BTerrell Group Blog

What is the one word that can send chills up the spine of business owners and chief financial officers?  Lawsuit.  No one wants to be involved with expensive litigation that can put the business in jeopardy, which is why your human resources management solution (HRMS) could be a valuable resource for preventing a potential lawsuit involving one of the most offered employee benefits - healthcare.

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Businesses everywhere are seeing the light at the end of the tunnel for 2015 year end reporting, but are not out of the woods quite yet.  In accordance with the Affordable Care Act (ACA), employers must prepare employee statements to covered individuals by March 31, 2016 for the 2015 calendar year.  Then, employers must file reports to the IRS by May 31, 2016, if filing paper copies, or June 30, 2016, if filing electronically.  It’s important to hit these deadlines to avoid penalties.

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Last year’s tax filing season did not go that well for the Internal Revenue Service (IRS) according to “National Taxpayer Advocate Reviews Filing Season and Identifies Priority Areas and Challenges in Mid-Year Report to Congress,” posted on TaxPayerAdvocate.IRS.gov.  The IRS processed 126.1 million individual tax returns, which is more than the 125.6 that were processed last year.  They issued 91.8 million refunds, which is less than the 94.8 million issued last year.  The IRS answered 37% of taxpayer calls that were routed through customer services representatives and the hold time was 23 minutes.  In the 2014 filing season, they answered 71% of the calls and had a 14-minute hold time.  Not very impressive.

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Just as human resources and payroll departments are churning out paperwork for taxes, upcoming Affordable Care Act (ACA) reporting obligations, and other important financial documents, there is a rise in phishing scams.  It’s not a coincidence, it’s perfect timing.  According to “IRS Alerts Payroll and HR Professionals to Phishing Scheme Involving W-2s,” posted on IRS.gov, the Internal Revenue Service (IRS) has issued an alert to payroll and human resources professionals to watch out for a new email phishing scheme that looks like an important email from your CEO requesting employee information.  One phishing email reads “Kindly send me the individual 2015 W-2 (PDF) and earning summary of all W-2 of our company staff for a quick review.” 

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Cybersecurity continues to be a growing threat to businesses, governmental offices, educational institutions, and non-profit organizations.  Maintaining privacy for your customers and protecting proprietary data is essential, yet can be difficult without the support of experienced IT professionals or your software provider.  Intacct understands the importance of protecting data and reducing the risk for data breaches and other cyber-crimes; and, as such, has added a new layer of security for all Intacct users to enable today.

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