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 [...]
Nobody wants to be the target of an IRS audit. Fear of an audit leads taxpayers to believe in myths about what may or may not trigger the wrath of the IRS. Unfortunately, these misconceptions could potentially steer taxpayers toward greater audit risk and a higher tax bill. Below are three widespread individual tax return [...]
Can you really put a price on the blood, sweat, and tears that went into building your small business? You most likely can. Before you can start your “rest and recovery period” — whether your exit plan is succession to the next generation of family members or sale to the highest bidder — a thorough [...]
The first article in our two-part series about internal inventory controls focused on methods of storing and managing inventory (i.e., the physical quantities). This second article examines best practices related to inventory costing controls (i.e., the price component). It is equally important to track the accumulated costs associated with remastering inventory to a sellable condition [...]
The Financial Accounting Standards Board (FASB) released a much-anticipated standard that introduces the current expected credit losses (CECL) methodology. The CECL model requires financial institutions to immediately record the full amount of predicted credit losses in their loan portfolios rather than waiting until the losses are deemed probable (as required by the current incurred loss [...]
CORPUS CHRISTI, TX – Local CPA firm Ransleben, Senterfitt, Sedwick & Co. has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The Corpus Christi office now operates under the CRI name and joins a team of more than 1,300 professionals. For nearly six decades, Ransleben, Senterfitt, Sedwick & Co. [...]
Like our bodies, our brains need exercise to stay strong and help us deliver on life’s demands. While you can’t lift weights with your brain, you can use technology to improve essential skills such as listening, math, memory, and perception. We’ve reviewed four free* brain training apps to keep you on the journey to mental [...]
In January 2015, the Centers for Medicare & Medicaid Services (CMS) “cooked up” an initiative to quickly move the Medicare payment system away from traditional fee-for-service reimbursements and toward those linked to value and quality – including alternative (or value-based) payment models. Most, if not all, healthcare providers are at least partially affected by these [...]
For years, lenders have felt pressure from regulatory organizations, such as the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC), to demonstrate that they exercise oversight in how their title agents treat their consumers. Thus, ALTA created a set of best practices that lenders can use as a compliance [...]
The women’s heptathlon is one of the most grueling events of the Olympics. Heptathletes compete in seven events – including the 100-meter hurdles – to display their athletic prowess and be named the world’s best all-around athlete. The number of points earned by athletes in each event is based on how well they perform compared [...]
The IRS issued a warning to plan sponsors whose plan designs satisfy numeric antidiscrimination tests, yet still have the effect of steering a disproportionate amount of benefits to highly compensated employees (HCEs). The message: Simply satisfying numeric tests doesn’t guarantee that you’re complying with antidiscrimination regulations. The IRS’ Calculations In a recent announcement, the IRS [...]
There are sound reasons why defined benefit plan sponsors may offer participants lump sum payout windows. Principal among them: lowering the plan’s financial exposure, thereby providing greater long-term financial security to participants who elect to stay in the plan. However, the consequences of accepting a lump sum payout can be good or bad for participants. [...]
The Ambush - A Separate Tax Computation in the Form of AMT In addition to the normal tax calculation taxpayers make, there is a lesser known taxing system called the alternative minimum tax (AMT), which can increase your overall tax bill. Congress wanted to make sure that certain taxpayers weren’t able to avoid tax under [...]
It's important for our professionals to work hard and prioritize their well-being. In this video, learn how CRI supports employees and helps them achieve work-life balance.
Without a doubt, technology has altered the accounting profession. Bill Carr describes why the CRInnovate program has been launched, plus a few details about our inaugural initiative, the CRI vSTAR™ process. Learn how this virtual audit technology can transform the accounting profession.
David Mills explains the enhanced availability of our industry and services specialists through the CRI vSTAR™ process that utilizes virtual audit technology to leverage the best CRI team members for our clients’ needs.
Watch as Heather Barber describes several benefits of the CRI vSTAR™ process that utilizes virtual audit technology to foster a more efficient engagement.