When a divorcing spouse owns a business, it is imperative to dig into the financial records of the business in order to value it and to determine where the money is going. Tracy Coenen and Miles Mason talk about the documents that a forensic accountant needs in order to evaluate the business.
There are many different definitions of income that can be used in family law cases. Local law will play a big part in defining income, but in more complicated cases, other definitions may come into play. The financial expert can help the attorneys and the court to understand the various types of income and why they should be included or excluded from income calculations in a family law case.
The Internal Revenue Code is often a starting point for defining and quantifying income in family law cases. Experienced family lawyers know this is only the tip of the iceberg and doesn’t cover many of the unusual situations that could arise in cases with complicated financial scenarios.
In simpler cases, wage income and business income will be straightforward and will form the basis for calculating child support and spousal support. Undistributed income from a business venture may be an area of contention, but local laws often provide at least basic guidance on including such income in support calculations. Read More
Francine McKenna is an investigative reporter who focuses her writings on the auditing profession. She blogs at re: The Auditors, and also writes for financial publications such as Forbes, The Financial Times, American Banker, and more.
In February, Ms. McKenna wrote about the auditors of AgFeed, a Chinese company involved in an elaborate accounting fraud. In March 2014, the Securities and Exchange Commission charged the company and its top executives with fraud:
With the bulk of its hog production operations in China, the executives used a variety of methods to inflate revenue from 2008 to mid-2011, including fake invoices for the sale of feed and purported sales of hogs that didn’t really exist. They later tried to cover up their actions by saying the fake hogs died. Because fatter hogs bring higher market prices, they also inflated the weights of actual hogs sold and correspondingly inflated the sales revenues for those hogs. Read More
Xyngular is a weight loss MLM (multi-level marketing) company which advertises quick, sustainable weight loss using their products. Last year I wrote a lengthy article about the Xyngular products, and I came to the conclusion that the products are dangerous, the diet is a fad diet (which is almost guaranteed to be unsustainable), and promoters like Jennifer McKinney (MckMama) lie to their potential customers and recruits.
I wanted to provide an update on the Xyngular and Ignite products. My stance hasn’t changed. If anything, I am even more strongly against the products after seeing the things I’m posting here.
Jennifer McKinney is most well known for being the mommy blogger MckMama, as well as for being a serial scammer. Her exploits include fraud on the United States Bankruptcy Court, allegedly stealing money from her mother-in-law, continuing to leave creditors unpaid, and lying about her weight loss in order to recruit people into Xyngular. Read More