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We will be applying for 2 CDFA and CFP CE's.
Forensic View into Family Businesses during Divorce
Small business fraud is on the rise. Many of our clients have family run businesses that need to be investigated for proper internal controls and preparation of financial statements. There are plenty of hiding places in family businesses to stash money. We will also review the Form K-1, which holds additional information about cash distributions for the owners. It is not enough that we, as CDFA's, simply accept the tax returns and financials as they are given to us. The business culture of small family-held businesses can help or hinder fraud.
The small business owner has tremendous leeway as the owner and often the employee/owner to dictate movement of funds in and out of the company with little oversight. This session will describe some of the most common schemes and frauds used and provide practical recommendations to uncover and prevent these frauds and misappropriation of cash and assets.
Lastly, we will discuss calculating cost basis of various assets through case study work. Cost basis is a major issue with property settlement transfers. The low basis assets become the "hot potatoes." Learn to recognize the net value of marital property.
Peggy Tracy, CFP, CDFA, CFE, Owner, Priority Planning LLC