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Articles & Updates

  • 05.15.2015 - Protect Against Tax-Related Identity Theft
    The IRS expects to receive more than 150 million individual income tax returns this year and issue billions of dollars in refunds. That huge pool of refunds drives scam artists and criminals to steal taxpayer identities and claim fraudulent refunds. The IRS has many protections in place to discover false returns and refund claims, but taxpayers still need to be proactive.
  • 05.15.2015 - Liquidation Basis of Accounting Amendments in Effect for 2014 Year Ends
    During 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-07, Liquidation Basis of Accounting. Prior to this update, there was minimal guidance on how and when to apply the liquidation basis of accounting. This update is meant to clarify when to use the liquidation basis and provides principles for the recognition and measurement of assets and liabilities when using the liquidation basis of accounting for financial reporting.
  • 05.15.2015 - Payroll Fraud – An Often Overlooked Risk and How to Address It
    We often hear or read stories in the news about fraud occurring within businesses. Frequently, such businesses are victimized when an individual in a position of financial authority makes unauthorized withdrawals or disbursements from bank accounts, or misdirects cash deposits. In response to these risks, controls are often implemented to prevent and detect fraud relating to cash, but what is often overlooked is the potential for payroll fraud.
  • 05.12.2015 - Tax Legislation Advances as Filing Season Concludes Successfully
    The tax filing season concluded on April 15 with the IRS Commissioner reporting that return and refund processing went smoothly. Congress returned to work in April after a two-week recess, and the House immediately passed a number of tax-related bills. House lawmakers voted to repeal the federal estate tax, make permanent the state and local sales tax deduction and make reforms to the IRS.
  • 05.12.2015 - Department of Health and Human Services Plans Shift to Value-Based Payments for Nursing Homes
    Earlier this year, the U.S. Department of Health and Human Services (HHS) announced a goal of connecting 85 percent of all traditional Medicare payments to quality measurements by 2016 and 90 percent of such payments by 2018. In addition, HHS indicated an objective of connecting 30 percent of Medicare payments to value or quality based alternative payment models by 2016 and 50 percent by 2018. As a point of reference, approximately 20 percent of payments are currently made through alternative payment models. This represents the first time that HHS has publicized a timeline for the often-discussed transition from quantity based reimbursement to one that rewards providers for quality and value measurements.
  • 05.12.2015 - Proposed Fiscal Year 2016 Payment and Policies Changes for Medicare Skilled Nursing Homes
    The Centers for Medicare and Medicaid Services (CMS) issued a proposed rule on April 15, 2015 describing the proposed fiscal year 2016 Medicare payment rates for skilled nursing facilities (SNF). This proposed rule also continues the commitment to shift Medicare payment from volume to value.
  • 05.12.2015 - It’s Not Too Early to Begin Preparing for the 2016 Tax Filing Season
    Thinking about taxes may not be at the top of your list this summer, but it’s really not too early to begin planning for the 2016 filing season. Although the current filing season has just ended, there are some steps that you can take now to help avoid a surprise tax bill when April 2016 rolls around. And now that you have had a chance to review your tax returns, this would be a great time to begin to plan for next year when things are still fresh in your mind. Remember how stressful it was for you to find that missing tax document? Why not take the time now to set up a system to keep your tax records safe and easy to find and not have to endure that stress again?
  • 04.28.2015 - The City of the Future – A Re-Imagining of City Life in the 21st Century
    A century ago, as one immigrant population after another made its way to America in search of a better life, their destinations were our country’s burgeoning cities. This was where they could build their desired quality of life—they would make friends, educate their children in nearby schools and find good jobs there. Everything they needed to make their lives whole was there, beneath the steeples and spires and growing skylines.
  • 04.28.2015 - As Legislature Debates Governor’s Budget Proposal, State’s Businesses Must Be Kept In Mind
    Governor Malloy’s recent $40 billion biennial budget proposal for the State of Connecticut contained some reasons for optimism for many in Connecticut. Cities and towns saw a small but unexpected increase in vital state aid, a proposed reduction in the state sales tax could bring some relief to every Connecticut resident and the unveiling of a detailed long-term vision for much-needed improvements to Connecticut’s transportation infrastructure.
  • 04.28.2015 - Financial Literacy
    According to a 2014 Consumer Financial Literacy Survey conducted by the National Foundation for Credit Counseling, just 40 percent of American adults said they kept track of their personal finances. Even more telling: nearly three in four adults admitted they could benefit from professional help when it comes to managing their finances. When should we start teaching financial literacy? Find out.
  • 04.27.2015 - FASB Exposure Draft on Not-for-Profit Financial Reporting Issued
    The long awaited exposure draft on non-profit financial reporting was issued on April 22, 2015. The exposure draft (ED), Not-for-Profit Entities and Healthcare Entities―Presentation of Financial Statements for Not-for-Profit Entities has a comment due date of August 20, 2015. No effective date has been proposed in the exposure draft. The ED states that the effective date will be considered after receiving feedback.
  • 04.24.2015 - Fraud and Internal Controls
    The most recent recession sharpened a trend already in place across the national economy – companies run leaner today than they did 5, 10 or 15 years ago. The financial difficulties many companies are experiencing have reinforced a movement spurred by technological advances. Mainly, there are fewer people in the workplace handling more responsibilities. Unfortunately for business owners and senior corporate executives, reduction of the workforce equates to fewer supervisors, thus less availability to oversee and audit operations. This condition is an invitation for employees to pilfer from a company -- either by walking off with inventory or inappropriately handling receipts.

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