Among the many surprises noted in the Verizon’s Data Breach Investigations Report for 2017, we note that password compromises have now overtaken personal data breaches in the frequency of data compromise. Over 1 billion passwords were compromised in 2016, adding to the extensive list previously compromised and posted online.
For New England businesses, summer is typically the busiest time of year due to an influx of tourists coming to enjoy the beautiful ocean views and delicious seafood. This sharp increase in people usually brings with it a large and sudden increase in capital to most local businesses. This is especially true for New England’s restaurant industry. New England restaurants thrive throughout the summer, but can face harsher winter months as the tourists return home and the snow begins to fall.
Effective for reports dated on or after May 1, 2017, the American Institute of Certified Public Accountants (AICPA) is issuing SSAE 18 to replace the current guidance for all attestation engagements, including those specific to SOC 1 and SOC 2 engagements1. With the ever changing landscape and growing need for assurance examinations the adoption of the new standard will allow readers to better understand and apply the standard more easily and consistently.
If you have been through an audit, chances are your auditors have asked you to request Service Organization Controls (SOC) reports. Even though these reports have been around for quite some time, auditors still encounter puzzled looks when making these requests.
The term “carried interest” has been in the news a lot lately and not without fervent debate among politicians regarding its tax treatment. Much of the discussion, however, has not only been confusing but inaccurately described as well. What follows here is a robust explanation of carried interest, its current tax treatment, and the plans expressed by our leaders for its future. An executive summary is presented at the end of the article.
Since its creation in 2008, the Maine Educational Opportunity Tax Credit has provided a tax benefit to qualifying Maine residents. As described in a previous article, the intention of the credit is to encourage Mainers to earn a post-secondary education and begin a career working in Maine. The credit has been expanded, effective for 2016 tax returns, to make it even more beneficial. Unfortunately, many people remain unaware of this credit. The purpose of this article is to describe the basics of this credit and explain the recent, favorable changes.
Although some procedural and other hurdles remain, Republicans stand a good chance of passing the most significant tax law changes the U.S. has seen since the 1980s. President Trump and the U.S. House of Representatives have offered different proposals, with a revised proposal by Trump promised in the very near future. Their current plans share many similarities, suggesting that many of their characteristics will become law. What follows is a look at how the preliminary plans (available as of late February) could impact the real estate industry.