The United States government recently expanded its ban on Kaspersky cybersecurity products, citing the company’s Russian connections as representing an “undue or unacceptable risk to U.S. national security or the safety and security.” The ban, effective from September 29 for existing customers and July 20 for new sales, aims to eliminate the use of the […]
Diversifying Revenue for CPA Firms: Strategic Alliances with Investment Advisory Services
In this episode of Risky Records, John Pastore from Integrated Partners and I discussed the benefits of accounting firms partnering with advisors for investment advisory services. John emphasized clear communication, transparency, ongoing dialogue, and adapting to the evolving accounting industry. To close out the session, we put on David Bowie’s Changes One album. Changes to the accounting […]
Understanding the FTC Non-Compete Ban
Non-compete agreements have long been used to bar employees from working for competitors or using sensitive information to kickstart competing organizations. A new ruling from the Federal Trade Commission has banned these agreements nationwide. The ruling will go into effect in late August, preventing companies from enforcing existing agreements with the vast majority of workers. […]
4 Steps to Prevent Corporate Credit Card Fraud
Business fraud costs organizations billions of dollars every year. While employees are often at the heart of these losses due to cybercrime schemes such as phishing and identity theft, 17% of all business fraud is due to expense reimbursements. Many large corporations give commercial credit cards to their employees to allow them to make purchases […]
Technology Risk Management for Accounting Firms and CPAs
In this episode of Risky Records, I spoke with the Editor-in-Chief of Accounting Today, Dan Hood, to get his perspective on the technology risk environment that accountants work in today. (Read to the end to see Dan’s album recommendation. Emerging technology risks for accountants The technological breakthroughs of the past few years, including remote work […]
How to Tackle VPN Security Risks
The US experienced more data breaches in 2023 than in 2022 before the year even came to a close. USA Today predicts that this number will continue to climb and that by 2031 “attacks on businesses, consumers, governments and devices will happen every two seconds.” This significant increase indicates that cybercriminals are using every tool […]
Beneficial Ownership Information Reporting: How to Stay Compliant
What the Corporate Transparency Act and its Recent Legal Developments Mean for Your Business What is the Corporate Transparency Act (CTA)? The Corporate Transparency Act (CTA) was a part of a much larger raft of bills that became law in 2021. As of January 1st, 2024, a vital component of the CTA became active, the […]
The Nuances of Virtual Currency Tax
2022 was a challenging year for the cryptocurrency (aka crypto) industry, caused by the collapse of the cryptocurrency exchange FTX (the third-largest crypto exchange at the time). The result has been a shift in the cryptocurrency industry, with newly minted crypto millionaires facing sudden losses. Many have had to sell their cryptocurrencies at a lower […]
IRS Email Scams: What You Need to Know
It’s become all too regular an occurrence for the Internal Revenue Service (IRS) to warn taxpayers of a new scam. Thousands of taxpaying citizens have lost millions of dollars through scams, with new schemes appearing as quickly as people can be made aware of them. The solution? Taxpayers have to be aware of how the […]
CPAs: What You Need to Know for the 2024 Tax Season
According to the Internal Revenue Service (IRS), Americans didn’t pay $688 billion in taxes on their 2021 returns—highlighting an increase of more than $138 billion from 2017-2019 estimates. To address this ‘tax gap,’ the IRS is taking new actions such as increasing auditing and capitalizing on new laws such as the Corporate Transparency Act (CTA). […]