NSAC Happenings and Latest News - Page 94
Advice for Mitigating Cybersecurity Threats
Finance leaders’ involvement in cybersecurity is growing. Responses to cyberattacks include increased spending, according to a global survey. Nearly three-fourths of company finance leaders have become more involved in cybersecurity in the wake of increases in phishing scams and credit card and database breaches, according to a new global survey. Forty-nine per cent of respondents said their business had fallen victim to a ...
Read MoreComparing the House and Senate Tax Proposals for You and Your Business
On November 2, House Ways and Means Committee Chairman Kevin Brady introduced the Tax Cuts and Jobs Act, which proposes significant tax changes for businesses and individuals. The 429-page bill is generally consistent with the tax reform framework that Republican leaders previously released. On November 9, the Senate Finance Committee released a summary of its tax reform plan (but not proposed statutory language). The ...
Read MoreIf You Don't Monitor Your Internal Controls, Fraud Can Find Its Way In
The most effective way to mitigate the risk of fraud in your business or organization is by designing and implementing strong internal controls. But even the best laid plans are susceptible to fraud if no one is monitoring those systems. Fraud is perpetrated in large companies, small family-run businesses, nonprofits, and governmental entities all the time — and the victims are always incredulous. As auditors, we see clients develop ...
Read MoreIRS Releases Inflation Adjustments for 2018
The IRS has unveiled the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. The adjustments include: The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,500 in 2018, up from $6,350 in 2017. For heads of ...
Read More2018 Pension Plan Contribution Limits Are Announced
The IRS announced that the limit on elective deferral for contributions to 401(k) plans, 403(b) plans, most 457 plans, and the federal government's Thrift Savings Plan will increase from $18,000 in 2017 to $18,500 for 2018. However, the catch-up contribution limit for those 50 and older remains $6,000. Most other inflation-adjusted amounts related to pensions increased from 2017 to 2018. The ability of taxpayers who are covered by workplace ...
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