Social Media and Cyber Security

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Social media and online connectivity are a big part of most people’s everyday routines these days, so it’s not surprising to learn that many of the sites, posts and links offered through these channels are, unfortunately nefarious. Just think of the infamous Instagram Ray-Ban hack you may have come across in recent months. It often looked like a promotional photo post on your feed, except that it came from an account or person you follow, but who was uncharacteristically advertising discounted Ray-Ban sunglasses. Fortunately, it wasn’t long before followers recognized the highly suspect post for what it was.  

Securing Your Personal Data Online

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It’s National Cybersecurity Awareness Month, and recommendations on securing your personal data online are in the spotlight this week. In this article we are sharing some tools to use and situations to watch for to build up your cyber security quotient both at home and at work. Learn more about how to secure your online activity with these tips on password controls, authentication measures, system updates, and greater awareness of phishing and skimming risks.  

Dale Dresch Discusses Ransomware in Crain’s

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As part of Cybersecurity Month, Crain’s Cleveland Business published an article “Be proactive when it comes to ransomware” detailing the challenges business face with preventing hackers and scammers from holding a company’s information technology and data hostage.  

Cybersecurity Update

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Ahhh, October. That time of year when we celebrate Christopher Columbus, carve pumpkins, and maybe even buy candy corn. And, for the 16th year running, it’s also the time for recognizing National Cybersecurity Awareness Month.

This annual campaign, co-led by government and industry via the National Cyber Security Alliance and the Cybersecurity and Infrastructure Agency (CISA), is all about building cybersecurity awareness at home and at work by understanding the risks and updating your digital practices to reduce them. This year the overarching theme of the campaign makes a clever play on the term Information Technology, with organizers urging us to: “Own IT. Secure IT. Protect IT.”

Crop Insurance Proceeds

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With the extremely wet year we had in 2019, this is a good time to address the income tax reporting options regarding reporting crop insurance proceeds.  For cash basis farmers, crop insurance proceeds are taxable to the recipient when received.  However, for insurance proceeds, prevent plant indemnities and federal disaster payments received for the destruction or damage to crops, an election is available to defer reporting the proceeds to the following tax year.  

Not-for-profit Tax Returns

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Mandatory E-filing for Not-For-Profit Tax Returns and Failure to File Notification By: Chris Anderson, CPA The Taxpayer First Act of 2019, recently signed into law by President Trump, contained 2 important provisions for not-for-profit organizations that are required to file returns in the Form 990 series:  mandatory e-filing for not-for-profit tax returns and notice from the IRS when an organization … Read More

Nonprofit Grants and Contracts Accounting

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Revenue Accounting for Nonprofit Grants and Contracts By: Pam Lebold, CPA It has been a year of change for nonprofit organizations.  First, there was ASU 2016-14 that changed the presentation of nonprofit financial statements.  And now, there is ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, which changes the way you may have … Read More

Centralized Audit Regime

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The 2018 tax year ushered in the centralized audit regime, which enacted new IRS protocol for auditing partnerships. The regime was created from the 2015 Bipartisan Budget Act (BBA), which repealed the Tax Equity and Fiscal Responsibility Act (TEFRA) partnership audit procedures that had existed for over three decades. The BBA’s new centralized partnership audit rules are effective for tax years beginning after December 31, 2017.  

Ohio Tax Update

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As part of Ohio’s biennial budget, the Ohio House of Representatives passed a bill on May 9, 2019, that contains several provisions which may affect individual and business taxpayers. This Ohio tax update bill has been forwarded to the Ohio Senate for their review.

Lean Accounting Benefits

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Standard cost accounting doesn’t necessarily work for lean operations. Instead, lean accounting offers a simplified reporting alternative that generates more timely, relevant financial data. But it’s not right for every situation. What’s lean manufacturing? Lean manufacturers strive for continuous improvement and elimination of non-value-added activities. Rather than scheduling workflow from one functional department to another, these manufacturers organize their facilities into cross-functional work groups or cells.