Small businesses owners should consider the potential for fraud in their business. According to a recent study conducted by the Association of Certified Fraud Examiners (ACFE), the per employee losses from fraud in the smaller businesses are 100 times greater than those at their largest counterparts. There are three big reasons why small businesses are [...]
Taxpayers are reportedly being targeted by a new phishing scheme in which emails purporting to be from the Electronic Federal Tax Payment System (EFTPS) actually take the recipient to a website which prompts the recipient to provide personal information that may be used for identity theft. Be advised that the IRS and other agencies do [...]
On November 9, 2010, the FDIC released Financial Institution Letter (FIL) 76-2010 finalizing proposed rules announced in FIL-59-2010 to replace the current Transaction Account Guarantee Program (TAGP) with section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The separate coverage for non-interest bearing transaction accounts will become effective on January [...]
The FDIC released FIL-56-2010 (http://www NULL.fdic NULL.gov/news/news/financial/2010/fil10056 NULL.html) on September 15, 2010, describing the risk posed by sensitive information stored on electronic devices, such as, photocopiers, fax machines and printers, and how financial institutions should mitigate the associated risks. The Financial Institution Letter addresses the security of sensitive information that could potentially be stored on [...]
In the past several months, there have been several changes to FDIC insurance limits which will affect required disclosures on bank websites, lobby signs, and other materials referencing FDIC insurance. In short: The $250,000 threshold for deposit insurance has been permanently extended (FIL-49-2010 / Dodd-Frank Act) Standard FDIC insurance will be extended to encompass all [...]
As reported in an article posted on FFIEC Guru, the current format of service auditor reports, known as SAS 70 reports, are being replaced by SSAE 16 reports. While all of the details are still pending, additional guidance from the AICPA should be available by late fall 2010. The complete article can be found on [...]
The folks over at Safe Systems have put together a website with articles and content focusing on regulatory issues facing financial institutions relating to information technology. “FFIEC Guru” Tom Hinkel (SafeSys’s Director of Regulatory Compliance) is managing the content and writing most of the articles. We think that this will prove to be a valuable [...]
The following is a summary of the most important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to [...]
Cost segregation is quite simply the process of breaking up construction costs, for tax depreciation purposes, and supporting the re-classifying of those costs. Also dubbed “Cost Seg” the process is best provided by engineers and construction experts. This tax deduction can also be applied to acquisitions. Knowledge of construction, tax accounting, depreciation and valuation are [...]
On March 18, 2010, the President signed into law the HIRE Act, which gives incentives through a tax exemption and tax credit to eligible businesses for qualified new hires. Eligible businesses include: Taxable businesses Tax-exempt organizations Businesses in U.S. territories that are subject to FICA Agricultural employers Tribal governments Public colleges and universities [...]
