Articles

Orange County Business Journal article by Smith Dickson: “Beneficiary Wars” (November 19, 2018):

Gina Lara, MBA, CFP®, Tax & Forensic Accounting Manager, recently wrote an article for the Orange County Business Journal in the “Law Specialties” special supplement.  Excerpt from the article “Beneficiary Wars”:

Some families are just antagonistic; but, when individuals are suddenly bequeathed multi-million-dollar estates, even the most reasonable and harmonious families can become embroiled in “beneficiary wars.”

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Orange County Business Journal article by Smith Dickson: “New Ruling on Independent Contractors Impacts Many Employers” (October 22, 2018):

Richard Warner, Senior Tax Manager, recently wrote an article for the Orange County Business Journal in the “General Counsel Awards” special supplement.  Excerpt from the article “New Ruling on Independent Contractors Impacts Many Employers“:

Determining whether a California worker is an independent contractor or an employee has always been difficult.  However, for many years the laws have been interpreted to mean that the key to distinguishing between employees and independent contractors was whether the company had the right to control the manner and means by which the worker accomplished the desired result.  Recently, a ruling by the California Supreme Court changed that understanding.

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Orange County Business Journal article by Smith Dickson: “The Value of Litigation Support in Intellectual Property Disputes” (July 23, 2018):

Ryan Nguyen, CPA, Forensic Auditing Manager, and Gina Lara, MBA, CFP ®, Forensic Accounting Analyst, recently wrote an article for the Orange County Business Journal in the “Intellectual Property” special supplement.  The article offered overviews of recent Smith Dickson intellectual property cases, including:

  • Trademark Infringement
  • Trade Secret Violations
  • Licensing Disputes

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Orange County Business Journal article by Smith Dickson: “Litigation Support for Real Estate Disputes” (May 11, 2018):

Debbie Dickson recently wrote an article for the Orange County Business Journal in the “Real Estate Law” special supplement.  The article provided examples of how Smith Dickson has been involved in a wide range of these matters.   These have included:

  • Misappropriation of Funds/Fraud
  • Creditors’ Rights
  • Probate/Trust Beneficiary Disputes
  • Development and Contractor Disputes
  • Escrow and Title
  • High-Stakes Marital Dissolution Matters

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Orange County Business Journal article by Smith Dickson: “The Critical Role of a CPA Firm in Bank Financing” (April 30, 2018):

Debbie Dickson recently wrote an article for the Orange County Business Journal in the “Banking & Finance” special supplement. Here is an excerpt from the article:

A proactive, knowledgeable and well connected CPA firm can make a major impact on the ability of a company to obtain bank financing. Recently a $30 million company was declined a renewal of its working capital line of credit and term loan due to failure to meet its required ratio covenants. Management had tried to find replacement financing through a loan broker but had been unsuccessful. Smith Dickson CPAs were called upon to make introductions and to arrange this critical financing. (Read article)

Orange County Business Journal article by Smith Dickson: “Trust Me” (November 20, 2017):

Gina Lara, MBA, CFP®, Forensic Accounting Analyst at Smith Dickson, published an article in the November 20th issue of the Orange County Business Journal in the “Law Specialties” special supplement. An excerpt from the article:  “Forensic accounting plays a critical role in trust litigation by providing attorneys with the independent financial analysis often necessary to resolve disputes.” (Read the full article)

Orange County Business Journal article by Smith Dickson: “Fraud Investigations and Litigation Support for General Counsel” (October  16, 2017):

General counsel, whether in-house or outside counsel, often find themselves dealing with fraud in their businesses. Recent Examples: A company’s CEO suspected that something was wrong because the business was continually under-performing in profitability. He suspected that someone in the accounting department was committing financial crimes, so he needed evidence to not only prove wrongdoing but also to stop the behavior. (Read the full article)

Orange County Business Journal article by Smith Dickson: “Obtaining Bank Financing in Difficult Situations” (April 10, 2017):

Obtaining or renewing bank lines of credit or loans isn’t always a simple process. A business may be declined credit and not have a clear answer as to why it was refused the financing it needed. Banks consider the “Five C’s of Credit” (capacity, capital, collateral, conditions and character) in extending financing, which can be difficult to evaluate from a typical commercial applicant’s perspective. On top of those criteria, other factors can play a key role when credit is not approved, such as lack of preparation, poor records, and the bank’s level of risk aversion for certain types of loans or industries. It is in these more challenging situations that a qualified CPA firm can prove to be particularly helpful. (Read the full article)

Orange County Business Journal article by Smith Dickson: “Fraud in the Workplace” (November 21, 2016):

Most employers never would expect that a trusted employee might commit fraud, yet every year numerous businesses are forced into bankruptcy due to fraud. Even when it isn’t that extreme, the  Association of Certified Fraud Examiners’ (ACFE) 2014 Global Fraud Study revealed that the typical organization loses a median of 5% of revenues each year due to fraud. Employers can utilize the “fraud triangle” to monitor and identify factors in the lives of key personnel that can lead to fraud. The fraud triangle is … (Read the full article)

Debbie Dickson quoted in Orange County Business Journal “Special Report” on Accounting Firms (July 11, 2016):

The Orange County Business Journal sought input from top local accounting firms to share their thoughts on the new lease accounting requirements enacted by the Financial Accounting Standards Board.  Debbie Dickson gave her advice, including how the new FASB standard will impact banking relationships.  (Read the full article)

“Penalties at Stake in Classification of Independent Contractors vs. Employees”: The IRS is increasing worker reclassification efforts, in particular focusing on improper treatment of workers as independent contractors vs. employees.   This costs the government tax revenues, in the form of lost withholding, unemployment, workers’ compensation, and Social Security and Medicare taxes.  This has led to renewed compliance efforts, also resulting in the risk of greater fines and penalties for employers who fail to comply.

“The Hot Dog Vendor”: Recession mentality starts in one’s own head. If you believe that a recession is still lingering and that times are tough, then they will be for you. It is truly difficult to maintain a positive outlook on one’s professional and personal life during these troubled times. We have a story we would like to share with you regarding how our own attitudes can shape our futures.

The Taxes and Bank Loan Quandary Can a Privately-Held Company Pay Lower Taxes While Showing Profit to Satisfy a Banker?: It is a common problem for the entrepreneurial business – ownership wants to pay as little as legally possible in taxes, while at the same time banks need to see profitability to satisfy lending criteria.  A good accountant can often help management identify and utilize a number of tax breaks.  The company is “all smiles” until it goes to the bank and asks for a loan, showing tax returns with little profit or even heavy losses – and is then turned down for the loan.  So what can be done to make the banker happy?