Is Adobe or Java Software Making Your Business Vulnerable to Hackers?

  • January 21, 2011

We have performed vulnerability exams for banks for the past 11 years. What are vulnerability exams? I’m glad you asked that question. Basically we use special software to scan all nodes (computers, firewalls, servers, printers, ect.) for vulnerabilities on a network. An example of an especially high risk vulnerability might include a patch not being installed on a computer, passwords less than 8 characters or default administrator usernames still being used.

Recap: Fourth Quarter 2010 Tax Developments

  • January 14, 2011

There were a number of important tax developments in the fourth quarter of 2010. While the new law tax changes in the bipartisan legislation that was enacted in late 2010 got the most attention, many other developments occurred that may also significantly affect you.

Estate and Gift Tax Changes in the 2010 Tax Relief Act

  • January 12, 2011

This article is an overview of the estate and gift tax provisions in the Tax Relief, Unemployment Insurance Reauthorization, and Job...

Final FASB Disclosure Guidance Issued

  • January 11, 2011

Last July, the FASB issued new disclosure guidance significantly expanding existing financial statement reporting requirements for both public and private companies in the U.S. ASU 2010-20, Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses, is effective for both interim and annual reporting periods ending after December 15, 2010, for public companies and after December 15, 2011, for private companies.

Impairment Testing and Fair Value Measurement

  • January 11, 2011

Banks today are continuing to deal with a high volume of substandard and problem loans. Part of the process of dealing with these loans is testing them for impairment. ASC 310-40 requires loans to be tested for impairment if the bank determines, based on the facts and circumstances surrounding the local market, the loan won’t be re-paid in accordance with the contracted terms and conditions.

How to Spot Problem Loans — and Know What to Do

  • January 11, 2011

Nearly three years after the onset of a financial crisis that will be remembered as one of the worst in our nation’s history, many banks are still dealing with the ongoing fallout. They continue to face rising levels of delinquencies, substandard loans and problem credits in their commercial loan portfolios.

President Looks to 2011 to Begin Debate on Tax Reform

  • January 4, 2011

After touting legislative victories achieved during the lame-duck session, particularly the massive tax cut package - the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) - President Obama is looking ahead to 2011. The president signaled that he expects Republicans and Democrats in the 112th Congress to debate reforming the U.S. Tax Code.

Late Passage of Tax Legislation Delays Filing Season Start for Itemizers and Others, IRS Cautions

  • January 4, 2011

Because of late passage of the massive tax cut and extenders package by Congress at the end of December 2010, taxpayers who itemize deductions and certain others will need to wait until mid- to late February 2011 to file their individual tax returns, the IRS has cautioned. The IRS must reprogram its computer systems for the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act), In addition, the IRS reported that Form 1040, Schedule A will need to be updated as well.

2010 Tax Relief Act Extends Lucrative Tax Breaks for Families Through 2012

  • January 4, 2011

Congress not only extended the current, lower individual income tax rates through 2012 in the recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act); it also extended a number of beneficial tax breaks for families and individuals. Through 2012, the law extended significant tax incentives for education, children, and energy-saving home improvements.