LBMC | Accounting, Tax, Audit, HR, Staffing, Technology | Nashville, Knoxville, Chattanooga, TN

Help Employees Realize Value of Benefits Before They're no Longer Available

Helping employees recognize the value of their company-sponsored benefits is always smart and beneficial; doing so during tough economic times is imperative, according to Jennifer Benz, founder and chief strategist of Benz Communications. "Nothing better illustrates the value of company-offered healthcare plans than COBRA - especially now with all the media attention surrounding the 65 percent COBBRA subsidy passed by Congress to help newly unemployed Americans afford the level of benefits they had while employed," said Benz. read more »

HIRE ACT Tax Credits – What you should know about “double dipping”

The Hiring Incentives to Restore Employment or HIRE Act has brought about new credit opportunities for employers. The business tax credit and the social security tax relief are separate, and employers can claim both for the same employee. However, there are further clarifications that should be carefully addressed. The IRS wants to make sure that employers don’t “double dip” on other credits. Review of which credits are most beneficial may be prudent. read more »

Study Examines Dangers of Texting and Driving

A recent independent study reviewed the causes of the most costly work-related accidents for salespersons. Topping the list were motor vehicle crashes. Also, these crashes accounted for the most frequent type of claims. Distracted drivers played a key role in a number of these accidents. read more »

Becoming a Consumer of Your Healthcare

If you have a High Deductible Health Plan (HDHP), you most likely have caught a glimpse of the “true” cost of healthcare. Prescriptions and office visits are no longer just the price of a co-pay; HDHP plan members pay the price outlined in the provider’s contract with the insurance company for drugs and appointments. Many traditional (non-HDHP) plan members pay the co-pay for the prescription or office visit and don’t even think about the actual cost of the medicine or service; to the traditional plan member, the cost of the drug or service is the co-pay. read more »

Employee Spotlight - Bobbie Ward

This month we would like to take the opportunity to introduce you to our Office Administrator, Bobbie Ward. Bobbie has 35 years of experience in administrative support roles; systems analysis; and office management with an extensive background in systems and system design support. read more »

3rd Annual Microsoft BI Conference

The 3rd annual Microsoft BI Conference was held last week at the Morial Convention Center, in downtown New Orleans. It was good to be back in New Orleans. Having grown up in Slidell, LA, just across the lake from NOLA, it felt a little bit like being home. In addition, my sister took me on a tour of the areas worst hit by Hurricane Katrina. I finally got to see firsthand some of the devastation that still remains nearly 5 years later! However, it was encouraging to see the rebuilding that has happened and continues to happen.

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The Price of a Delay

When you hear about delays, the usual context is a planes, trains and automobiles saga of missed connections that is only funny if it happened to someone else. In finance, delays around audits or tax filings can mean fines, penalties and larger than normal fees for necessary work.

For Nonprofits read more »

Statistical Analysis: Your Fraud Early Warning System

Despite implementation of the Sarbanes-Oxley Act of 2002 and other regulatory reforms, fraud remains an enormous problem for U.S. companies. In the Association of Certified Fraud Examiners’ (ACFE’s) 2008 Report to the Nation on Occupational Fraud & Abuse, survey participants estimated that companies lose 7% of their annual revenues to fraud — up from 5% two years earlier. (ACFE was preparing its 2010 report at press time.) read more »

Does Your Company Meet PCI DSS Credit Data Security Requirements?

Contrary to popular belief, the Payment Card Industry Data Security Standard (PCI DSS) isn’t only for companies that process a lot of credit card payments. PCI DSS establishes minimum requirements for securing sensitive cardholder data, and even one transaction is enough to compel compliance.

The penalties for noncompliance can be severe. They include fines, loss of card-processing privileges and civil damages in the event of a breach. Companies are, therefore, strongly encouraged to review the PCI DSS framework and ensure their organizations meet its requirements. read more »

Building a Better Audit - New Standard Requires Additional Quality Review

Earlier this year, the SEC approved a new standard designed to improve audit quality of public companies. Public Company Accounting Oversight Board (PCAOB) Auditing Standard No. 7, Engagement Quality Review (AS7), requires more robust concurring or second partner reviews of audit engagements and interim reviews. It applies to fiscal years beginning on or after Dec. 15, 2009.

Second audits? read more »