Client Spotlight: Cambodian Refugee to VIP

From a barefoot Cambodian Refugee to a VIP guest hanging with the President at The Samaritan Inn Gala

P2WGJEvery so often we like to feature one of our clients in our newsletter, but this story isn’t about the latest, coolest business in the area. Instead a human interest story that we think our readers might like.

This is a story about resilience and we wanted to share it because it’s also the story of one of our favorite clients, Pithou Nuth (known to us simply as P2). This is a story about how a kid that lived through “the killing fields” terror reign of the middle 70s’ by the Khmer Rouge has now become a successful and happy business guy here in Dallas and is using his influence to pay it forward at The Samaritan Inn.

At a very young age, Pithou Nuth overcame great adversity in Cambodia, fighting for his life for six years against hunger, oppression, and “ideological cleansing” that cost his dad’s life under the terrorist regime of the Khmer Rouge.

Pithou spent six years of his childhood enduring the “revolution” brought on by the Khmer Rouge. In 1975, the Nuth family was torn apart by the evacuation of Phnom Penh – the capital of Cambodia, and a city once populated with 2.5 million people. During the evacuation Pithou’s father was taken away from his family, never to be seen again. For the next four years, Pithou, his mother and three brothers were forced to travel from one rural area to the next to work in labor camps and commune farms.

While working in labor camps and in the rice fields, Pithou and his brothers sometimes spent months away from their mother, fighting for their own survival. Even though he was just the same age of a 7th grader, Pithou witnessed first-hand the brutality of war. He saw bodies of the fallen alongside the roads. He watched his grandparents and youngest brother weaken, wither and die because of the harsh living conditions.

Pithou’s mother fought through her own illness and struggles to keep Pithou and his two other brothers alive by trading all of their possessions for food.  In 1979, after four years of fighting for survival, Vietnamese forces took control over Cambodia, and the Nuth’s got their freedom back. After hearing of a refugee camp at the Thai-Cambodian border, they made the journey to the camp in hopes of finding food. However, upon their arrival to the refugee camp, one thing led to another and, with the help of the Catholic Diocese of Dallas, Pithou and his family were evacuated to (of all places) Dallas, Texas.

Once he and his family had settled in Dallas, Pithou was enrolled in ninth grade at Newman Smith High School in Carrollton, TX. Even though he had only completed school through the equivalent of fourth grade and knew no English, he immediately surprised his teachers by succeeding in math, and learning English and French at the same time. Pithou and his siblings quickly became known as the Fabulous Nuth Brothers, outshining all other students in each class they took.

Because of either his innate or learned RESILIENCE – Pithou continued his success by winning an academic scholarship to the University of Texas. After getting his accounting degree and earning his CPA, Pithou held positions and worked his way up the ranks at Deloitte and Touche and Ernst and Young, and eventually was hired as CFO at Wilson Office interiors. He has also worked at Landmark Redevelopment where he and his partners began creating equity in the businesses he served. At his next position, he became both a shareholder and officer of one of the fastest growing companies in North Texas – NTR Metals, which has subsequently merged with Ohio Precious metals and become Elemental USA with operations in North America and throughout Europe.

However, it hasn’t all been business. In 1995, Pithou met and married his wife Sinna, and they have two children, ages 12 and 13 who attend St. Marks and Greenhill schools, respectively. On a funny note, Pithou and his family now live in Preston Hollow just around the corner from Laura and W.

This industrious and resilient young man has achieved much success and accomplished much from – let’s face it – a challenging and troubled beginning. Beyond resilience, his story is also cool because it’s a story of a person overcoming so much and keeping a heart of gratitude. Pithou and his partners at NTR have been perennial contributors to the homeless and the displaced through our partnership with The Samaritan Inn.

This is not just a story of resilience and accomplishment, it is a story about paying it forward.

Sales Tax Solutions for Small Businesses

Starting, growing, and running a successful business is one of life’s truly great pleasures. With that pleasure, however, comes various laws and record-keeping requirements. As States look to grow their revenue base, they are continually modifying their sales tax laws. In recent years, the sales tax laws have grown more complex since it has become easier and easier to complete interstate transactions online.

For instance, during its inception, Amazon correctly omitted sales tax from many of its interstate sales. The States quickly realized this and have begun to update their sales tax laws accordingly. Most states now require a business to collect and remit sales tax if the business has nexus. Nexus is the term used to refer to whether or not a business has a presence in the state. To make this determination, most states first look at if the business has a brick and mortar (rent still counts!) –physical presence in the state. Additional factors include whether or not the company has employees or salespeople in the state, or the manner in which the product was delivered and payment by the customer made.

Amazon has a team of employees dedicated to its state sales tax research and compliance. This team, in conjunction with the Amazon software developers, have created processes and applications to track sales by jurisdiction and automatically charge, collect, and remit sales tax when applicable. This is fine for a large company with the resources needed to fulfill this mandate, but what about small and medium sized business that are still subject to the same laws but aren’t large enough to hire one dedicated person much less an entire department?

There is a simple answer with extraordinary results: Outsource your sales tax compliance!

By outsourcing, your business will have a dedicated sales tax team at an affordable price. Cornwell Jackson’s sales tax team builds on our combined experience with clients from across the United States to offer you the same expertise you would find at any large corporation. By partnering with our outsourcing team, you get a dedicated team to manage your filings, payments, research, exemption certificates, and develop solutions in real time. Additionally, we stay up to date with the increasingly complex tax law changes and keep you in compliance, so that you can focus on the success of your business.

How to Catch Fraudulence in Your Business, Before it’s too Late!

How to Get away with Fraud Header

In today’s entertainment culture, the hot topic is how to get away with something. Plot lines in shows like How to Get Away with Murder, Scandal, Revenge, and many others are surrounded by this idea. But have you ever tossed around the thought of someone committing fraud in your business? It happens all too often, and most of the time it can be easily prevented. I’ve written a short blurb called How to Commit Fraud and Get Away with It to prove just how easy it would be for employees to pull a fast one if your business does not have a checks and balances system in place to prevent it.

How to Commit Accounting Fraud and Get Away with It

What if I could tell you there is a way to commit fraud and steal from your employer and not get caught?  I’m serious; I can teach you. Think about it, you could have new cars, expensive clothes, and all those things you have always dreamed about. Companies large and small experience fraud everywhere, every day and most people don’t get caught.

So, let’s get started. Because larger companies have more corporate governance, its best to find a position with a smaller company. These work better because the owner will be so busy with building the business, the last thing he wants to do is manage a back office.

It’s really important to impress early because that gives you the pinstripes which help you shine and give the owner reassurance he does not need to get involved. He’ll hand you the checkbook, some keys, and give you instructions to get the mail every day. They key to get started is make sure he does not open the bank statements. Chances are that he probably doesn’t look at them on-line either. In order to make sure, you need to start small by forging a check for $200 to yourself out of sequence. Don’t be worried about the bank verifying signatures because they typically don’t do it, and with the handy new technologies you can just use an electronic signature.  If the owner notices you can just say it was for petty cash. If he does not, then you know you are in the clear to pillage the company’s bank account and line your pocket book!

Cornwell Jackson’s recommendations to prevent fraud from happening in your business:

  1. Be diligent in checking references.  If checking references would jeopardize the candidate’s current position, insist on checking with a previous employer.
  2. Keep a close eye on company bank records. The key for owners to catch forgery is to open their bank statements and review for unusual signatures, checks out of sequence, and investigate any vendors that appear improper.
  3. Secure check stock and financial information in a safe place. Always keep company checks locked away to reduce the opportunity for temptation.
  4. Maintain an active role in payment authorization. Working with an online software platform, like Bill.com, that requires authorization from the manager greatly reduces the probability for things to slip by unnoticed.
  5. Include a Trusted Advisor in all Financial Activity. Hiring an outside consultant, like Go and Grow, to close the books monthly and handle financial reporting is a great way to set up a system of quality controls to prevent against fraud in your business.

Talk to one of our Business Services Specialists to discover any fraud risks in your company. We’ll help you learn how to protect your business from fraud.

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