Purchase, use, and sale of home all can result in tax benefits

Article Abstract:

The purchase, use, and sale of a home all carry significant tax benefits for taxpayers. The real estate taxes typically are split proportionately between the buyer and seller of a home, and the home buyer receives a deduction for the taxes in the year they are paid. Other areas in which home buyers receive tax relief include points and refinancing. The interest on home mortgages typically is fully deductible for first and second mortgages, home equity loans, and refinancing loans, as long as the debt on which interest is paid relates to the taxpayer's principal residence. Real estate taxes are fully deductible in the year paid. Taxpayers receive a $125,000 exclusion and a gain deferral provision on the sales of homes owned during their lifetime.

Analysis, Taxation, Tax accounting, Homeowners, Real property tax, Real property taxes

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An investigation into fraud prevention and detection of small businesses in the United States: responsibilities of auditors, managers, and business owners

Article Abstract:

Issues concerning fraud perpetrated against small businesses in the US are examined, focusing on how accountants can help prevent fraud. Topics include fraud issues as they relate to small businesses, techniques used by CPAs to identify and prevent fraud, and the influence of Statement on Auditing Standard No. 82, "Considerations of Fraud in a Financial Statement Audit."

United States, Police Protection, Small Business, Fraud, Statistical Data Included, Crimes against, Accounting and auditing, Financial statements

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Investigating and preventing fraud against Australian businesses: counting the costs and exploring the strategies

Article Abstract:

An evaluation is presented of both prosecutorial and proactive regulatory strategies for reducing Australia's instances of corporate fraud. It is posited that proactive strategies are the most effective, as prosecutorial methods rely too heavily on deterrence and findings of legal culpability.

Australia, Methods, Management, Economic policy, Trade policy, Commercial policy, Fraud investigation

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