Embezzlement Report for 2011

The 2011 Marquet Report on Embezzlement

2011 was another banner year for employee theft in the United States, continuing the frenetic pace set in 2010. In this report, we identified, researched and analyzed the details of 473 major embezzlement cases in the US active in 2011, a slight 2% decrease in the number of cases from 2010.

Over 5% of the reported cases were against Real Estate Companies with the average loss totaling over $180,000 per occurrence.

The average loss for 2011 was about $750,000; the median loss was $340,000.

Nearly three-quarters of the incidents (72.3%) were committed by employees who held

finance/ bookkeeping & accounting positions.

The average scheme lasted nearly 5 years.

The most common embezzlement scheme involved the issuance of forged or unauthorized company checks.

IRS ANNOUNCES 2012 STANDARD MILEAGE RATES

The Internal Revenue Service recently issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 55.5 cents per mile for business miles driven
• 23 cents per mile driven for medical or moving purposes
• 14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

Ten Things You Should Know About 1099s

Just saw an interesting article at Forbes magazine regarding 1099s. 

This article is geared to the consumer but can be a good primer to describe 1099s to a new person in your office that is working with your 1099s.

1099-MISC Due Dates for 2011

Deadlines for filing 1099's with the IRS:

1099-MISC Due Dates for 2011

Send Copy B and Copy 2 of the 1099-MISC form to the recipient by January 31, 2012. The due date is extended to February 15, 2012, if you are reporting payments in boxes 8 or 14.

File Copy A of the 1099-MISC form with the IRS by February 28, 2012. 

If you file electronically, the due date is April 2, 2012.

Contact us here if you are needing additional 1096 forms with your order.