The Role of the Forensic Accountant There are a number of instances where damage estimates are uncertain and where a customer is lost. What should one do in these instances? Losses sometimes require reasonable estimates, as well as a reasonable forecasting of the market—both for the generation of revenues and for mitigation. In the case where there is greater perceived loss than a single contract, a forecast is necessary to determine the long-term future lost net profits for the value of the lost customer. Dr. Kreuter shares his views on how to address these more complicated engagements.
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Who Are America’s Wealthiest People? Small- and medium-sized businesses are the engines that drive the American economy. An IRS study of everyone who died with a net worth of at least $600,000 (and thus was required to file an estate tax return) showed America’s wealthiest citizens all have one thing in common: they all held significant blocks of stock in closely held private companies. In a nutshell, the surest way to get rich in America is to own a business. Want to know the actual numbers? According to IRS reports, over six million businesses file tax returns each year: 80…