Michael Coffman

WISPs for Accountants https://lnkd.in/gAkEVWn3 Are you an accountant? Do you have a WISP? The FTC's Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA) says you need one. Contact Us: [email protected] FTC Safeguards Act Requirements The Safeguards Rule applies to financial institutions subject to the FTC’s jurisdiction and that aren’t subject to the enforcement authority of another regulator under section 505 of the Gramm-Leach-Bliley Act, 15 U.S.C. § 6805. According to Section 314.1(b), an entity is a “financial institution” if it’s engaged in an activity that is “financial in nature” or is “incidental to such financial activities as described in section 4(k) of the Bank Holding Company Act of 1956, 12 U.S.C § 1843(k).” How do you know if your business is a financial institution subject to the Safeguards Rule? First, consider that the Rule defines “financial institution” in a way that’s broader than how people may use that phrase in conversation. Furthermore, what matters are the types of activities your business undertakes, not how you or others categorize your company. To help you determine if your company is covered, Section 314.2(h) of the Rule lists 13 examples of the kinds of entities that are financial institutions under the Rule, including mortgage lenders, payday lenders, finance companies, mortgage brokers, account servicers, check cashers, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, and investment advisors that aren’t required to register with the SEC. The 2021 amendments to the Safeguards Rule add a new example of a financial institution – finders. Those are companies that bring together buyers and sellers and then the parties themselves negotiate and consummate the transaction. DOWNLOAD OUR INFORMATION SHEET, https://lnkd.in/gi5FUVaj, WISPS AND THE FTC SAFEGUARDS ACT. #FTCSafeguardsActRequirements #FTC #GrammLeachBlileyAct #GrammLeachBlileyAct15USC6805 #SafeguardsRule #GrammLeachBlileyActSection3141b #WISP #WrittenInformationSecurityPlan #BankHoldingCompanyActof1956 #GrammLeachBlileyActSection3142h #SEC #IRS #accountants #WISPSandtheFTCSafeguardsAct #informationsecuritydocumentation

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🚨 Attention Small Business Owners! 📢 Starting July 1, 2024, a new state payroll tax is on the horizon, and Valor Payroll Solutions is here to guide you through it! 💼💸 Brace yourselves for changes as contributions will be required—with a portion from employees' wages and the rest covered by you, the employer. 📅👥 Stay ahead of the game with Valor – we've got your back on payroll compliance! 💪✨ #PayrollUpdates #SmallBizAlert #ComplianceMatters #ValorPayrollSolutions 🌐💼

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Updated Guidance on Business Vehicle Depreciation: The rules for deducting depreciation expenses on vehicles used for business purposes have been liberalized under current tax law, but they remain complicated. In addition, annual inflation adjustments make allowable depreciation deductions moving targets. (See "First-Year Depreciation Deductions under the TCJA," below.) Here's how to calculate depreciation deductions for cars, SUVs, pickups and vans used in your business. https://lnkd.in/eyqNNQry

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📈📈 TRENDING TOPIC 📈📈 Do you have advice about an S corp payroll exam for a construction client with fluctuating profits, where examiners demand consistent reasonable compensation despite project debt? 🚧 🧐 Join the conversation on COCPA Connect: https://lnkd.in/eScz-scM

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