Archive for February 2017
Are you Part of a Trade Association? Membership Options for Government Employees
While many government employees benefit from professional association membership, federal and state statutes may prohibit or limit the reimbursement of annual dues or the registration fees such memberships require. According to 5 U.S.C. 5757(a), federal agencies may only pay the expenses required for licensure within a particular profession. Moreover, agencies cannot pay the expenses for…
Read MoreClaim R&D Credits Against Your Federal Payroll Withholding
By Carli McDonald, partner-in-charge of R&D Tax Credit Services, and Olivia Backs, tax associate Last year, Congress re-vamped its tax credit policies by permanently extending the R&D Tax Credit through the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). This act created several substantial opportunities previously unutilized by many “startup” companies in obtaining…
Read MoreAccounting Anomalies – Indicators of a Hacker?
Companies investigating hacks put too much emphasis on technology and too little on business analysis. Organizations should look closely into accounting anomalies as they could be indicators of a breach. In an article by Dune Lawrence in Bloomberg Businessweek, Jeffrey Johnson, President & CEO at SquirrelWerkz and recent presenter at The U.S.-China Economic and Security Commission…
Read MoreCompliance: Mortal Enemy of Fintech Innovation?
By Dan Schroeder, partner-in-charge, Information Assurance Services PSA for fintech innovators: If you haven’t already, you will soon run into a brick wall ominously known as “vendor management.” Anyone with even a modicum of experience in the fintech space knows about the onerous process of becoming a vetted and approved vendor of financial institutions. The…
Read MorePCI Compliance Is Broken. The “Business as Usual” Mindset Holds the Key to Fixing It.
The typical approach to PCI compliance is high-drama, inefficient and ineffective. You don’t have to look far for proof.
Read MoreFintech Companies: Ignore Security- and Privacy-by-Design at Your Peril
By Dan Schroeder, partner-in-charge of Information Assurance Services Heightened regulatory and industry scrutiny of data-security practices is elevating security-by-design and privacy-by-design to critical status for companies in the fintech ecosystem. Fintech innovators that believe they can defer privacy and security risk management until the company is operating and profitable are in for a rude awakening.…
Read MoreGoodwill Impairment Analysis Simplified with Removal of Step 2 Requirement
The Financial Accounting Standards Board (FASB) has amended the Accounting Standards Codification (ASC) Topic 350 related to the subsequent measurement of goodwill via Accounting Standards Update (ASU) 2017-04. Under the ASU, companies will no longer perform Step 2 of the goodwill impairment analysis. Instead, the entity or reporting unit will compare the fair value of…
Read MoreAdditional Small Business Subcontracting Plan Compliance Requirements Underway
Significant regulatory changes instituting small business subcontracting improvements have been incorporated into the Federal Acquisition Regulations (FAR), imposing additional small business-related obligations on large prime contractors (“Prime”). Although these changes went into effect on November 1, 2016, businesses may not experience their full impact until later this year. Existing government systems, such as the Electronic…
Read MoreInformation Assurance Services for Private Equity Firms
Hawaii General Excise Tax and the Unsuspecting Government Contractor
Winning a contract in a new state can present many challenges, not least of which is ensuring that your company is compliant with the state’s tax code. The worst approach to state tax compliance is assuming that the taxes your company may be subject to and the tax treatment of your company’s activity will be…
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