FINANCE

As cyber criminals continue to expand their illegal activities, the issue of real injury from a hacking event comes even more into focus in the ensuing court cases as damages are determined and millions of dollars are awarded to data breach plaintiffs. In a recent decision, the Supreme Court could have completely altered the landscape […]

Exemptions, Making the Payment, & More The Affordable Care Act’s individual shared responsibility provision (also called the individual mandate) requires every individual to have minimum essential coverage (MEC) for each month, qualify for an exemption, or make a payment when filing his or her federal income tax return. Here are five things the IRS wants […]

Publication Discusses Retirement Plans The Internal Revenue Service (IRS) has released an updated Publication 560, Retirement Plans for Small Business for use in preparing 2016 returns. Background Publication 560 discusses retirement plans that employers can set up and maintain for themselves and their employees. The publication covers the following types of retirement plans: SEP (simplified […]

Scam Targets Taxpayers’ Personal Information The Internal Revenue Service (IRS) has renewed its warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 (and other sensitive employee information) from company payroll or human resources departments. Background The W-2 scam first appeared last year. Cybercriminals tricked payroll and human resources […]

Sets of FAQs Now Available The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has released two sets of FAQs on the agency’s conflict of interest rule for retirement plans. Background Federal law protects plans, plan participants, and IRA owners by requiring all who provide retirement investment advice to abide by a “fiduciary” standard. […]

Uninsured Health Coverage Tax Credit-Eligible Individuals Qualify for Exemption The Affordable Care Act’s “individual mandate” provision requires every individual to have minimum essential health coverage for each month, qualify for an exemption, or make a penalty payment when filing his or her federal income tax return. Recently, the Internal Revenue Service (IRS) released guidance allowing […]

Blizzards, cold temperatures, icy roads and major winter storms often result in heavy property damage. Businesses, homeowners and vehicle owners can suffer expensive losses when snow and cold weather hit. According to data from Munich Re, winter storms caused an estimated $3.5 billion in insured losses in 2015, up from $2.6 billion in 2014. From 1995 to […]

FAQs Address Various Topics The California Division of Labor Standards Enforcement has released FAQs addressing the new minimum wage requirements. Background Effective as of January 1, 2017, California’s minimum wage rate is $10.00 per hour for employers with 25 or fewer employees. For employers with 26 or more employees, the minimum wage is $10.50 per […]

Prevailing Wage Rates Apply to Public Works Projects of More than $1,000 The California Department of Industrial Relations (DIR) has released a notice stating that the prevailing wage determinations for workers on certain public works projects may not be below $10.50 per hour. Background The prevailing rate is generally defined as the basic hourly rate […]

For the first time in history, there are five generations together in the workforce. Pair that with the constant evolution of technology and a truly global supply chain, and there are major changes in the way business is done. While much of business has moved to a digital platform allowing work to be performed from […]