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Conclusions about CRA and Dodd-Frank

The success or failure of the Dodd-Frank Act will be ultimately judged by history and the impact that it has with combatting some of the problems that have existed with credit rating agencies both before and after the financial crisis of 2008. Already critics have been quick to condemn the act for the perceived over […]

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Consequences for Non-Compliance of Dodd-Frank

Consequences for Non-Compliance of the Law Along with the increased responsibility placed on the credit rating agencies, there are also harsher consequences if they are not compliant with the Dodd-Frank Act. Part of the legislation includes standards and new liabilities for the credit rating agencies. First, there are harsher penalties under the 1934 Securities and […]

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Rules for Credit Rating Agencies

Additional Rules for Credit Rating Agencies Under the Dodd-Frank Act The Dodd-Frank Act also has some new rules for the credit rating agencies themselves with the goal of having better corporate governance and maintaining better internal control. First, the Act places more stringent requirements on the company’s board of directors and institutes are requirement for […]

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Conflicts of Interest and Credit Rating Agencies

Effects of the Dodd-Frank Act on Conflicts of Interest In addition to administering rating and disclosure rules, The Dodd-Frank Act also imposes several requirements on NRSROs to establish internal control systems that prevents conflicts of interest. The bill’s drafters made it a priority to put certain guidelines in place in order to mitigate the temptation […]

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How to Prevent Corporate Fraud

This is the fourth part in my series discussing corporate fraud. For more on this topic please read On Corporate Fraud Government Response to Corporate Fraud Types of Fraud Ultimately, all institutions should have a comprehensive fraud prevention program tailored to meet the needs of the organization. Fraud prevention programs should also include three prongs […]

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Types of Fraud

However, financial statement manipulation is simply on the edge of the fraud landscape. Much more common are asset misappropriations. The three basic types of asset misappropriations are skimming, larceny and fraudulent disbursements. Skimming and larceny occur when cash is taken directly from the employer, the difference between the two being that skimming occurs before the […]

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On Corporate Fraud

Corporate fraud has always been one of the scourges of civilized society, although in the past decade we have witnessed unprecedented levels of greed in corporate culture. The past decade has been marred by Enron, WorldCom, Adelphia and many others, as fraud shrinks our economy by approximately six percent. Watchful eyes cannot be everywhere at […]

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WHAT TO DO IF YOU MISS THE TAX FILING DEADLINE

Uh oh. It is now after April 18th, and you did not file your taxes. What do you do? If you are expecting a refund, you don’t sweat it because you do not get penalized for not filing in this case. You won’t get your refund until you do file, but otherwise, the IRS is […]

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COMMON TAX FILING MISTAKES AND HOW TO AVOID THEM

It is time once again for that annual rite of passage for every taxpayer: getting the tax return and payment to the IRS on time. If you have already filed and paid your taxes, you are to be congratulated. Hopefully, you have not made mistakes or, if you have, then your early filing may give […]

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HOW A TAX ATTORNEY CAN HELP WITH YOUR INCOME TAXES

Most of the time, taxpayers can handle personal income taxes without too much trouble but there are times when a tax attorney can be either a handy resource or a required partner. Both the IRS and the California Franchise Tax Board (FTB) can get quite aggressive when the rules are not followed, even when taxpayers […]

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HOW TO CLAIM THE CALIFORNIA EARNED INCOME TAX CREDIT

The first few months of every new year seems to be dragged down by the necessity of preparing tax returns and the feeling of becoming poorer by the minute. To ease some of the federal burden, the IRS created an earned income tax credit that was implemented in 2013. California taxpayers, who are in a […]

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THE CALIFORNIA FRANCHISE TAX BOARD AND BUSINESS INCOME TAXES

California can be an expensive state in which to do business. Small businesses in the state are particularly hard hit under the state tax laws. California has a higher than average state income tax imposed on business and personal income, plus it engages in double-taxation when it comes to business entities structured so that the […]

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PREPARING FOR THE 2017 TAX SEASON

It is that most un-wonderful time of year: tax time. April 15 may be a bit far away, but as a small business owner, you need to get your documentation for 2016 together as soon as possible. Your tax professional will thank you. By the way, one of the changes for next year includes moving […]

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WHAT HAPPENS WHEN YOU MISS YOUR TAX EXTENSION DEADLINE?

October 17, 2016, was the last day you can file California State or Federal income tax returns if you were granted the six-month extension in April. It is not the time to panic, but it is definitely time to move quickly if you have not completed your 2015 tax return and payment. As long as you […]

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HOW FTB TAX LIENS AFFECT YOUR CREDIT REPORT

As if taxes were not complicated and frightening enough, the federal and state taxing authorities have a variety of devices in their arsenal to compel payment and stave off penalties. Tax liens, one of the most common of those devices, can cause trouble not just with your property and bank accounts, but with your credit […]

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CALIFORNIA INCOME TAX BRACKETS

In California, state income taxes are generally among the highest in the country, but the burden is spread among different segments of the population. The rate of California income tax is arranged on something of a sliding scale, separated by income tax brackets. Low earners pay a smaller percentage of tax on their wages, while […]

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