Blog

NEW OVERTIME RULES UPDATE—INJUNCTION ISSUED

@ 10:48 am

A federal district court judge on November 22nd issued a nationwide injunction blocking the new overtime rules that were to go into effect on 12/1/2016. The injunction is temporary in order to give the judge time to consider a permanent ruling.  Any ruling would be subject to appeal.  We have linked an article here that provides more information.  

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New Overtime Rules Effective Dec. 1st 2016

November 22, 2016 @ 1:36 pm

Beginning Thursday, December 1st 2016 the Department of Labor’s rules regarding overtime are changing. If you have employees making less than $913 a week or $47,476 you will now be required to pay them overtime. Are you ready for the change? See the Article below form ADP for more information. http://sbshrs.adpinfo.com/flsa  

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BiggsKofford Phone Server Down for Routine Maintenance

October 17, 2016 @ 12:10 pm

Please note that this Friday, October 21st from 3:00-5:00PM, BiggsKofford‘s phone server will be down for normal maintenance. If you need to email us, please email your contact at the firm directly or send an email to our general information address here. We will do our best to get back to you in a timely manner.

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Americans’ Biggest Retirement Fear: Running Out of Money

October 7, 2016 @ 12:29 pm

(Journal of Accountancy, By Lea Hart; Published October 2016) As the 4 million people retiring this year think about the future, they fear outliving their money more than anything else. Forty-one percent of CPA financial planners say running out of money is their clients’ top concern about retirement—including those clients who have a high net worth, according to a survey conducted recently by the AICPA. “The elderly are living longer than their projected longevity and, as a result, are running out of money,” said Susan Tillery, CPA/PFS, chair of the AICPA’s PFS Credential Committee. “The fear of running out of money in retirement has always been present. However, we are at a demographic crossroads where the Baby Boomers, who hold the largest amount of retirement assets, are supporting both their parents and their children. This has amplified the fear.” The AICPA PFP Trends Survey, an online survey of CPAs who are members of the AICPA Personal Financial Planning Section, also showed that 29% of planners say clients’ top concern is maintaining their current lifestyle and spending level, while 11% say their clients worry most about rising health care costs. Personal financial planners can address their clients’ fears of outliving their …

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2 Major FAFSA Changes You Need to Be Aware of

October 3, 2016 @ 12:22 pm

(Department of Education, Published August 2016) There are two exciting changes coming to the Free Application for Federal Student Aid(FAFSA®) process this year. 1. The 2017–18 FAFSA will be available earlier. You can file your 2017–18 FAFSA as early as Oct. 1, 2016, rather than beginning on Jan. 1, 2017. The earlier submission date will be a permanent change, enabling you to complete and submit a FAFSA as early as October 1 every year. 2. You’ll use earlier income and tax information. Beginning with the 2017–18 FAFSA, you’ll be required to report income and tax info from an earlier tax year. For example, on the 2017–18 FAFSA, you—and your parent(s), as appropriate—will report your 2015 income and tax info, rather than your 2016 income and tax info. We understand that some families’ income may have changed significantly since the 2015 tax year. If this is the case for you, you must complete the FAFSA with the info it asks for (2015). Then, after filing your FAFSA, contact the financial aid office at your school to explain your situation. The school has the ability to assess your situation and make adjustments to your FAFSA. The following table provides a summary of …

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New IRS e-Services Authentication Process Requires Re-registration

September 27, 2016 @ 12:35 pm

(Journal of Accountancy, By Sally P. Schreiber; Published September 2016) The IRS notified tax practitioners and taxpayers who use many IRS e-services that it is strengthening the authentication process for identifying users and that the new, more stringent procedures will require existing users to re-register (Oct. 24 is the target date for the start of re-registration) (IRS website, “Important Update About Your e-Services Account” (9/22/16)). Any current e-account holder is affected, which the IRS said includes: Electronic return originators; Return transmitters; Large business taxpayers required to e-file; Software developers; Health care law insurance provider fee/branded prescription drug filers; Health care law information return transmitters/issuers; Reporting agents; Not-for-profit (Volunteer Income Tax Assistance (VITA), Tax Counseling for the Elderly (TCE), and Low Income Taxpayer Clinic (LITC)) users; States that use Transcript Delivery Service; and Income Verification Express Service (IVES) participants. E-services account holders who use only the taxpayer identification number (TIN) matching program will also need to validate their identity but will have a streamlined process because they do not exchange sensitive data. (TIN matching allows payers reporting payments on Forms 1099 to check the payee’s TIN with the IRS before filing.) Current users who return to their accounts on or after …

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Director Featured on Popular Podcast

September 15, 2016 @ 6:05 am

Greg Papineau, Director at BiggsKofford, was featured on the popular Green Apple Podcast. To listen to their interview, click here! John Garrett, self-proclaimed Recovering CPA and creator of the Green Apple Podcast, interviewed Greg and captioned the following about their discussion: Greg serves others to create stronger client relationships Greg Papineau takes service to a whole new level, especially now that he’s a Deacon in the Catholic Church. He was first called to this in 2000 as a chaperone on his son’s World Youth Day visit to the Vatican. Since then, he’s been ordained and in his words, can “marry, bury and baptize”. And, oh yeah, he also happens to be the 1989 Colorado State Champion Cyclist. In this episode, we talk about how the word “Deacon” is derived from a Greek word meaning “servant”. Greg is always thinking how he can be even more service oriented and also develop a personal interest in clients and coworkers. This leads to a cycling group that meets in the warmer months and team meetings starting where the new staff members tell everyone a little bit about their life outside of work. Greg Papineau works as the Director of Audit & Assurance for BiggsKofford, …

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At the "Webside'

August 29, 2016 @ 9:42 am

(Modern Healthcare, By Erica Teichert; Published August 2016) As telemedicine takes root, there’s a growing need to train physicians on how to handle virtual visits with patients and develop a good ‘webside manner.’   When Kaiser Permanente’s emergency room wait times began rising three years ago, Dr. Dennis Truong and a colleague launched a telemedicine program to provide faster access to care for their patients. At the time, there weren’t many training programs for telemedicine or for developing good “webside” manner, which can greatly improve patients’ adherence to treatment. Instead, Truong had to learn on the fly. “We essentially created our own webside manners through experience and through inter-regional sharing with our other KP regions,” said Truong, telemedicine director for the Mid-Atlantic Permanente Medical Group, McLean, Va. Like its cousin “bedside manner,” webside manner is a key skill for clinicians involved in telemedicine, experts say. Physicians must proffer an empathetic and compassionate presence to calm fears and provide hope for patients who may be suffering from serious or even not-so-serious illness. Medical schools have always included training in bedside manner in their curricula. And that’s not just because they want to make a patient feel better about an encounter with the …

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