A crucial decision in the landmark case of United States v. Hughes has broad implications for foreign bank account holders. The Ninth U.S. Circuit Court of Appeals has determined that recklessness is included in the definition of willfulness for civil penalties concerning Foreign Bank Account Records (FBAR) reporting violations. If
Barnes Dennig, North Side Bank, and USI Insurance recently revealed the results of their 2019 Manufacturing Compensation & Benefits Benchmarking Study that surveyed regional manufacturing companies in Ohio, Kentucky, and Indiana. Of the 97 companies that participated, 48 companies had over 100 employees (large companies) and 49 companies had under
There’s a significant – and alarming – shift in how Americans view their retirement savings: the $12.2 trillion currently invested in these plans is increasingly viewed as accessible emergency funding instead of money strictly earmarked for retirement. Record-breaking withdrawals The numbers tell a stark story. Last year, a record 4.8%
Assurance at Home and Abroad Doing business abroad creates new opportunities and you’ll need to figure out the boundaries of the new geographic regulations. Not just any accountant, tax advisor, or business consultant will understand what you’re up against. You need to work with a firm that works globally –
Defend Your Business Systems Can’t watch the video? Download a copy of the transcript here. You have solid internal financial and operational controls in place. But, does your confidence in those controls extend to your IT systems? If the answer is no, don’t waste any time making it a resounding
As Barnes Dennig added another CCSFP this month, we wanted to reflect on the evolution of the Common Security Framework. Although the HITRUST Alliance was started by a consortium of healthcare industry leaders, the Common Security Framework (CSF) continues to address a number of criteria beyond HIPAA. It will be
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. The Small Business Administration (SBA) has released much-needed clarifications to the Payroll Protection Program (PPP) via guidance issued in their
The Words We Bring to Life What makes a business philosophy matter? The way you live it. At Barnes Dennig, we believe in building long-term relationships with our clients, employees, and the communities where we live and work. We do it by: Being genuine Getting involved Listening and learning Sharing
The construction industry’s optimism is fading fast, with business leaders now facing one of the steepest declines in confidence seen in years, driven by rising costs, project delays, and trade pressures. FMI’s latest Construction Industry Round Table (CIRT) Sentiment Index highlights a notable shift in outlook between the first and
The Gold Standard of Proof for Data Security Payroll. Cloud computing. Data centers. Document management. What do these services have in common? If your customers outsource them to you, those customers want to know your controls are strong. And that requires independent validation. Data security concerns are rising with the
New for 2021 is Form 1099-NEC (Non-employee Compensation). The IRS now requires exempt organizations to report non-employee compensation on the new Form 1099-NEC instead of Form 1099-MISC. This is for payments totaling $600 or more to a nonemployee, such as an independent contractor. Form 1099-NEC should be filed with the
A new Ohio law provides a SALT cap workaround and will save some taxpayers tens of thousands in federal tax. On June 14, 2022, Ohio Governor Mike DeWine signed Senate Bill 246 which allows a workaround to the $10,000 state and local tax (SALT) deduction cap imposed by the Tax