Building on last month's fraud statistics, the Association of Certified Fraud Examiners' 2014 Report to the Nations includes case studies on the initial detection of frauds. Tips have consistently been the most common fraud detection method by a large margin from 2010 to 2014.  

In 2014, fraud was detected by a tip 42% of the time with the next largest detection methods representing only 16% (management review) and 14% (internal audit).  Almost half of these tips were received from employees, but another large portion of fraud tips were received from the company's customers (22%). 

The ACFE's studies continue to emphasize the importance of providing both internal and external sources the means to report suspicious activity, such as instituting a fraud hotline, to assist in preventing and reporting fraud. 

In 2013, the Social Security Administration stopped mailing paper Social Security statements and went paperless. You can register for an account on the Social Security Administration's website. Some benefits of having an online Social Security account include:

• being able to keep track and verify your earnings
• getting an estimate of your future benefits if you're currently employed
• getting a letter verifying the benefits you're receiving

Click here to register for an online account.

The best time to plan for succession? In a word - now. Many business owners don't give it much thought when they start a business. And there are just too many other distractions after the business is established and growing.

As a business owner, you always want to think about and plan for when, who and how succession is going to occur. 

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Retirement Mistakes of Gen X

Although there doesn't seem to be a definitive age for Generation X, anyone in their early 30's to late 40's can benefit from taking a look at their retirement in order to plan for the future. Some common mistakes include:

• Not  saving enough
• Using retirement savings now by taking early withdrawals or taking participant loans rather than leaving it for retirement
• Not including all of the factors in your retirement plan, for example, future health costs

To learn more about common retirement mistakes of Generation X view the full article here: Forbes.com

With another school year now in full swing, the IRS reminds parents and students that now is a good time to see if they will qualify for either of two college tax credits or any of several other education-related tax benefits.

You can use the IRS's Interactive Tax Assistant tool to help determine eligibility. The tool is available on IRS.gov. 

The general comparison table in Publication 970 can be a useful guide to taxpayers in determining eligibility for these benefits. Details can also be found in the Tax Benefits for Education Information Center on IRS.gov.