Preventing ransomware attacks on manufacturers
June 9, 2021 Knowledge Center
Preventing ransomware attacks on manufacturers

The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada and Australia, affecting the U.S. meat supply and even hurting commodity prices. If it seems like cybercriminals often target manufacturing (including food processing) and distribution companies, that’s because […]

Plan ahead for the 3.8% Net Investment Income Tax
June 8, 2021 Knowledge Center
Plan ahead for the 3.8% Net Investment Income Tax

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses, […]

EEOC addresses requiring and incentivizing COVID-19 vaccination
June 4, 2021 COVID-19
EEOC addresses requiring and incentivizing COVID-19 vaccination

Vaccines for COVID-19 have been available for months now. As of this writing, about half of adults in the United States are fully vaccinated, and many more than that have had at least one shot. Yet, in all this time, employers haven’t received much guidance from the U.S. Equal Employment Opportunity Commission (EEOC) regarding the […]

How to strengthen your internal controls
June 3, 2021 Knowledge Center
How to strengthen your internal controls

Internal controls are a system of policies and procedures organizations put in place to protect assets and improve operating efficiency. Effective internal controls are critical to accurate financial reporting. A solid system of controls can help prevent, detect and correct financial misstatements due to errors and fraud. Internal and external risk factors evolve over time. […]

The long and short of succession planning
June 2, 2021 Knowledge Center
The long and short of succession planning

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built […]

Determining eligibility for HIPAA administrative simplification
June 1, 2021 Knowledge Center
Determining eligibility for HIPAA administrative simplification

A health care plan with fewer than 50 participants that’s administered by a sponsoring employer may have fewer compliance hassles. That’s because it’s excluded from the definition of a “group health plan” under administrative simplification provisions of the Health Insurance Portability and Accountability Act (HIPAA). These provisions include privacy and security requirements. This can be […]

Protect your assets with a “hybrid” DAPT
May 28, 2021 Knowledge Center
Protect your assets with a “hybrid” DAPT

One benefit of the current federal gift and estate tax exemption amount ($11.7 million in 2021) is that it allows most people to focus their estate planning efforts on asset protection and other wealth preservation strategies, rather than tax minimization. (Although, be aware that President Biden has indicated that he’d like to roll back the […]

Help retirement plan participants limit leakage
May 28, 2021 Knowledge Center
Help retirement plan participants limit leakage

Should employers be concerned if their retirement plan participants withdraw money from their accounts for non-retirement purposes? A recent report from the Joint Committee on Taxation (JCT) says yes and explains why. The JCT report, titled “Estimating Leakage from Retirement Savings Accounts,” notes that designated retirement savings accounts generally receive favorable tax treatment under the […]

Keeping your loyalty program safe from fraud
May 27, 2021 Knowledge Center
Keeping your loyalty program safe from fraud

To generate revenue and foster customer loyalty, many businesses, including retailers, airlines and credit card companies, create loyalty and reward programs. Such programs can help companies attract and retain customers, but they may also be subject to fraud and abuse. ATO risk Loyalty programs are particularly vulnerable to account takeovers (ATOs). In these schemes, a […]

Many parents will receive advance tax credit payments beginning July 15
May 26, 2021 Knowledge Center
Many parents will receive advance tax credit payments beginning July 15

Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily expanded and made CTCs refundable […]

Still have questions after you file your tax return?
May 24, 2021 Knowledge Center
Still have questions after you file your tax return?

Even after your 2020 tax return has been successfully filed with the IRS, you may still have some questions about the return. Here are brief answers to three questions that we’re frequently asked at this time of year. Are you wondering when you will receive your refund? The IRS has an online tool that can […]

Using your financial statements to evaluate capital budgeting decisions
May 21, 2021 Knowledge Center
Using your financial statements to evaluate capital budgeting decisions

Strategic investments — such as expanding a plant, purchasing a major piece of equipment or introducing a new product line — can add long-term value. But management shouldn’t base these decisions on gut instinct. A comprehensive, formal analysis can help minimize the guesswork and maximize your return on investment. Forecasting cash flows  Financial forecasts typically […]