What Is Blockchain and Why Should I Care?

Post by Hannah Weaver

Back in 2008, a cryptocurrency known as Bitcoin brought many new opportunities to the table for online transactions. While Bitcoin sparked change in the financial world with a new form of digital currency, it’s the blockchain technology behind it that can potentially cause huge waves of disruption in several industries.

What gives blockchain so much attention in the financial world is that it removes the intermediary when it comes to transactions, making them more transparent and efficient. […]

August 10, 2017 Accounting Read more...

Safeguard your ePHI

Post by Tony Cafferelli

On April 24th 2017, CardioNet, a wireless health services provider, agreed on a 2.5 million dollar settlement with the Department of Health and Human Services, regarding their impermissible disclosure of unsecured electronic protected health information (ePHI). HIPPA (Health Insurance Portability and Accountability Act) was passed in 1996 to safeguard ePHI. CardioNet’s impermissible disclosure came about when an employee left a laptop containing ePHI in their car overnight, where it was stolen. Subsequently, CardioNet complied with the […]

August 1, 2017 Accounting, Benefit Plan Accounting, Forensic Accounting Read more...

What Is Protected PII?

Post by Ravi Melwani 

The Federal Government (FCC, DOL) and State Compliance Offices can issue large fines to Organization’s that transmit Protected PII without proper procedures in place to secure these transmissions. Accounting firms have a fiduciary responsibility to clients and their employees and participants to ensure Protected PII is properly secured.

The Department of Labor defines Protected PII as Personally Identifiable Information which, if disclosed, could result in harm to the individual whose name or identity is linked with this information.

The […]

July 27, 2017 Accounting, Benefit Plan Accounting, Forensic Accounting Read more...

All About Internal Controls – Contributions

Post by Paul Smith

An effective internal control system over contributions is the foundation on which healthy organizations are built. Since contributions are the major source of revenue for a not-for-profit organizations, there is always a heightened risk associated with this area. The internal control system that management develops in order to mitigate this risk will depend on a variety of factors. However, there is a core group of concepts that must be addressed in any effective set of internal […]

June 21, 2017 Accounting Read more...

DEVELOPING FLASH REPORTS

It seems like every time you’re neck deep in the flood of day-to-day business details, you’re asked by fellow managers, ownership or the Board of Directors, “How are we doing?” While this seems like a simple enough question, there lie many devils in the details. The key is being able to communicate above the day-to-day minutiae and create a strong executive summary of the important numbers. Creating a simple one- or two-page flash report allows an informed user to […]

June 6, 2017 Accounting Read more...

Maximize Your Time: Overcome Distractions During Busy Season

Post by Glenn Frank

March and April are some of the busiest times for accounting firms and professionals. Every minute counts during this busy season! For those that are distracted  while working, whether at the office or at home, it can be hard to move productively through the day. These distractions can adversely affect quality of work, employee morale and employee relationships.
Here is a Quick List of Distractors and Some Suggested Solutions

Need to check your email too many times a […]

March 23, 2017 Accounting, Human Resources Read more...

Internal Controls – Reporting

Post By Tony Cafferelli

Internal controls over financial reporting is vital to preventing and detecting material misstatements. In order to achieve reasonable assurance that your Plan’s financial reporting objectives are being met, you must first ensure that your internal controls are working effectively. To ensure effective internal controls over financial reporting, a few things must first be considered: The audit committee, trustees, and management must set the appropriate environment or tone at the top with respect to oversight and ethical […]

March 15, 2017 Accounting, Audit Read more...

Informative IFEBP Podcast Released

We recently listened to an informative and entertaining podcast, Talking Benefits Episode 3: It’s Complicated, released on March 8, 2017 by the International Foundation of Employee Benefit Plans (IFEBP). Their benefits experts provided updates on current regulatory matters, including Department of Labor nominations, the Fiduciary Rule status and the latest MPRA and PBGC petition outcomes. Most interesting is the discussion and summary of the new American Health Care Plan Act provisions. The presenters concisely describe what’s new and what’s […]

March 13, 2017 Accounting, Benefit Plan Accounting Read more...

Partnership Audit Changes Will Impact Pass-Through Investors Starting In 2018

Post By Richard Ruvelson

The Bipartisan Budget Act of 2015, (“the BBA”), which was enacted into law on November 2, 2015, repeals the current rules, enacted by Congress in 1982, governing partnership audits and replaces them with a new centralized partnership (includes LLCs taxed as partnerships) audit regime that, in general, assesses and collects tax, interest and penalties at the partnership level. This change can turn pass-through investments into income tax taxpaying entities. Under Temporary Regulations, issued in August of 2016, if […]

March 1, 2017 Accounting Read more...

Know Your Auto (Expenses):  Actual Versus Standard Mileage Rate Methods

Post By Scott Reddersen 

If you use your car for business purposes as a self-employed taxpayer or as an employee, you generally can deduct related expenses.  You have two methods from which to choose: the standard mileage rate, or actual car expenses incurred.

If you own your car and wish to use the standard mileage rate, you must utilize this method in the first year the car is available for use in the business.  In subsequent years, you can choose to use […]

February 10, 2017 Accounting, Tax Read more...