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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...

Thursday, 27 March 2014

March 2014 Risk Report

Written by Rehmann Team

Rehmann Corporate Investigative Services (CIS) compiles Risk Report to help raise your awareness of the risks facing you and your company today – from fraud to malware and more. If you would like to learn more about protecting yourself against these threats, we can help: call us today at 248.267.8445...

Thursday, 20 March 2014

Treasury Streamlines ACA Reporting Rules

Written by Thomson Reuters

The Treasury Department issued a new, consolidated form that streamlines certain self-insured employers' reporting requirements under the Affordable Care Act (ACA) starting in 2015. A March 5, 2014 fact sheet from the Treasury and IRS states that: "While 96 percent of employers are not subject to ACA reporting requirements or the employer responsibility provision because they have less than 50 employees, in 2015 requirements begin to phase-in for the remaining four percent of employers that are required to offer quality, affordable coverage to employees or make a payment." The top half of the new, consolidated form will require information needed for Section 6056 of the law such as: Contact information for your company and the number of full-time employees and An explanation of the coverage offered to each full-time employee, by month, including the lowest employee cost of self-only coverage. The bottom half of the form will require information needed for Section 6055, such as: Contact information for the insurer and Which individuals were covered and the months they had coverage...

Published in Healthcare
Sunday, 16 March 2014

Refresher on New Limit for Medical Expense Deductions

Written by Thomson Reuters

Health care costs have received a lot of attention recently as the provisions of the Affordable Care Act (ACA) kick in. But there's another reason to turn your attention to health care expenditures: A change that makes it harder than ever to claim the medical expense deduction. Here's a refresher on what's new -- and some possible solutions. Higher Itemized Medical Deduction Threshold Before the 2013 tax year, all individual taxpayers could claim an itemized deduction for medical expenses paid for themselves, their spouses and dependents, to the extent those expenses exceeded 7...

Published in Healthcare
Thursday, 13 March 2014

Think the ACA Thresholds Don't Apply to Your Business? Not So Fast

Written by Thomson Reuters

The Obama Administration's most recent change to the Affordable Care Act (ACA) may have given some employers the wrong impression. With this modification, employers with 50 to 99 employees now have until 2016 to comply with the "Shared Responsibility" provisions of the law. Some employers -- especially those who are close to the threshold of 99 employees -- may be surprised to learn they are not really off the hook. Here's What You Need to Consider Two primary factors come into play...

Published in Healthcare

Greg Light, CFA, ASA has been promoted to Principal at Rehmann, a CPA, wealth management and corporate investigation firm. Light is a member of the Firm's litigation support team and provides valuation of ownership interests of closely held businesses for a variety of purposes. These include financial statement reporting, gift and estate tax matters and ownership transition. "Greg's extensive experience in his field combined with his natural leadership abilities contribute greatly to the success of our Firm," said Southeast Region Managing Principal Steve Maltzman...

Published in News
Thursday, 13 March 2014

Don't Fall for These Scams

Written by Thomson Reuters

The Internal Revenue Service issued its annual "Dirty Dozen" list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns. "Taxpayers should be on the lookout for tax scams using the IRS name," said IRS Commissioner John Koskinen...

Published in Tax
Tuesday, 11 March 2014

Four Tax Facts about the Health Care Law for Individuals

Written by Rehmann Team

There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014. If you do not have health insurance through your job or a government plan, you may be able to buy it through the Health Insurance Marketplace...

Published in Healthcare
Monday, 10 March 2014

Turn Your Business Into a Franchise Player

Written by Sharon Berman, CPA, CGMA

Cloud-based accounting offers significant benefits for any type of business, but it's particularly valuable in the franchise industry. A good cloud-based system provides franchisors and franchisees alike with access to real-time financial information, allowing them to monitor and analyze performance 24/7 from virtually anywhere. And they can view and manage this information from a variety of devices, including laptops, tablets and smartphones. Meeting the challenges of franchising Franchising is based on a simple, yet powerful, concept: Taking a proven business model and replicating it in multiple markets...

Published in Franchise
Thursday, 27 February 2014

February 2014 Risk Report

Written by Rehmann Team

Rehmann Corporate Investigative Services (CIS) compiles Risk Report to help raise your awareness of the risks facing you and your company today – from fraud to malware and more. If you would like to learn more about protecting yourself against these threats, we can help: call us today at 248.267.8445...

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