Embezzlement Part 2

Minimize Your Risk.

Understanding why fraud occurs and how to identify the likely offenders plays an important first step in preventing fraud in your practice.  Now the focus turns to specific steps that can be taken to implement sound internal controls for your practice.

Embezzlement Part 1

Minimize Your Risk.

Dentists often ask, “How can I prevent embezzlement in my practice?”  This is because it is commonly known that embezzlement occurs more often in dental practices than in many other industries.  Of dentists who reported embezzlement, the median loss was nearly $10,000!

Ebenezer’s Failed Plan

Look Past the Obvious.

Now that the holiday season has begun, the typical refrains of prudent gift spending and year-end IRA planning are in the air.  Deeper and more meaningful lessons can sometimes be learned by looking outside the conventional financial planner’s holiday playbook.  Consider the financial message offered by a hallowed favorite, Dickens' "A Christmas Carol."

Protect the Veil of your LLC

Are You Putting Your Assets at Risk?

One key reason that business owners choose the limited liability company (LLC) as the legal entity for their businesses is for the liability protection it affords.  The owner of the business is then protected against being held personally liable for business debts or judgments made against the business.  It is possible, however, for the courts to "pierce the veil of limited liability" of the LLC and hold the owners personally liable for business debts.

Automobile Expenses

What's Deductible for Your Business?

Almost all business owners think there are tax deductions associated with their automobiles. Most, however, are unsure about the specifics of the applicable tax deductions and what steps are needed to qualify. Common questions include: What expenses qualify as business expenses? How should I pay for my automobile expenses? What documentation should I retain? Should I purchase my car in the name of my business entity?

In Case of Emergency...

How much cash is necessary to keep for emergencies?

You may have heard from speaking with an advisor or by listening to financial news that it is prudent to have an emergency cash reserve. It's probably not shocking to most of us that having some cash on the side to use when unexpected expenses creep up is a good idea. But you may wonder how much is necessary to keep and how to "invest" it.