When there are suspicions of hidden income or secret investments or bank accounts, an analysis of known bank accounts can reveal helpful details. Tracy Coenen explains how bank statements and credit card statements can be used by a forensic accountant in a divorce case.
A CPA who focuses on traditional tax work or auditing services might be a great fit to branch out into litigation support work. Attorneys are always looking for expert witnesses with certain areas of expertise, and accountants doing general work might fit the bill.
What is your focus? Do you specialize in a certain industry or work frequently with certain accounting and tax rules? Litigation work is often interesting, but you have to be able to explain your work to non-accountants and testify in depositions or at trial.
The video below offers Tracy Coenen’s commentary on this topic.
Tracy talks with Miles Mason, JD, CPA about some of the common financial lies told by spouses during divorce.
Below is a clip of a portion of a video I did on accounting services in divorce and family law cases. I discuss the work that a CPA can do in divorce cases.
Herbalife (HLF) does not want you to see or hear the evidence that the company is nothing more than a recruiting scheme. Audio and video footage was obtained of CEO Michael Johnson talking about how Herbalife is a recruiting company:
It’s the recruiting, meaning bringing new distributors into our company, which is the most vital part of our bloodstream. We bring new distributors in, we grow. It’s that simple. It’s that simple. And the company has built its whole reputation, its whole life, on recruiting.
But every time someone publishes this audio or video footage, Herbalife makes a bogus copyright claim and has it taken down.
Do you think it’s only the “bad” people who do bad things in multi-level marketing? Those who frontload new recruits, dial for dollars at the end of the month (i.e. get people to order products they don’t need), talk only about their highest commission check, lie about how profitable the MLM is for them, or hide the debt they incurred via their MLM?
Unfortunately, these problems are systemic in multi-level marketing. These are the things that must be done to get to the upper levels and to stay there. What about those “national sales directors” or “diamond executives” or “founders sapphires”??? They’ve just done more frontloading and general deception. They all lie. It is how things are done in MLM.
Listen to this former Mary Kay sales director, who was only a step away from becoming an national sales director when she walked away. On ABC’s 20/20, she explained how her “success” was at the expense of other women.
What documents must be obtained in a divorce proceeding when your forensic accountant needs to evaluate and investigate the income of the parties? In the below video, Tracy Coenen lists some of the basic documents that are needed to analyze wages, self-employment income, and investment income.
Tracy Coenen talks about the steps she takes when she starts a new expert witness case. What documents should you ask for? What should you evaluate first?
Bank statements can be invaluable in evaluating an individual’s income for divorce and child support cases. They can help evaluate the person’s income, but an analysis of the expenditures is important too. Tracy Coenen talks about some of the specific ways the data can be analyzed.
Tracy Coenen talks about some of the common ways spouses “abuse” financial items during the divorce process. These things include manipulating salary, selling assets to related parties, and more.