List the advice that Mark Kohn gives when searching for unreported income or hidden assets

Expert Solution

1) look at the lifestyle

One the first step is to look at the lifestyle of the person earning the income and match's its with the income being reported. What kind of car & clothes being purchased. If there is disparity between lifestyle and reported income , then one must look at the persons debts to see if the lifestyle is paid for by borrow money.if debts has not increase one must be look for other possible explanation. If nothing seems to. Justifiy the lifestyle in excess of reported income there is possible unreported income is find the lifestyle.

2) Look at the expense.

Certain experience are indicative of the matureof the business often they can be verified.

3) look at the cash flow

How does the money come in and who received it.

If certain person open the mail, records what payment came in and then delivered the check to second person, who actually made the deposit then there is good internal control over the funds.

4) look at the business operation

A visit to the business premises is very helpful. And sometimes it is helpful rule out certain areas which might otherwise explored.

ekkarill92 answered 2 years ago

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