their businesses.

With so many tax changes and questions up in the air, don’t get confused! You can seek expert tax help in Naperville by going to Susan S. Lewis, Ltd.

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Introduction Wallet.AI

There’s a new app in town and using this app is almost like having an accounting firm in your pocket! The application, invented by Omar Green, is known as wallet.AI. Green serves not only as the maker of the app but also as the CEO of the company, which goes by the same name as the app. The software, which isn’t yet available for public use, is designed to analyze all of the data that you leave behind as you use your Smartphone at different locations. The possibilities of what the application can do once it has and has analyzed that data, however, are truly endless.

Wallet.AI can reportedly give you tips and financial advice based on your unique spending habits—imagine having the app tell you that you “better not buy that” if you want to afford your water bill! The app can even provide advice based on where you are; if you use your phone to “check in” to a particular store or restaurant, for example, the app can recommend cheaper menu items and on-sale products to you.

Of course, even the very best wallet application isn’t quite the same as having a relationship with a real accounting firm and with a real accountant who understands you and your needs. It’s okay to use apps like Wallet.AI, but make sure you’ve got the real deal too; if you don’t have a trustworthy accountant on your side, call on Susan S. Lewis, Ltd. of Naperville.  #NapervilleAccountingFirm

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Raghuram Rajan’s Surprising First Move

Raghuram Rajan was recently elected as the governor of the Reserve Bank of India, and what do you think his first move was? While you might think Rajan, in his new role, would want to do something to win the approval of as many people as possible, what he did actually had the opposite effective, at least with certain business representatives. So, what did Rajan do? Well, he raised the benchmark interest rate from 7.25% to 7.5%, causing many people to be surprised and also causing many people to be quite angry.

So, what’s the deal with Rajan, you may be wondering. Does he just need to fire his accountant or advisor? Quite the contrary, Rajan knows exactly what he is doing. His reasoning for increasing interest rates is that he desires to limit India’s ability to engage in what he considers “unsustainable activities.” He meant, in other words, for the increase to serve as a warning.

While there’s a lot of debate over whether Rajan’s move was a smart one, one can’t argue with the fact that it was definitely attention grabbing to say the least! To find out more about Rajan’s financial beliefs and to see how they might affect your life, contact an accountant with Susan S. Lewis in Naperville. #NapervilleAccountant

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Tesla Does Well in the Stock Market

For a while now, car manufacturer Tesla has been regarded as a sort of “underdog” of the stock market. That’s been changing recently, however. A recent tax audit of the car maker reveals that it’s doing better than ever before. This increase in productivity is due in large part to Tesla’s efforts, which include luring the richest possible investor and sell shares rapidly as prices rose.

Tesla certainly has a lot to be proud of. It has worked hard to improve since its last tax audit, and improve it has! The company actually reached its highest value ever—$183 per share—on September 20, 2013. Due in large part to these improvements, Tesla’s current market value is well over $22 billion, and the company is reported to have sold an impressive 1.29 vehicles in the United States and 400,000 more in China.

Would you like to see your company make the same kind of improvements as Tesla has? If so, then visit Susan S. Lewis, Ltd. in Naperville for help and advice. #TaxAuditNaperville

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