Vrakas CPAs, Here Are Your Articles for Wednesday, December 05, 2018
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Be Wary of Scam Artists


By Tim Itzin, Audit Shareholder

There continues to be an alarming growth in attempted fraud with respect to business checking accounts.

There are numerous methods used by the scammers to defraud companies and different legal issues/remedies exist with each. The grace period allowed to discover fraudulent activity and notify your bank has decreased significantly for many banks due to how much faster funds move through the system.

While there are some universal guidelines and protections afforded the harmed parties, we encourage management to revisit this topic with your bank. Products such as Positive Pay, ACH filters/blockers, and daily bank reconciliation tools should be strongly considered to protect your company.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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