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Tuesday, 08 January 2019

Risk Report -- January 2019

Written by The Rehmann Team

Identity thieves target small business | A recent IRS bulletin warns small businesses to be on-guard against a growing wave of identity theft and W-2 scams. IRS bulletin IR-2019-243 warns, “Businesses may have their identities stolen and their sensitive information used to open credit card accounts or used to file fraudulent tax returns for bogus refunds. Employers also hold sensitive tax data on employees, such as Form W-2 data, which also is highly valued by identity thieves.” The IRS has already noted an increase in the number of fraudulent Forms 1120, 1120S and 1041 as well as Schedules K-1...

Friday, 21 December 2018

Am I Having Enough Withheld?

Written by Forefield, Inc.

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may have to scramble for cash at tax time — and possibly owe interest and penalties to the IRS as well. When determining the correct withholding amount for your salary or wages, your objective should be to have just enough taxes withheld to prevent you from incurring penalties when your tax return is due...

Friday, 21 December 2018

Choosing a Credit Card

Written by Forefield, Inc.

Like dandelions in a spring lawn, credit card offers pop up everywhere--stuffing your mailbox, flashing on the Internet, even falling from the magazines in your doctor's waiting room. And they all sound so attractive. "0% APR until next year!" "No fee if you transfer a balance now!..

Friday, 21 December 2018

Market Outlook -- December 2018

Written by The Rehmann Team

Economy In his remarks to the Economic Club of New York, Federal Reserve chairmen Jerome Powell reaffirmed evidence of a strong US economy, which growing near 3% annualized, has ran ahead of the Fed’s long-term outlook. He noted the 49-year low in unemployment along with inflations return to the Fed’s 2% target. Despite his acknowledgement that interest rates remain below historical norms, chairmen Powell described current rates as approaching their neutral level. This signals a potential pause of future hikes as rates are approaching a level supportive of growth without allowing for excess risk taking...

Tuesday, 18 December 2018

Bringing the best together

Written by The Rehmann Team

I’m sure you’ve heard the famous saying “two heads are better than one.” Collaboration is invaluable — and the truth is, the right people are the greatest asset of any business. We all want to work with those who have a positive attitude, a sharp mind and a common goal. As leaders in the financial and managed IT services industries respectively, Rehmann and Trivalent Group® understand the power of combining forces to cultivate capabilities and reach business objectives...

Wednesday, 12 December 2018

Legalizing Marijuana and the Continuing Impact on Banks

Written by The Rehmann Team

The emerging legalized marijuana industry has an estimated $9 billion in annual sales. Yet, only 30 percent of participating businesses have a bank account, forcing them to conduct most of their business on a cash-only basis. This raises serious security concerns for companies that handle or store large amounts of cash – making them a prime target for armed robbery – and increases the potential for money laundering activities. It’s also a missed opportunity for banks that could service these organizations...

Wednesday, 12 December 2018

TRID Rules For Partial Payment Policies Effective October 1, 2018

Written by The Rehmann Team

Among the Reg Z changes that went into effect on October 1 is a new requirement for disclosing partial payment policies in mortgage transfer notices. If a bank has to provide a mortgage transfer notice under current Reg Z requirements, it must now include information about the partial payment policy when issuing the notice. The rule applies if the transfer is for a closed-end consumer credit transaction secured by a dwelling or real property, including but not limited to a mobile home or co-op unit. The rule does not apply to a transfer of a reverse mortgage...

Wednesday, 12 December 2018

Beware of Fileless Cyber Attacks

Written by The Rehmann Team

Most banks are familiar with cyber attacks that download viruses and other files onto networked computers, spreading their malicious activities throughout an organization. A new type of attack is rapidly emerging – non-malware or fileless attacks. These attacks gain control of computers by accessing trusted, but vulnerable, software applications and web browsers that are already installed on the computer which a typical employee uses every day. They also access operating system tools to gain privileges to carry out commands across a network and get a hold of confidential information...

Monday, 26 November 2018

Can we rescind a participant’s coverage based on a plan error?

Written by Thomson Reuters

Question: Our company sponsors a group health plan that covers employees who work at least 30 hours per week. After reassigning one of our covered full-time employees to a part-time position, we mistakenly continued to provide coverage for two months — collecting premiums and paying claims for that period. After a routine audit, we discovered the error. Can we rescind the employee’s health coverage effective as of the date that his status changed from full-time to part-time?..

Monday, 26 November 2018

Agencies propose regulations to expand use of HRAs

Written by Thomson Reuters

Three federal agencies have proposed changes that could bring significant changes to Health Reimbursement Arrangements (HRAs). The IRS, Department of Labor (DOL) and Department of Health and Human Services (HHS) jointly proposed the regulations in response to President Trump’s executive order directing the agencies to consider regulations or guidance that would expand the availability and permitted use of HRAs. Let’s look at some highlights. HRAs funding individual insurance The proposed regulations would allow HRAs to be integrated with, and to reimburse premiums for, individual health insurance coverage if certain conditions are met...

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