Recent Incidents Fuel Concerns over Breach Response
Could your data be hacked? Unfortunately, every organization — including for-profit businesses, not-for-profits and government agencies — is vulnerable to cyberattacks today. Breach Response Legislation in the Works Following the SEC and Equifax incidents, the Personal Data Notification and Protection Act was reintroduced in the House. This bill aims to expedite data breach response time. Representative…
Business Interruption Claims Require Professional Help
Smart company owners and executives obtain business interruption insurance — and possibly contingent business income coverage if the operation relies heavily on outsourcing or a particular supplier. The idea is that the policy will compensate the company for lost earnings if a devastating event forces it to temporarily close down operations. But the calculations and coverage…
Notify the IRS if You Change Your Address
It’s important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer’s last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified. In one court case, it was made clear that the burden of informing the…
Europe: In-House Legal Professional Privilege
If your company conducts business in the European Union (E.U.), it’s important to keep this in mind: In-house attorney-client privilege does not automatically apply to international communications when the issue at hand is governed by E.U. law. The Heart of the Matter The opinion in the Akzo case handed down by the E.U.’s Court of Justice…
How to Save Tax with an Installment Sale
Are you planning to sell real estate before the end of the year? Naturally, you hope to entice a qualified buyer who has plenty of cash on hand. But being open to the idea of an installment sale may help you seal the deal. Fortunately, installment sales also offer tax savings for sellers. Here’s how these…
Old Habits May Be Costing You Dearly
There’s an old story of a soldier who got up every morning, walked over to an unused iron stove in the middle of the barracks and gave it a swift kick. Then he’d hop around in pain and yell at the stove. When a fellow soldier asked him why he did such a thing, he said…
Business Borrowers: Here’s What to Include in Your Loan Application
Whether in expansion mode or facing a short-term cash crunch, small businesses often find themselves in need of capital. But applying for a loan is a time-consuming process that can easily become overwhelming. And there’s always the nagging doubt that — despite your best efforts — the bank will decline your application.Yet with careful planning…
Sending COBRA Notices to Qualified Beneficiaries
Question: As a large company with operations in many states, we’re the administrator of several medical plans. When we provide a COBRA election notice to a qualified beneficiary, we retain a copy of the notice along with a certificate of mailing showing when and to whom the notice was mailed. How long should we keep these…
Coming Soon: Deadline to Reverse 2016 Roth Conversions
Do you regret converting your traditional IRA into a Roth IRA? Fortunately, a taxpayer-friendly aspect of the Roth conversion rules is that you have until October 15 (adjusted for weekends) of the year following the year of a conversion to reverse it. In other words, the deadline for reversing any 2016 Roth conversions is October 16,…
The Advantages of Online Benefits Enrollment
The data is in: According to a study by the Life Insurance Marketing and Research Organization, seven out of 10 workers surveyed said they want the option of enrolling in workplace benefits programs online, rather than having to do it on paper or in person in the human resources office. Researchers also found that: 82% of…