Don’t Give Hackers the Chance to Hold Your Sensitive Data for Ransom

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Data Lock

Don't leave your data "unlocked" and open to hackers.

Bloomberg.com reported that hackers recently attacked a small medical practice in Illinois. According to the article, they breached the security system, stole and encrypted medical records, and then demanded ransom in exchange for the password to retrieve the records.

It’s important to remember that just because your computers are locked away safely in your office, doesn’t mean the data is. Simple things to remember include using a variety of unique passwords, having proper anti-virus software installed, and ensuring your network firewalls are in place. Don’t have an IT department? The H&S Computers team can help!

To learn more about the attack read, Hackers Encrypt Health Records and Hold Data for Ransom

For more information about network security, contact Andy Bradshaw.

Andy Bradshaw
IT Systems Engineer
231.924.8001
andyb@hscompanies.com

Is Now the Time to Sell High-Value Items? | Tax Planning Strategies

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Capital Gains Tax is Set to Sunset

The capital gains tax is set to sunset at the end of the year.

According to an article on the AOL Real Estate blog, some luxury homeowners are looking to sell their high-end properties before the end of 2012. They’re scrambling to get their properties to market because the Bush-era capital gains tax cuts are scheduled to sunset at the end of the year, which could lead to a significant increase in the tax if Congress doesn’t act.

This article reminds us that now is a good time in the year to review your financial portfolio and think about tax planning strategies for the future. It might be a good idea to sell stocks or other high-value items at the current 15% capital gains tax rate, rather than waiting and being subject to a potential costly increase.

To learn more about homeowners selling their properties read, An End to Bush-Era Tax Cuts Could Push High-End Properties Onto Market

For more information contact Sally Steffes

Sally Steffes
Certified Public Accountant
616.735.3035
sallys@hscompanies.com

Is Now the Time to Sell High-Value Items? | Tax Planning Strategies

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Capital Gains Tax is Set to Sunset

The capital gains tax is set to sunset at the end of the year.


According to an article on the AOL Real Estate blog, some luxury homeowners are looking to sell their high-end properties before the end of 2012. They’re scrambling to get their properties to market because the Bush-era capital gains tax cuts are scheduled to sunset at the end of the year, which could lead to a significant increase in the tax if Congress doesn’t act.
This article reminds us that now is a good time in the year to review your financial portfolio and think about tax planning strategies for the future. It might be a good idea to sell stocks or other high-value items at the current 15% capital gains tax rate, rather than waiting and being subject to a potential costly increase.
To learn more about homeowners selling their properties read, An End to Bush-Era Tax Cuts Could Push High-End Properties Onto Market

For more information contact Sally Steffes

Sally Steffes
Certified Public Accountant
616.735.3035
sallys@hscompanies.com

Thanks for Winning the Gold…Now Pay Your Taxes

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Michael Phelps with one of his (taxable) gold medals.

Athletes like Michael Phelps, Serena Williams, and Gabrielle Douglas train for years to make it to the Olympics. Their countless hours of training pay off as they stand on the podium and bow their heads to accept the gold medal…and then they get to pay taxes on their winnings.

According to an article on Reuters, in addition to medals, Olympians win money — $25,000 for gold, $15,000 for silver, and $10,000 for bronze – which can then be taxed by the IRS (for those winners who reside in the US). Even the actual medals can be taxed because they can be classified as valuable gifts.

Senator Marco Rubio proposed legislation last Wednesday to exempt US Olympic athletes from having to pay taxes on their winnings, but for now, how much each winning Olympian will have to pay in taxes will vary based on their age, income level and tax status.

To learn more read, Will U.S. Olympic medalists get a tax break? 

photo credit: jdlasica via photo pin cc

Will Bush Tax Cuts be Extended? House to Vote Next Week

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news

The House will vote next week on whether to extend Bush-era tax cuts for another year.

Last Wednesday, the Senate voted to approve the Democratic tax cut proposal, which would extend the current tax cuts for those with adjusted gross income under $200,000 for singles or $250,000 for couples. House Republicans have a proposal on the table, which would extend Bush-era tax rates another year, for all income levels. Speaker John Boehner, R-Ohio, said he would allow the House to vote on the proposals next week.

To learn more read, House to Vote Next Week on Dueling Bush Tax Cut Extension Bills

 

Congressional Budget Office Releases New Estimates for Cost of Affordable Care Act

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Calculations

The CBO released their estimation for how much Medicaid will cost under the Affordable Care Act

On Tuesday, the Congressional Budget Office (CBO) released new estimates regarding the cost of the Affordable Care Act’s insurance coverage provisions, which takes into account the Supreme Court decision issued on June 28, 2012.

The CBO estimates that Medicaid will cost $1,168 billion from 2012-2022, rather than the previously estimated $1,252 billion. They believe fewer people will enroll in Medicaid because more people will seek insurance through newly established exchanges and more people will be uninsured.

To view their full decision read, Estimates for the Insurance Coverage Provisions of the Affordable Care Act Updated for the Recent Supreme Court Decision.

Got Cash? Retailers Could Start Charging Consumers a Credit Card ‘Surcharge’

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Credit Card

You may want to put your plastic away because retailers will soon have the option to charge you a fee for paying with your credit card.

According to a report on Forbes.com, Visa, Mastercard, and several banks recently settled a series of class action lawsuits that accused them of conspiring to set unreasonably high processing fees. As a result, they will have to pay $6 billion in settlement fees to more than 7 million merchants. As a result of the lawsuit, retailers will now be able to pass surcharge fees along to customers or negotiate no-surcharge fees with Visa and Mastercard in exchange for something of value.

In a press release on the National Retail Federation’s website Mallory Duncan, senior vice president and general counsel of the NRF, said, “The money is significant but money is only temporary – it’s here today and spent tomorrow. What we need are changes in the rules that bring about transparency and competition that would be here for years to come. The test will be whether the injunctive relief is meaningful. Unless it is, the card market will stay broken and neither merchants nor their customers will achieve a long-term benefit. In that case, it would be a missed opportunity.”

Sources

$6 Billion Visa Settlement Frees Consumers to Pay More by Daniel Fisher 
Credit Card Companies Settle Swipe Fee Suit for $6B 
National Retail Federation Press Release 

In the News | Pop Singer Sues Former Accounting Firm

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Make sure you choose an accountant that is the best fit for your needs!

Robyn Fenty, aka Pop Princess Rihanna, is suing her former accounting firm, Berdon LLP. According to an article on Accounting Today, the singer claims that Berdon, LLP “drained her for tens of millions of dollars in revenues from her tours”.

The article, by Michael Cohn states, “Rihanna alleges that the firm breached its agreements, engaged in misconduct and malfeasance, created entities without considering the effect on her taxes, paid itself excessively large commissions, neglected to document revenue and expenses or implement a proper budget.” She also claims, they gave her poor tax planning advice.

Finding an accountant you can trust is an important task that must be given the appropriate time and attention. Keep in mind the following tips when selecting an accounting professional:

  • Do they know my industry?

    Just like you wouldn’t go to a Cardiologist for a shin splint, you shouldn’t go to just any accounting professional. Each industry has specific tax planning opportunities and requirements and you’ll want to make sure your professional has ample experience with your line of work.

    Did you know…our team has a broad range of expertise? From people who have worked specifically with the health care industry, to those who focus on the restaurant business, we’ve got you covered.

  • Do they have the appropriate credentials?

    A Certified Public Accountant has an undergraduate degree, has met state requirements for certification, and has to partake in on-going educational training. These individuals are highly educated and are up-to-date on current laws. A Certified Fraud Examiner (CFE) has specific training in detecting fraud within businesses and eliminating or preventing it. A Certified Valuation Analyst (CVA) has the appropriate training and certification to put a value on your business. Make sure the person you choose to work with has the credentials you need.

    Did you know…H&S Companies team members have a variety of credentials? From CPAs to CVAs to CFEs, our team can help you with your needs.

  • Is the firm I’m choosing to work with large or small?

    Remember, tax law is complicated and regulations vary from industry to industry. Choosing to work with a large firm will offer you access to a broader range of expertise.

    Did you know…H&S has 8 locations with over 60 professionals?

  • What services do I need completed?

    Do you just need your taxes completed? What about monthly payroll services? Just because you don’t need something right now, doesn’t mean you won’t need it as your business grows. Be sure to take an accounting firm’s list of services into account when making a decision.

    Did you know…H&S offers 14 unique services? Check out our “Services” menu for more information!

 

Source
Rihanna Sues Accounting Firm By Michael Cohn on Accounting Today

In the News | Pop Singer Sues Former Accounting Firm

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Make sure you choose an accountant that is the best fit for your needs!


Robyn Fenty, aka Pop Princess Rihanna, is suing her former accounting firm, Berdon LLP. According to an article on Accounting Today, the singer claims that Berdon, LLP “drained her for tens of millions of dollars in revenues from her tours”.
The article, by Michael Cohn states, “Rihanna alleges that the firm breached its agreements, engaged in misconduct and malfeasance, created entities without considering the effect on her taxes, paid itself excessively large commissions, neglected to document revenue and expenses or implement a proper budget.” She also claims, they gave her poor tax planning advice.
Finding an accountant you can trust is an important task that must be given the appropriate time and attention. Keep in mind the following tips when selecting an accounting professional:

  • Do they know my industry?

    Just like you wouldn’t go to a Cardiologist for a shin splint, you shouldn’t go to just any accounting professional. Each industry has specific tax planning opportunities and requirements and you’ll want to make sure your professional has ample experience with your line of work.

    Did you know…our team has a broad range of expertise? From people who have worked specifically with the health care industry, to those who focus on the restaurant business, we’ve got you covered.

  • Do they have the appropriate credentials?

    A Certified Public Accountant has an undergraduate degree, has met state requirements for certification, and has to partake in on-going educational training. These individuals are highly educated and are up-to-date on current laws. A Certified Fraud Examiner (CFE) has specific training in detecting fraud within businesses and eliminating or preventing it. A Certified Valuation Analyst (CVA) has the appropriate training and certification to put a value on your business. Make sure the person you choose to work with has the credentials you need.

    Did you know…H&S Companies team members have a variety of credentials? From CPAs to CVAs to CFEs, our team can help you with your needs.

  • Is the firm I’m choosing to work with large or small?

    Remember, tax law is complicated and regulations vary from industry to industry. Choosing to work with a large firm will offer you access to a broader range of expertise.

    Did you know…H&S has 8 locations with over 60 professionals?

  • What services do I need completed?

    Do you just need your taxes completed? What about monthly payroll services? Just because you don’t need something right now, doesn’t mean you won’t need it as your business grows. Be sure to take an accounting firm’s list of services into account when making a decision.

    Did you know…H&S offers 14 unique services? Check out our “Services” menu for more information!

 
Source
Rihanna Sues Accounting Firm By Michael Cohn on Accounting Today

Happy 4th of July

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Photo Credit: office.microsoft.com

Happy 4th of July! H&S is closed today, but we will be open as scheduled on Thursday, July 5, 2012.

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