Knowledge and Insights: Newsletters

Internal Audit: When Outsourcing Should Be Considered

Expansion and growth present both excitement and challenges for a company. During such periods, new systems are introduced, processes are redesigned and refined, and employees are trained in the changes. Management may find that what worked before may not be effective or efficient anymore. These changes lead to an increased demand on the company’s internal…

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Whether You Sell Your Business or Not, the Planning is the Same

There are many things for you to consider as you think about the future of your business ownership: When is the right time to move on? How much money will I need? How do I even sell this business? These questions dovetail into an important decision you’ll try to make early in the process of…

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HIPAA Enforcement Reaches Record Levels

It is a well-publicized fact that HIPAA enforcement has been on the rise in recent years.  The Office for Civil Rights (OCR) has now released its annual report, which confirmed that 2018 was a record year for HIPAA enforcement activities. The OCR settled ten (10) cases in 2018, with fines and penalties totaling nearly $29…

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A Tax Deduction for Charitable Giving for NJ?

New Jersey taxpayers may see a deduction for charitable giving for 2019 on the NJ-1040!  On March 25, 2019, the Senate voted in favor of Bill No. S2179 that would allow a charitable deduction for individual taxpayers for contributions made to qualified New Jersey-based charitable organizations.  Creating this tax write-off for New Jersey residents could…

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Turning 18 – What Does It Mean?

18-year-olds are granted many privileges upon their birthday. It’s like turning a switch and the world considers them an adult.  This new found status can be exciting and a little scary. Eighteen-year-olds can own property outright, vote in an election, serve on a jury, get married, get a tattoo, gamble, and enter into binding contracts…

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Opportunity Zones

On April 17, 2019, the Internal Revenue Service issued proposed regulations and further guidance related to Qualified Opportunity Zone (QOZ) investments. The Tax Cuts and Jobs Act signed into law by President Donald Trump on December 22, 2017, introduced Subchapter Z of the Tax Code, which established the QOZ program.  Under this program, Federal income…

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Do You Know How to Identify Elder Fraud & Financial Abuse?

The Population Reference Bureau report, “Aging in the United States,” examines recent trends and disparities among adults ages 65 and older, and how baby boomers born between 1946 and 1964 will reshape America’s older population.  The number of Americans ages 65 and over is expected to exceed 98 million by 2060, increasing their share of…

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The Bottom Line on Parking Benefits

By now, many of our readers may have heard about what was a little-known wrinkle in the new tax law. Whether you have or haven’t, we are going to break it down for you and get to the bottom line on the matter. Many of you reading this article are senior management in nonprofit organizations…

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Creating a Positive Donor Event Experience

In recent years, experts have cautioned nonprofits against relying too heavily on fundraising events. As it turns out, the cost to raise a dollar through an event is much higher than other methods. Despite this scrutiny, our nonprofit clients still find success with event fundraising. While there are certainly more cost-effective ways to raise money,…

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Going on the Offensive in Risk Management & Compliance Monitoring

Regulatory guidance for banks has become increasingly forceful. Recent developments are making it clear that should is to be interpreted as shall. Financial institutions are working to establish compliance frameworks to meet these standards. It is critical that your organization develop a strategy for how to assess compliance with applicable guidance and enhance your enterprise…

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