Finance & Enjoyment Blog
July 16, 2010Health Information Technology Extension Program
Category: Rules and Regulations
The Health Information Technology for Economic and Clinical Health (HITECH Act), created by ARRA, creates a Health Information Technology Extension Program. The extension program consists of Health Information Technology Regional Extension Centers (RECs) and a nationwide Health Information Technology Research Center (HITRC). The HITRC is tasked with gathering information on effective practices and facilitating the RECs in working with one another, and with germane stakeholders to identify and share best practices in EHR adoption, successful use, and provider support. The RECs will supp …
Read The Rest of This PostOctober 20, 2009Computer Crime and Abuse
Category: Rules and Regulations
Popular business press, from the Wall Street Journal, various cable news networks, other business magazines and websites; frequently publish stories about newly discovered cases of financial fraud relating to or carried out by using computers. KKB would like to increase awareness of these problems and aid in devising controls to prevent them or reduce the damage they can cause to your company. A computer crime is the manipulation of a computer or computer-generated data to dishonestly obtain something of value for personal gain, or to cause loss. Statement on Auditing Standards No. 99: Cons …
Read The Rest of This PostSeptember 17, 2009Estate Tax Changes
Category: Rules and Regulations
Estate tax is defined by the Internal Revenue service as "A tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death." In 2001, Congress enacted sweeping changes to the estate tax, gradually increasing the exemption amount from $675,000 to $3,500,000 today in 2009. Because this legislation passed in the Senate with fewer than 60 votes, the changes could not be made permanent. If Congress does not address estate tax in 2009, the tax will disappear as of January 1, 2010, …
Read The Rest of This PostAugust 18, 2009KKB's Take on Proposed Healthcare Reform
Category: Rules and Regulations
Healthcare Reform, or Health Insurance Reform as it is currently being called, is the hottest topic on many people's minds right now. The House has passed a complex bill that is over 1,000 pages long; there are many, many provisions in this bill, and I doubt anyone can say that they know what it all means. Democratic senators and congressmen rely on advisors who are guided by Mr. Obama's team for a political script for their public communications. I wonder if any one of them has read the entire bill. There are provisions within the bill that are highly questionable, such as …
Read The Rest of This PostAugust 13, 2009Identity Theft and Red Flag Rules
Category: Rules and Regulations
The Red Flag Rules were developed to address identity theft issues through creditor handling of personal consumer information. In theory, finding identity theft early in source transactions and taking proactive steps to stop the damage should lessen financial losses to organizations, and protect consumers from becoming victims. The FACT Act, of which the Red Flags Rules are a part, is a significant piece of legislation that amended the Fair Credit Reporting Act (FCRA) and requires businesses to implement the law through a number of regulations. According to the Federal Trade Commi …
Read The Rest of This PostJuly 18, 20092009 Potential Tax Changes
Category: Rules and Regulations
2009 is shaping up to be active and perhaps even baffling year. The following paragraphs outline some of the key activities that seem to support this forecast. Our team of tax professionals at KKB will be following these and other changes as they occur. Recently Nancy Pelosi, Speaker of the House of Representatives, said the House would have its version of healthcare reform out by July 31, 2009, yet no mention was made about how it would be funded. The most pressing tax issue for 2009 is the existing estate tax exemption. On Ja …
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