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Wednesday, 16 April 2014

Tips for Financial Preparedness, After You’ve Filed Your Taxes

Written by Rehmann Team

We tend to file our taxes every April as regular as clockwork. Not so regular? Other steps we could take that are just as vital to our financial well-being. To help ensure that you keep up with these other important financial tasks, file a copy of this article in your tax folder for next year and run through the checklist once you've finished filing your taxes...

Published in Tax
Wednesday, 09 April 2014

Retirement Plans: No Retroactivity on the Windsor Ruling

Written by Thomson Reuters

Many retirement plan sponsors and administrators are likely to be breathing easier after the release of IRS Notice 2014-19. The notice announced employers will not be required to apply the Supreme Court ruling on same-sex marriage retroactively. Instead, the effective date of the ruling will be the June 26, 2013, the date of the Supreme Court decision in United States v. Windsor...

Published in Wealth Management
Monday, 19 May 2014

Observe and Report: ACA Rules for Large Employers Now Final

Written by Thomson Reuters

Understandably, many large employers have been focused on the shared-responsibility (or "play or pay") provision of the Affordable Care Act. But there's another major part of the law that warrants careful consideration: the information reporting provision. In March, the IRS released final regulations regarding this provision. These rules start to take effect in 2015 and are intended to facilitate timely compliance...

Published in Healthcare
Monday, 19 May 2014

Final Regulations Address ACA's 90-Day Waiting Period Limit

Written by Thomson Reuters

The Affordable Care Act ushered in a notably shorter maximum waiting period for health care coverage: When a new hire opts to participate in your health plan, his or her coverage must begin within 90 days of his or her start date. This requirement is applicable to all qualifying employees and their dependents. In February, the IRS, Department of Labor, and Department of Health and Human Services issued final regulations on the 90-day waiting period limit, along with proposed regulations expanding on the "orientation periods" permitted by the new guidance. Dates and definitions The 90-day waiting period rule is effective for plan years beginning on or after January 1, 2014 (and, thus, already applicable to calendar-year plans)...

Published in Healthcare
Monday, 19 May 2014

Is there a Private Healthcare Exchange in Your Future?

Written by Thomson Reuters

The public exchanges (now called "Health Insurance Marketplaces") established by the Affordable Care Act (ACA) have dominated headlines and newsfeeds since their rocky start late last year. But private-sector exchanges have been gaining significant traction, partly because they're less prone to political controversy and technological glitches. In fact, private exchanges have existed in some form for a decade. But the early birds were used primarily by larger employers to help pre-Medicare-eligible retirees connect with private health plans and by Medicare-eligible retirees to buy supplementary "Medigap" policies...

Published in Healthcare
Monday, 31 March 2014

Ten Helpful Tips for Farm Tax Returns

Written by Rehmann Team

There are many tax benefits for people in the farming business. Farms include plantations, ranches, ranges and orchards. Farmers may raise livestock, poultry or fish, or grow fruits or vegetables. Here are 10 things about farm income and expenses to help at tax time...

Published in Agribusiness
Monday, 31 March 2014

Is mortgage lending on the way out ... or the way up?

Written by Rehmann Team

The mortgage lending business is in a major state of change due to increasing rates, fewer refinancings, lower margins and more Consumer Finance Protection Bureau (CFPB) regulations. That equation means banks have to seriously consider their mortgage lending business and how well-prepared they are to attract new customers, manage credit risk, improve efficiency, absorb compliance expenses and cut costs to make it an attractive prospect.The Mortgage Bankers Association (MBA) expects a 32 percent decline in mortgage originations during 2014. While purchase originations are expected to increase 9 percent, refinance originations are expected to fall 57 percent...

Monday, 31 March 2014

BSA ... the Mary Jane dilemma

Written by Rehmann Team

The Controlled Substances Act makes it illegal under federal law to manufacture, distribute or dispense marijuana. However, as more and more states legalize the sale and distribution of marijuana for medicinal or personal use, the Department of Justice has said that it is not going to enforce the Act as long as the marijuana sales are not in violation of state law. While there is a lot of discussion about this in and of itself (how can the federal government simply decide not to enforce a law that is on the books?), this situation raises a set of other issues for banks, which are asking: Should we bank with marijuana businesses that are deemed “legitimate and legal” under state law, but are in violation of federal law?..

Friday, 28 March 2014

KYC goes beyond CIP

Written by Rehmann Team

The final rule adopted to implement section 326 of the USA PATRIOT Act is intended to standardize BSA compliance processes and practices by making the existing “Know Your Customer” (KYC) policy the foundation of the section 326 Customer Identification Program (CIP). The final rule includes a comment that Treasury, the Office of the Comptroller of the Currency (OCC) and Office of the Thrift Supervision (OTS) believe that many national banks already have procedures in place that fulfill most of the requirements of the final rule. Are community banks as well prepared? Nearly half of U...

Thursday, 27 March 2014

ACH self-assessment rules

Written by Rehmann Team

Traditionally, the Automated Clearing House (ACH) system is used for direct deposit of payroll and government benefit payments, and for the direct payment of mortgages and loans. Recently, the system has expanded to include one-time debits and check conversions. With this additional customer convenience and ease of moving money comes additional compliance and risk concerns. These new concerns were addressed with the ACH Security Framework, which addresses the minimum security requirements for the protection of non-public personal information...

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