Featured Articles:

1.  IRS Has $2 Billion for People Who Have Not Filed a 2001 Tax Return

2.  Back to Basics

3.  Tech Tip Weekly: Tweaking an Image in MS Word

4.  Compliance Calendar

 

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1.  IRS Has $2 Billion for People Who Have Not Filed a 2001 Tax Return

 

Unclaimed refunds totaling more than $2 billion are awaiting about 1.7 million people who failed to file an income tax return for 2001, the Internal Revenue Service announced.  However, in order to collect the money, a return must be filed with the IRS no later than April 15, 2005.

 

In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity to claim a refund.  If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury.  For 2001 returns, the window closes on April 15, 2005.  The law requires that the return be properly addressed, postmarked and mailed by that date.  There is no penalty assessed by the IRS for filing a late return qualifying for a refund.

 

The IRS reminds taxpayers seeking a 2001 refund that their checks will be held if they have not filed tax returns for 2002 or 2003.  In addition, the refund will be applied to any amounts still owed to the IRS and may be used to satisfy unpaid child support or past due federal debts such as student loans.

 

If you need help in filing an old return, or know of someone who does, contact us for assistance.

 

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2.  Back to Basics

 

Asset misappropriations are by far the most common of all occupational frauds.  There are three major categories of asset misappropriation schemes:

 

1.  Cash Receipts schemes

2.  Fraudulent disbursements of cash

3.  Theft of inventory and other non-cash assets

 

Cash is the focal point of most accounting entries.  Cash, both on deposit in banks and petty cash, can be misappropriated through many different schemes.  These schemes can be either on-book or off-book, depending on where they occur.

 

Cash receipts schemes fall into two categories, skimming and larceny.  The difference in the two types of fraud depends completely on when cash is stolen.  Cash larceny is the theft of money that has already appeared on a victim organization's books, while skimming is the theft of cash that has not yet been recorded in the accounting system.

 

Source:  2005 Fraud Examiners Manual, ACFE   

 

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3.  Tech Tip Weekly:  Tweaking an Image in MS Word

 

Unless you're a graphics pro, you need to tweak just about every image you slap into your MS Word document.  And, hoo boy, MS Word does some frustrating things with images.   Fortunately, there's always some hidden way to fix things.

 

1.  It's always best to work with images in Print Layout view, so choose View--Print Layout from the menu.

2.  Display the Picture toolbar:  Choose View, Toolbars, Picture from the menu.

3.  Select the image by clicking it.

 

When you click an image to select it, the image grows eight "handles," one for each side and corner.  Resize the image by grabbing (clicking) a handle and dragging it in or out.  Move an image around on the page by dragging it with the mouse.  Drag in the center of the image.  If you need an image centered, put the image on a line by itself (a paragraph) and then center that line.

 

After you're done tweaking your graphic, just click the mouse on some text.  This trick deselects the image and returns you to text-editing mode.  (You may also want to close the Picture toolbar by clicking its X button.)

 

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4.  Compliance Calendar 

 

February 16

-Employers deposit Social Security, Medicare and withheld income tax for payments on February 9, 10, and 11.

 

February 18

-Employers deposit Social Security, Medicare and withheld income tax for payments on February 12, 13, 14, and 15.