Those are words I don’t want to have to think about when working with clients.

As a fraud prevention evangelist, seeing this article from Compliance Week about the increase in corporate fraud over the last year was a double edge sword. As a fraud fighter, it seems so obvious to me that in desperate times like this it is vital to make sure you protect your company from fraudulent behavior, but seeing the rising statistics I was reminded that many companies believe they are immune to this. With cases like the Madoff scheme and the infamous Enron era, it is clear that trust is a façade in many cases and seemingly “good” people are preying on people’s trust.

Check out the full article from Compliance Week  Cos. Not Covering Increased Fraud Risks Amid Crisis

While the new law tax changes in the American Recovery and Reinvestment Act of 2009 were the most significant developments in the first quarter of 2009, many other tax developments may affect you, your family, and your livelihood. These other key developments in the first quarter of 2009 are summarized below. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to minimize the impact of those that are unfavorable.

Retirement plan account participants, IRA owners, and their beneficiaries do not have to take required minimum distributions (RMDs) for 2009. The IRS has issued guidance clarifying that:

… If you would have been required to make RMDs for 2009 and you do make withdrawals in 2009 (that are not RMDs for 2008): (a) you might be able to roll over the withdrawn amounts into other eligible retirement plans; but (b) you must still include any previously untaxed portion of the withdrawal that you do not roll over in your gross income.

… No 2008 RMDs are waived, even for eligible individuals who chose to delay taking their 2008 RMD until Apr. 1, 2009 (e.g., retired employees and IRA owners who turned 70 1/2 in 2008).

… The 2009 RMD waiver applies to individuals who may be eligible to postpone taking their 2009 RMD until Apr. 1, 2010 (generally, retired employees and IRA owners who attain age 70 1/2 in 2009). However, the law does not waive any RMDs for 2010.

… If a beneficiary is receiving distributions over a 5-year period, he or she can waive the distribution for 2009, effectively permitting the beneficiary to take distributions over a 6-year period. (more…)