Farr Forensic Accounting & Valuation

I love that Elliott Davis encourages service to others. Every summer our interns participate in community service projects on Fridays and I was able to join in today 😊 Loved spending time learning more about this fantastic organization and organizing their school supply pantry ✏️📓✂️ There are still some needs - especially ear buds. I will also post a link to their Amazon wish list in the comments.

The political scene has been so disheartening lately, it was great to be reminded that while there are so many things we have no control over we can each make a difference in our local community. ❤️

https://www.chattanoogan.com/2024/5/21/487559/Elliott-Davis-Expands-Its-Valuation.aspx

Elliott Davis Expands Its Valuation And Forensic Accounting Team Elliott Davis announces the expansion of its Valuation and Forensic Accounting consulting practice with the addition of Shannon Farr and Brittany Orr to its team. This expansion coincides with the firm's focus on growth in Chattanooga and surrounding areas.

I’m so looking forward to spending some time with the SETLAW attorneys in a couple of weeks!

SETLAW Lunch & Learn: How to Read a Tax Return Join us for a SETLAW Lunch & Learn session where we'll break down the mystery of reading a tax return!

Has the ubiquitous “Fraud Triangle” struck again?

While what’s going on with Ohtani remains to be seen, the combination of opportunity, rationalization and motive / pressure prove time and time again to create a high risk of fraud.

I’ve been a forensic accountant for a long time, but it still pains me to see circumstances where trusted individuals may have committed fraud. The fraud triangle shows up again and again.

Is Shohei Ohtani a theft victim? Is he in trouble? Legal experts say probes underway One thing is clear in the sports betting scandal involving Dodgers superstar pitcher Shohei Ohtani: He's now in the middle of a federal investigation.

https://www.forbes.com/sites/kellyphillipserb/2023/11/09/irs-announces-2024-tax-brackets-standard-deductions-and-other-inflation-adjustments/amp/

IRS Announces 2024 Tax Brackets, Standard Deductions And Other Inflation Adjustments The IRS has announced the annual inflation adjustments for the year 2024, including tax rate schedules, tax tables and cost-of-living adjustments.

Really great info in this article!

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What happens to your joint mortgage after divorce? — CNBC Your home is usually your largest asset, and splitting it amid separation could be a headache. Here's everything you need to know about mortgages and divorce.

I often get asked to recommend a financial advisor, and there are several great folks here in Chattanooga! I’m sharing this article because it summarizes 5 important things to consider. I know many financial advisors who “check the boxes” for questions 1-4. The 5th question emphasizes the importance of a personal relationship and there is no one-size-fits-all. It’s an important decision and I would encourage you to meet with at least three financial advisors to find the right fit for you.

5 questions to ask before hiring a new financial advisor — CNBC There are more than a few factors to consider when deciding whether to work with a financial advisor. Here's a look at some key boxes to check before deciding.

I’ve received three of these scam emails so I thought I would share this 🛑SCAM ALERT🛑.

Don’t ever give out financial information in response to an email you weren’t expecting.

How to recognize a fake Geek Squad renewal scam Scammers are at it again, impersonating well-known businesses and trying to rip people off. This time they’re pretending to be from Geek Squad, Best Buy’s tech support service. Here’s what we’re hearing about the scam and what to do if you see it.

https://apple.news/AxxG_w6wNSlS30qLbGagyqA

After a divorce, are you eligible for your ex's Social Security benefits? — USA TODAY If you’re among the hundreds of thousands who get divorced each year, you might wonder whether you’ll be eligible to collect spousal Social Security.

In Nashville this week for the Southeastern Forensic & Valuation Services Conference. I spoke earlier about one of my favorite subjects - assisting clients with valuation and other financial issues that arise in divorce. Later this afternoon, I’ll be speaking about the AICPA’s forensic services professional standard. It’s such a pleasure to be back to attending conferences in person, catching up with colleagues, and learning new info!
Shannon Welch Farr

https://apple.news/AtzbVF-0tRNS9FbyJo3e75A

IRS to Make Largest Increase Ever to 401(k) Contribution Limit — The Wall Street Journal Americans can save thousands more dollars in tax-advantaged retirement plans in 2023

https://apple.news/AYlYLG2CpRBOYfBthH7fhMQ

You can keep more money from the IRS next year, thanks to inflation — The Washington Post Automatic annual adjustments mean higher tax brackets and a heftier standard deduction.

https://apple.news/AHJ1CD0eASmSWrqUOl2IDTg

Here are the federal income tax rates and brackets for 2023 — FORTUNE Some of the changes are significant and Americans might see higher take-home pay was a result.

https://apple.news/AUosIV0uOQBKyInVryCMo0g

Should 401(K) and IRA Savers Take the Plunge Right Now? — Barron's This is a great moment to think about raising your 401(k) contributions, making your 2022 IRA contribution, or hiking your current retirement plan’s allocation to stocks. Really, you may say? In a meltdown like this? The simple response is: Yes, exactly. The latest “global fund manager” survey...

Really great advice in today’s column!



https://apple.news/Aepf5Zf5ORd25GFUzvn5mxw

I put $200,000 toward a down payment for a condo unit with my boyfriend. He is on the title, but not on the mortgage. How do I protect my equity investment now? — MarketWatch ‘He pays half of all expenses monthly without fail’

https://apple.news/AJ4MOJTnSR_2EyhP0T4th4A

Not ready for the April 18 tax deadline? Here's how to file an extension. — USA TODAY Regardless of your income, you can go to IRS.gov to use "Free File" to electronically request an automatic six-month extension. No fee is charged.

https://apple.news/AuVqj3Px5TpuT2E34ev4bHw

Big changes are coming to your 401(k). Here's what you need to know — CNN Business The United States is on the brink of a retirement crisis. The primary savings tool for Americans — your 401(k) — isn't helping.

https://www.thebalance.com/what-divorced-or-separated-means-for-taxes-4125740

Were You Divorced or Separated? Here's How It Affects Your Taxes. Your marital status affects your filing status, tax rate, alimony payments, and who gets to claim your children as dependents.

https://www.accountingweb.com/tax/irs/irs-income-tax-filing-season-2022-is-here

IRS Income Tax Filing Season 2022 is Here The IRS has announced that the filing season for federal individual

"The best defense when facing the financial concerns of a divorce is knowledge."

In many cases, one spouse has controlled the reins of the joint financial information while the other has been less directly involved. In these situations, it can be extremely helpful to engage a forensic accountant with the expertise to assist in understanding and assessing the marital financial situation. This article contains some great tips!
https://www.thebalance.com/a-guide-to-the-most-common-financial-issues-of-divorce-1289262

Your Guide to the Most Common Financial Issues of a Divorce In a divorce, you will be forced to make and accept decisions that have an impact on your financial security. Don't go into them uneducated and alone.

Chattanoogans likely saw the story that broke today reporting that a co-owner of the Lookouts has been charged with running a Ponzi scheme.

What is a Ponzi scheme? It’s a form of investor fraud in which returns to the initial investors come from new investors / investments instead of an actual successful enterprise. The phrase was coined after Charles Ponzi who ran this type of fraud in 1919-1920.

Of course, “innocent until proven guilty” applies here. As a forensic accountant, I’m interested to learn more details as the case unfolds.

https://www.google.com/amp/s/newschannel9.com/amp/news/local/chattanooga-lookouts-owner-charged-with-running-massive-ponzi-scheme

Chattanooga Lookouts owner charged with running "massive Ponzi scheme" Chattanooga Lookouts' owner John Woods has been running a "massive Ponzi scheme for over a decade," according to court filings from the Securities and Exchange Commission (SEC). The complaint, filed on Friday in Federal Court, says as of the end of July of this year, more than 400 investors in 20 di...