While what happens in Vegas may sometimes stay in Vegas, when a community bank experiences customer data breaches that typically makes the news. So what steps should a financial institution take to ensure it meets the requirements of the Gramm-Leach-Bliley Act (GLBA)? From loan reviews to service organization controls (SOC) reports, community banks often choose [...]
The IRS’ determination letter program allowed sponsors of individually designed retirement plans to receive a routine determination letter, which is a periodic official regulatory compliance seal of approval that the IRS grants to benefit plans. While the recent decision to end this program has left many plan sponsors and their advocates uneasy, the IRS may [...]
The Financial Accounting Standards Board’s (FASB’s) new standard for nonprofit financial reporting will dramatically change how not-for-profit organizations present their financial statements. The new regulations are designed to help financial statement users more clearly understand how nonprofits manage their funds. Watch as Alyssa Hill explains three key changes the FASB’s standard will introduce, [...]
A strong cybersecurity posture consists of effective measures related to prevention, assessment, detection, response, and recovery. But how can you determine whether your company is succeeding in these areas? Watch as Lorri Kidder discusses key questions that can help you evaluate your company’s cybersecurity defense system.
When a fiduciary breach occurs, some fiduciaries may be more culpable than others. In such cases, a court can order those parties to indemnify other fiduciaries who were, despite their technical status as fiduciaries, without blame. That ruling was the opinion of the U.S. Court of Appeals for the Seventh Circuit in a recent case. [...]
Most of us are familiar with traditional forms of authentication, such as a password. While such methods can work, hackers have become more sophisticated in cracking them. Multi-factor authentication (MFA) is advantageous because it requires multiple forms of identification to access a system. Watch as Tom Montalbano discusses how MFA works to protect [...]
House Republicans recently proposed the American Health Care Act, a new piece of legislation aimed at replacing the Affordable Care Act. While this legislation may change as it makes its way through Congress, the following proposed ideas are likely to appear – at least in some form – in the final bill: 1. Medicaid expansion [...]
It may be tempting to think that any income that a U.S. citizen earns outside of the country is not subject to domestic taxes. Although U.S. taxpayers living overseas are still indebted to the IRS, there may be instances in which they can reduce how much they owe. Watch as Brian Barksdale explains [...]
Navigating nonprofit accounting can be confusing, especially in relation to recording contribution revenue. Determining when contribution revenue is unrestricted, temporarily restricted, or permanently restricted may involve many twists and turns. However, it is important to note that – much like air traffic controllers – the donor directs an organization regarding how to categorize his or [...]
Some business owners may find themselves at a crossroads when selecting a depreciation method. For some companies, it may be better to maximize the depreciation deduction. Other organizations may benefit the most from minimizing the depreciation deduction to save it for future years. Watch as Kelly Littleton discusses these options in greater detail, [...]
Applicable large employers (ALEs) – usually those that employ at least 50 full-time employees (including full-time equivalents) in a given year – may receive an IRS penalty notice if they either did not provide healthcare coverage or offered unaffordable coverage options in a prior year. The good news for ALEs is that there [...]
Companies that perpetuate the status quo can lose trust from employees and customers. Therefore, a culture of continuous growth and improvement is an important quality of a thriving organization, and that starts with a strong board. Helen Speek describes three board governance practices that can help foster an entity’s long-term success.
For many companies, an internal audit may seem more like an inevitable task than a beneficial procedure. However, a well-structured internal audit process can help uncover key insights that can improve company operations. Watch as Heather Barber describes three critical components of an efficient, effective internal audit function.
The Financial Accounting Standards Board (FASB) requires management of both nonprofit and for-profit entities to assess whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the organization's ability to continue as a going concern for at least one year after the date that the financial statements are issued. Some [...]
Like grapes, a nonprofit entity’s expenses are “clustered” on the organization’s financial statement. Nonprofits are required to report financial information using functional expense classification, which is a method of grouping expenses according to their purposes (e.g., program services and supporting services). By contrast, natural expense classification is based on the type of expense – such [...]
Real-time weather data has transformed our lives. Long gone (for most of us!) are the days of being caught in a rainstorm without an umbrella or in a bulky sweater on an unseasonably warm day. Similarly, accounting systems that provide an up-to-the-minute look at a company’s condition mean that businesses are better prepared to avert [...]
Executive sessions can present valuable opportunities for bank audit committee members to learn more about their roles. Watch as Chris Cain explains three key benefits of executive sessions, such as a safe environment in which committee members can ask questions to gain clarity on complex topics.
Readers of your financial statements can assume your company’s ability to function as a going concern (i.e., has the resources to operate successfully), unless your company is impacted by specific financial and operational matters. Watch as Ana Gallardo explains four types of these “red flags” – and how CRI can help companies evaluate [...]
ATLANTA, GA – Local CPA firm Babush, Neiman, Kornman & Johnson, LLP (BNKJ) has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The BNKJ team will operate under the CRI name and join a team of more than 1,600 professionals across the South. For more than 50 years, BNKJ has [...]
Rising healthcare costs have prompted consumers to increasingly choose high-deductible insurance plans. As a result, much of the healthcare industry is now driven by out-of-pocket costs rather than government or commercial payers. Therefore, healthcare providers must now focus on working directly with patients to settle their account balances. Watch as Kathleen Zuniga discusses [...]
Technology is radically changing every aspect of a business’ operations – including accounting. Consequently, traditional bookkeeping is slowly being replaced by accounting software that provides real-time insights, fosters collaboration, and allows for automated processes. Watch as Martin Copeland discusses how such systems are revolutionizing business recordkeeping.