Posts Tagged ‘theft’


Operation Double Dip….

In Accounting & Finances,Business,Taxes on May 21, 2013 by Sufen Wang Tagged: , , , ,

MH900239563IRS Agents Caught Dipping Into The Cookie Jar:  24 Employees Indicted for Tax Fraud

Some people just can’t keep their hands out of the cookie jar. And when that cookie jar is filled with taxpayer dollars, you know the culprits are going to get more than a mere slap on the wrist.

Twenty-four current and former IRS employees in Tennessee and Mississippi are about to find that out the hard way. They recently got caught red-handed defrauding the government of more than $250,000 in benefits and have been indicted for their crimes.

MH900150005Thirteen were milking their employee “benefits” for all they’re worth. They’re facing federal charges of making false statements to obtain unemployment insurance payments, food stamps, welfare, and housing vouchers. Basically, they said they didn’t have a job while applying for or re-certifying those government benefits – and then they clocked back in from their lunch break. Seriously though, these individuals are facing some serious time: if convicted, they could be eating prison food for the next five years.

Eleven other former and current IRS employees were charged with theft of property over $1,000. They probably thought it was like taking candy from a baby. Now their goose is cooked and they might be served with a class D felony.

U.S. Attorney Edward L. Stanton III dug into these workers who decided to bite the hand that feeds: “According to the allegations in the indictment, while these IRS employees were supposed to be serving the public, they were instead brazenly stealing from law-abiding American taxpayers. These charges demonstrate our unwavering resolve to work with our law enforcement partners and hold accountable anyone who fraudulently obtains government benefits and violates the public’s trust.”

MH910217103These charges should be food for thought for anybody thinking they can get away with an extra-large slice of the pie. Remember, there’s no such thing as a free lunch.

Sufen Wang, M.S. Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805


Checks and Balances: Keep ’em Honest

In Business on May 24, 2011 by Sufen Wang Tagged: , , , ,

money on the street

Everyone’s asked and been asked this age-old question: If you found money in the street, what would you do? Would you keep it? Try to find the owner? Give it away to somebody else? Burn it as a statement against “The Man?”

This question is supposed to show how honest you are (or aren’t). But even those who are adamant against keeping money found on the street may find themselves tempted when it comes to money found unguarded in the workplace. That’s why, as an employer, it’s a good idea to implement different checks and balances.

By segregating financial responsibilities, you can prevent theft and embezzlement in the workplace. If there’s only one person in charge of all of your accounting tasks, such as making bank deposits, receiving funds, issuing checks, and reconciling checkbooks, it can be easy and very tempting for that person to skim a little off the top for themselves. By assigning different people to different tasks, you ensure that they can keep one another accountable and honest.

krusty the klown

There's a better solution than this.

If you don’t have enough accounting resources to be able to segregate responsibilities, then you should, at the very least, check the books regularly and make sure that your accounting person knows that you’re doing it. Here are a few ways for you to keep an eye on your finances:

  • Maintain a small petty cash fund for the office and reconcile it every week.
  • Review your credit card and bank statements regularly.
  • Take advantages of online services to keep tabs on your business finances.
  • Implementing checks and balances in your business will not only protect your business from theft and embezzlement, but it will also protect your employees from the temptation to act against their better judgment. In the end, they’ll thank you for it.

    On the Money,
    Sufen Wang
    Wang Solutions