Business Wisdom Blog

Thursday, 19 November 2020

Post-Election Fourth Quarter Outlook

Written by The Rehmann Team

Vaccine gives market shot in the arm Improving risk sentiment pushed markets higher as investor optimism surged on hopes of a breakthrough in the race to a coronavirus vaccine. Pfizer was first to announce vaccine data with Moderna reporting interim data only a week later. AstraZeneca’s vaccine data is expected to be released next. AstraZeneca has three phase III trials running- a 10,000-subject Brazilian trial, 12,330-subject United Kingdom trial and a 2,000-person South African trial...

Published in Wealth Management
Tuesday, 17 November 2020

Five Tips to Regain Your Retirement Savings Focus in 2021

Written by Miranda Junga

In early 2020, 61% of U.S. workers surveyed said that retirement planning makes them feel stressed.1 Investor confidence was continually tested as the year wore on, and it's likely that this percentage rose — perhaps even substantially...

Published in Wealth Management
Tuesday, 17 November 2020

Year-End 2020 Tax Tips

Written by Broadridge

Here are some things to consider as you weigh potential tax moves before the end of the year. Defer income to next year Consider opportunities to defer income to 2021, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rents, and payments for services in order to postpone payment of tax on the income until next year. Accelerate deductions Look for opportunities to accelerate deductions into the current tax year...

Published in Wealth Management

Though the election has come and gone, very little has been resolved in terms of which political party, if any, will be able to dictate legislation in 2021. Barring any recount or court challenge, President-elect Joe Biden will take office in January, though the U.S. Senate may still be under Republican control depending upon the outcome of Georgia run-off elections...

Published in Tax
Tuesday, 10 November 2020

CFPB: Updated FAQs under the CARES Act and FCRA

Written by The Rehmann Team

Soon after the CARES Act was enacted in early 2020, the CFPB published a Compliance Aid to help address consumer reporting requirements. The Compliance Aid was updated in June 2020. Below are some highlights. Under the CARES Act amendments to the FCRA, a consumer whose account was not previously delinquent is current on their loan if they have received an accommodation and make any payments the accommodation requires...

Tuesday, 10 November 2020

CRA Modernization: What’s Up With The OCC, FRB and FDIC

Written by The Rehmann Team

Changing, updating or issuing a new regulation involves myriad complex issues, such as divergent bank business models, different needs of communities across the country and rapidly changing consumer preferences regarding the ways they want to bank and transact business. This is especially true related to CRA because not only bankers and regulators want to understand and respond to the issues, but also consumer and community advocacy groups, economic councils and those interested in public policy. The OCC issued its final rule on May 20, after two years of stakeholder research, changing the agency’s regulations to implement CRA (Regulation BB) and make CRA examination more consistent and predictable.  The rule includes a list of CRA-qualifying activities and a pre-approval process to confirm that a contemplated activity will receive CRA credit...

Tuesday, 10 November 2020

Prepare for the Transition from LIBOR

Written by The Rehmann Team

By the end of 2021, the London Interbank Offered Rate (LIBOR) will be phased out and replaced with a new interest rate reference for new and existing loans. Global financial services have used LIBOR since the 1980s as a reference rate to price mainly variable rate loans and securities, deposits and interest rate hedging transactions, as well as derivatives, discount products, debt securities/commercial paper and even default interest rates.  LIBOR is published daily and is calculated from hypothetical borrowing transactions submitted by a few banks, making it subject to manipulation. In fact, in a 2008 scandal, one banker manipulated LIBOR lower, the opposite of what would be expected during a credit squeeze...

Monday, 09 November 2020

Cybersecurity Best Practices for Remote Workers

Written by The Rehmann Team

While remote workers aren’t a new phenomenon, the number of people working remotely is. Millions are now working remotely due to the Coronavirus pandemic, increasing the risk of sensitive information being compromised and exposed to unauthorized individuals...

Monday, 09 November 2020

FDIC: Temporary Relief from Part 363 Audit and Reporting Requirements

Written by The Rehmann Team

As a result of the global COVID-19 pandemic’s impact on economic conditions, some insured depository institutions (IDIs) have experienced large cash inflows from participation in government relief programs including the Paycheck Protection Program (PPP), Money Market Mutual Fund Liquidity Facility (MMLF), and Paycheck Protection Program Liquidity Facility (PPPLF), among others. This temporary but significant growth in assets means they may be subject to the independent auditing and reporting requirements of Part 363 of the FDIC’s regulations, for fiscal years ending in 2021...

Among the many tough decisions business owners are facing in 2020 is that of selling – specifically, whether now is a good time to transition the organization to a new owner, or better to hold on, ride out these turbulent times, and make that call further down the road.  It’s a decision that’s come to the forefront, thanks to a perfect storm of more people reaching retirement age – approximately 10,000 people are retiring each day, and an estimated one trillion dollars in wealth will be transferred – and a shaky economic landscape that’s left many business owners who had been planning for high levels of profitability at the start of 2020 now considering their exit strategies sooner rather than later.  What is my company worth? Many scenarios, both business and personal, prompt business owners to ponder the question of selling, which leads to the question what is my business worth?..

Published in Business Consulting
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