What I Learned at DEF CON and How it Can Help Your Business

  • August 12, 2010

Our IT Security Specialist Chris Griesemer once again attended the 2010 DEF CON Conference in Las Vegas, and returned (as usual) highly impressed and with a few ideas to strengthen your business’ security. "Take the time to thoroughly examine the security of your business, or hire a firm to do it for you. You can never assume your business is safe from outside threats."

Welcome to Whitlock. Introducing Shawn Barbour, CPA

  • August 12, 2010

The Whitlock Company has added another professional to its ranks. Shawn Barbour, CPA, joined the staff on June 28, 2010. Barbour will be working as an auditor specializing in financial institutions at The Whitlock Company, and brings extensive expertise to this position.

New Requirements of ACH Risk Assessment for Community Banks

  • August 10, 2010

NACHA Rule Adds ACH Risk Management Practices Effective June 18, 2010, all depository financial institutions (DFIs) will be required by the NACHA Operating Rules to conduct an ACH risk assessment, and to implement risk management programs based on the results of the assessment.

FAQ: What’s New in Back-to-School Tax Savings?

  • August 2, 2010

It is no secret to students, working individuals going back to school, and their families that the cost of education is becoming continuously more expensive year after year. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to college and graduate school. Individuals may be surprised to learn the many different ways the tax laws can help make education more affordable these days. In addition to scholarships, loans and work-study grants, or simply by themselves, these incentives can provide valuable cost savings.

Deducting Receivables as Bad Business Debts

  • August 2, 2010

While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the "bad debt."

IRS Takes Another Step Toward Implementing Controversial New Information Reporting

  • August 2, 2010

The IRS has taken another step forward in final implementation of sweeping information return requirements. As required by law, it has formally asked for comments from the public on how to best write the final rules with the least amount of trouble for businesses and other "reporting" entities. "Good luck in minimizing trouble," many taxpayers are already complaining.

Q & A: How Do I Set Up a Retirement Plan for Employees of My Small Business?

  • August 2, 2010

Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we'll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs.

Congress Readies Enhanced Small Business Tax Bill

  • August 2, 2010

A package of small business tax incentives, as part of the larger Small Business Jobs Act of 2010 (H.R. 5297) has been slowly making its way through Congress over the past several months. However, on July 29 members of the Senate effectively blocked a final vote on the H.R. 5297, pushing the prospects for passage of bill by both chambers of Congress into September (when Congress returns from its August recess).

Preparing for the Possible Return of Pre-EGTRRA Individual Tax Rates

  • August 2, 2010

In less than six months, unless Congress acts, the individual marginal income tax rate reductions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) will expire. While the timetable for addressing the EGTRRA tax cuts is not certain, the approaching sunset of the individual rate reductions, the possibility for their extension, and the fate of the limit on itemized deductions and the personal exemption phase-out will touch all taxpayers. The potential rate change makes tax planning all the more important.