Every year during tax season the Internal Revenue Service (IRS) releases the “Dirty Dozen” list of tax scams. With the increased number of data breaches, it is important to remain vigilant when sharing your personal data and responding to demands for tax payments. Here are some tips to help you avoid tax scams and identity theft.
Section 1061 of the Tax Cuts and Jobs Act imposes a new three-year holding period for gains derived by a partnership that are passed through to the holder of a carried interest to qualify as long-term gains. This change is effective for any allocations of income or sales of carried interests on or after January 1, 2018, and it applies to newly-gran...
No matter where your business is located or operating, if your company suffers a data breach you may have legal compliance and reporting obligations or face possible fines and lawsuits. With legislation passing in South Dakota and Alabama at the beginning of April 2018, all 50 states now have data breach notification laws that businesses are requir...
The new tax laws have answered many of the concerns and wishes of the business community—reducing corporate tax rates, providing business deductions, and fine tuning business-related sections of the tax code. They will likely create opportunities, along with some challenges, over the coming months and years which may require businesses to mak...
Now that the new tax reform is in place, it’s time to consider the impact it may have on you and your family and determine what steps may be appropriate based on your specific financial goals and circumstances. While the key provisions contained in the new tax law presents nine planning opportunities—including the increased gift tax exe...
A business owner may feel both excitement and concern at the prospect of selling a business. As a liquidity event approaches, there are five questions that should be considered before the sale: What are the terms of the transaction? Could my philanthropic goals be addressed? Will the sale of the business affect my estate planning? What do I want an...
Cyber risk has become a major potential loss exposure for almost any company. As with any other exposure, directors should confirm that reasonable steps are taken to identify, mitigate, respond to, and recover from third parties relating to cyber-related problems when they arise. However, because of the potentially severe nature of this risk, the d...
More than half of the time, cyber criminals’ search leads them directly to small and midsize enterprises (SMEs), who can be hacked with ease and offer a substantial cumulative payoff—in the form ransom money, stolen credit card numbers, or bank account information. Although stopping cyber criminals from accessing SME funds and data may ...
There has been a lot of speculation and confusion about the impacts of the most recent tax reform, with many asking if they have to pay more taxes. Unfortunately, the answer is, “it depends.” With this in mind, the tax impact is demonstrated by looking at potentially real scenarios for five different types of taxpayers: trust beneficiar...
The United States has been the world’s undisputed economic superpower for more than a hundred years. Yet in the long arc of history, that dominance has been relatively brief. For thousands of years, China stood as the world’s economic leader and a true global power. For that reason, many Chinese believe that the United States’ eco...
In December, President Trump signed a new tax bill into law that is the largest tax overall since 1986. Learn how the new bill may affect your employee benefits programs. Watch and listen to Compliance Officers and Employee Benefits experts discuss the impact of the 2018 tax reform on employee benefits, as well as proposed regulations on Associatio...
Today, businesses are navigating a massive cultural shift. Sexual harassment is an issue that must be dealt with. Business owners, managers, HR professionals and other leaders have a responsibility both to safeguard employees, and to protect their companies against liability. From small to midsized businesses to major companies, the need for proper...
Many entities face the same types of security incidents, and some handle an incident well while for others it’s a disruptive and costly one. The entities that fare better have prepared for an incident and use lessons-learned from prior incidents. In this 2018 edition of the Data Security Incident Response Report, it analyzed the statistics an...
For businesses to successfully navigate today’s cyber threats and effectively respond to data security events, understanding the costs associated with a data breach is critical. Incidents at Fortune 500 organizations get significant media coverage, but the reputational and financial impact to small and middle market companies can be even more damag...
In an infographic capturing the findings from a sampling of 354 cyber claims in the 2017 NetDiligence® Cyber Claims Study, it highlights the weak links, type of data targeted, and the damages associated with a breach. From those claims—where 343 involved the loss, exposure or misuse of sensitive personal data from a variety of industry sectors—huma...