Small Business Solutions

Corporate Fraud: Companies commonly create such safeguards to protect their cash, yet Shetty disregarded the measures that he helped to draw up. Story via

Ex-fabric CFO accused of losing $35M in crypto crash The former CFO is charged with investing the funds without permission into his own crypto venture before losing them during the market’s crash, according to a federal indictment.

It's go time! based has some motivation for you today.

Business Leadership: He's looking for a brand that he thinks can be here 100 years from now. Insight via

How luxury giant LVMH built a recession-proof empire LVMH has built a powerful portfolio of 75 brands. In 2023, it became the first European company to reach a $500 billion value.

Tax Fraud: The defendant defrauded the IRS by failing to report $1.3 million in earnings. Story via

Former Police Officer Going to Prison For Defrauding the IRS A former Maryland police captain is going to federal prison for defrauding the IRS. Full story here.

Economic News: We haven't yet made the progress we need to make. And it's a long way from here to 2% inflation. Report via

Dallas Fed President Logan says current data doesn't justify pausing rate hikes yet The Dallas Fed president said the central bank still has work to do in achieving its goal for price stability.

Business Fraud: Holmes raised nearly $1 billion from a list of well-heeled investors. The latest via

Elizabeth Holmes loses latest bid to avoid prison and gets hit with $452 million restitution bill The court decision on Holmes' attempt to avoid prison comes nearly three weeks after she deployed a legal maneuver to delay the start of her 11-year sentence.

Casualty Losses: Under the Tax Cuts and Jobs Act (TCJA), casualty losses for individuals are now only deductible to the extent they are attributable to a federally declared disaster. Story via

Snakes On A Tax Return—Why You Can’t Deduct Damage From A Snake-Infested House On Your Tax Return A Colorado homeowner discovered that her new house came with walls full of snakes. Mitigating that damage will be expensive—but is it also tax deductible?

Accounting Standards: That's really going to change the game in terms of what's disclosed about a company's tax affairs. Proposal details via

FASB’s tax proposal will ‘change the game’ Previous FASB calls for greater income tax transparency have drawn pushback from businesses. This time the initiative appears to be gaining steam.

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Maximizing business growth: Breaking things down.

Business News: According to the company's bankruptcy filing, customers ordered $2.7 million worth of wine that never even made it to the warehouse. Story via

Underground Cellar Bankrupt, Owes Customers Millions in Wine | Entrepreneur Underground Cellar filed for Chapter 7 bankruptcy in May. Now, former customers have unanswered questions about where the wine they are owed is, or if it even exists.