Resources for Financial Institutions

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Tax Cuts and Jobs Act for Businesses

We have provided a summary of the Tax Cuts and Jobs Act (the Act) that was recently past.

The Equifax Breach: Steps to Protect Your Family

Approximately 143 million consumers were affected by the recent Equifax data breach. This article addresses how to check if your information is at risk, how to protect yourself, and what to beware of in the future as a result of the breach.

What the New Overtime Rules Mean for You

On May 18, the Department of Labor (DOL) came out with its new final rules, which take effect on December 1, 2016. The rules will significantly raise the salary level used to determine whether employees are eligible for overtime and will affect more than 4 million salaried employees, according to the DOL.

Tax Tip: Save, or Defer, Tax by Carefully Timing Business Income and Expenses

The first step to smart timing is to project your business’s income and expenses for 2015 and 2016. With this information in hand, you can determine the best year-end timing strategy for your business.

EMV Compliance: Are You Ready for the October 1 Deadline?

On October 1, a liability shift goes into effect that may entice businesses to adopt modern "chip" technologies to more effectively combat fraud from counterfeit cards. Here's critical information that merchants and consumers should know about the liability shift going forward.

Proposed DOL Rule May Make Millions More Eligible for Overtime Pay

In his 2015 State of the Union Address last January, President Obama said employees should get the overtime they've earned. He then directed the U.S. Department of Labor (DOL) to review and amend the overtime rules under the Fair Labor Standards Act (FLSA) to make more workers eligible.

AHP Announces Merger with Owosso Firm, Demis & Wenzlick, P.C.

Andrews Hooper Pavlik PLC welcomes seventh office statewide.

Andrews Hooper Pavlik Announces Two Partner Promotions

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotions of Kellie M. Bos, CPA and Carrie L. Hindmon, CPA, CSEP to partner.

IRS Announces Mileage Rates for 2015

The Internal Revenue Service recently issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

2015 Limits for Retirement, Social Security, and HSA’s Announced

The Internal Revenue Service recently announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015.

Shellshock Vulnerability: Businesses Should Continue to Monitor

Various patches have been released to update the Bash interface, however related vulnerabilities continue to be discovered. Businesses should determine if there are any installations of Bash on their network, and whether or not those installations are vulnerable.

Is Your Business Ready for Play-or-Pay?

If you’re a “large” employer, time is running out to prepare for the Affordable Care Act’s (ACA’s) shared responsibility provision, commonly referred to as “play-or-pay.”

New Addendum to the Interagency Policy on Tax Sharing Agreements

Federal banking regulators recently adopted an addendum to the “Interagency Policy Statement on Income Tax Allocation in a Holding Company Structure”, addressing income tax allocation agreements between bank holding companies and insured depository institutions (IDI).

Michigan Minimum Wage Increases to $8.15 Effective September 1, 2014

Michigan's minimum wage is set to increase a total of 25% over the next four years. The increase will take place gradually, with the first increase coming up in September.

Community Banking Advisor: Summer 2014 Edition

Learn more about two cybersecurity threats that loom over financial institutions, weighing in on your borrowers’ working capital levels, and how to avoid these common holding-company reporting errors.

Pension Protection Act (PPA) Restatement Guidance

Although the need to restate a pre-approved prototype plan is mandatory, it offers an excellent opportunity to evaluate your current plan provisions and ensure that your plan still meets your needs and expectations. New plan designs and options may now be available that may better fit your employee group and your personal needs.

Heartbleed Bug Causes Vulnerability

Learn about the Heartbleed bug and what can be done to protect yourself.

Tax Return Fraud Targets Healthcare Professionals

Identity theft and tax refund fraud occurrences are on the rise, specifically those targeting physicians and dentists.

Cloud Computing: What is it all about?

A buzzword in business and IT circles for the past several years, cloud computing continues to grow in popularity.

Payroll Tax Changes for 2014 and Other Matters

2014 updates on payroll taxes, mileage rates, and 1099's.

2014 Pension Limits and Thresholds

A few items to update you on current limits as they relate to your qualified retirement plan.

IRS Announces 2014 Standard Mileage Rates

2014 standard mileage rates for business, medical, and moving purposes.

AHP Celebrates 20 Years in Business

AHP got its start in October 1993 when AHP took over the Ernst & Young offices in the Saginaw and Greater Lansing areas. It was then that Jim Andrews, Mark Hooper, and Kim Pavlik, along with 26 others, started AHP based on a foundation of large firm experience and quality along with attention to service based on close relationships.

COSO’s Internal Control Framework Gets Updated

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) recently updated its Internal Control – Integrated Framework. COSO originally issued the framework in 1992 to address the need for a common approach to implementing and evaluating internal control.

How the New Medicare Tax Impacts Your Involvement in Passive Business Activities

Starting in 2013, enacted as part of the Health Care and Education Reconciliation Act, there is a new 3.8 percent Medicare contribution tax on net investment income (NII). This new tax will raise the stakes for those taxpayers invested in “passive” trades or businesses.

Important IRS Regulation Changes Regarding Tangible Property

On September 19, 2013 the Internal Revenue Service (IRS) finalized tangible property regulations on repair deductions and capitalization of expenditures related to tangible property. These regulations will have a wide range and direct effect on businesses in all industries that acquire, produce, replace, or improve tangible property.

Deadline Approaching for Employers to Provide Notice on Health Insurance Marketplace

Certain employers must provide written notice to employees about health insurance coverage they offer, along with an explanation of the options available through the Marketplace.

Community Banking Advisor Summer 2013

AHP's quarterly newsletter for financial institutions.

Community Banking Advisor Spring 2013

AHP's quarterly newsletter for financial institutions.

IRS Reverses Position on OREO

Over the past several years the IRS has been challenging banks during audits on the deductibility of Other Real Estate Owned (OREO) expenses. The Office of the Chief Counsel for the IRS just released a Memorandum which now supports the banks' position.

Beware of Scam Targeting Corporations in Michigan

Michigan Department of Licensing and Regulatory Affairs (LARA) warns of scam targeting Michigan corporations.

2013 Pension Limits and Thresholds

A few items to update you on current limits as they relate to your qualified retirement plan.

Highlights of the American Taxpayer Relief Act of 2012

Signed on January 2, 2013, by the President, the American Taxpayer Relief Act of 2012 addresses a raise in taxes for higher income households, provides a fix to the Alternative Minimum Tax, and extends a few tax credits. AHP has summarized the key tax provisions of the Act in order to illustrate how it may affect you.

Community Banking Advisor Winter 2013

AHP's quarterly newsletter for financial institutions.

Payroll Tax Changes for 2013 and Other Matters

Read about changes coming up in 2013.

IRS Sets Effective Date for Repair/Capitalization Regulations

Last month, the Internal Revenue Service (IRS) issued Notice 2012-73 regarding the intent of Treasury to issue final regulations in 2013 regarding the deduction and capitalization of expenditures related to tangible property. It is important to become familiar with how these regulations will affect your business.

IRS Increases the Standard Mileage Rate

The standard mileage rate will increase by one cent for 2013.

AHP Announces the Promotion of Laura Ebel to Partner

Andrews Hooper Pavlik PLC (AHP) is proud to announce the promotion of Laura M. (Kloha) Ebel to partner, effective January 1, 2013.

Is Your Organization Zombie-Resilient?

Why should you care about the zombie apocalypse? While the likelihood of a literal zombie attack may be zero, it has obvious advantages as a metaphor for being prepared and surviving a catastrophe.

Community Banking Advisor Fall 2012

AHP's newsletter for financial institutions.

Regulatory Changes Affect More Than Just Compliance

The regulatory changes that will occur over the next 18 months, particularly on the loan side of the financial institution, will be massive.

Income Tax Changes for Businesses in Michigan

An overview of filing requirements, how the tax is calculated, and important dates as they relate to the CIT.

Eliminating Waste in Business Processes

How eliminating waste from your processes helps your business.

Proposed New Rules on Appraisals

The Consumer Financial Protection Bureau has announced proposed changes to Regulation B and to Regulation Z. The Regulation B change will affect all applications for first-lien secured loans on dwellings and, therefore, will have the greatest impact of the two.

The Consumer Financial Protection Bureau Strikes Again

The Consumer Financial Protection Bureau has been busy. This article provides a discussion of the proposed RESPA changes.

Flood Insurance Rule Changes

On July 6, 2012, President Obama signed into law the transportation bill, which included the Biggert-Waters Flood Insurance Reform Act of 2012. Read more...

Community Banking Advisor Summer 2012

AHP's newsletter for financial institutions.

Deposit Insurance Fees: The FDIC Gets a Little Testy

FDIC makes clarifications on deposit insurance fees.

Banking and Lotteries

The Federal Reserve Act, the National Bank Act and the Federal Deposit Insurance Act all have provisions prohibiting a bank from participating in a lottery. Learn more about what this entails.

Right to Rescind for Closed End Loans

A refresher course on the right to rescind for closed end loans

The Basics of Unlimited Federal Deposit Insurance

On January 1, 2010 the Transaction Account Guaranty Program expired, and the unlimited insurance of non-interest bearing deposit accounts provided in Section 343 of Dodd Frank became effective. It in turn expires, unless extended by Congress, on December 31, 2012.

Community Banking Advisor Spring 2012

AHP's newsletter for financial institutions.

The SAFE Act Revisited

Learn about important changes affecting mortgage loan originators (MLO).

Social Media: What a Financial Institution Needs to Know

For a financial institution social media is two things. First it is a method for you to promote your financial institution and its products very inexpensively. Second, it is a way for your customers to very publicly express their opinion of your financial institution and its services.

Here a Risk, There a Risk

Risk assessments are at the core of any effective BSA/AML Program and corresponding examination.

More Than a Warning Shot

On April 18, Ms. Patrice Ficklin, the Assistant Director for the Office of Fair Lending and Equal Opportunity of the Consumer Financial Protection Bureau, posted a blog on the CFPB website entitled “Fair Notice on Fair Lending”. This blog is more than just a warning shot over the bow of the lending industry.

Spring Cleaning with a Sanity Check

There is a lot of confusion about the new rules regarding compensating residential loan officers and just how strictly they will be applied.

Combined RESPA and TIL Disclosures: There is More to the Proposed Changes than Meets the Eye

Some of the biggest changes that the Consumer Financial Protection Bureau (CFPB) is considering have nothing to do with the disclosures themselves, but with the basic definition and calculation of the information that is being disclosed.

Diversity in the Banking Workplace

Under Section 342 of Dodd Frank, each banking regulatory agency is required to establish an Office of Minority and Women Inclusion.

BSA: When are Two Customers One? Aggregating Transactions for CTRs.

Sometimes under the BSA rules a bank must aggregate the cash transactions of two separately incorporated customers for the purpose of CTR reporting if the separate customers have common ownership and a level of joint operations.

Applicants, Consumers, Co-Signers and Co-Borrowers: Those Pesky Definitions

An understanding of the definitions for each regulation is mandatory in order to have a clear understanding of the regulation itself and a compliant result.

Suspicious Activity Reporting: When Does an Activity Become Suspicious?

Identifying a suspicious activity can be difficult because what is considered suspicious is subjective.

Mobile Devices in Business

Using mobile devices for business purposes.

Two Old Issues Revisited

An important update for financial institutions regarding overdraft fees and residential loan officer compensation.

Review Your Junior Lien Portfolio for Allowance for Loan and Lease Loss

On January 31, the regulatory agencies issued an Interagency Supervisory Guidance on Allowance for Loan and Lease Loss Estimation Practices for Loans and Lines of Credit Secured by Junior Liens on 1-4 Family Residential Properties.

Community Banking Advisor Winter 2012

AHP's newsletter for financial institutions.

Fraud Risk Prevention

Learn how to prevent fraud within your business.

Defining and Managing Risk

Is your organization at risk? This article can help you determine the answer to this question.

Information Security Risks Affect All Organizations

Is your system secure?

The Lending Environment and Its Effect on Your Business

Will you qualify for a loan when you need it? This article will help you prepare!

Financial Statements: An Opportunity to Tell Your Story

These tips can help you build effective financial statements!

To Deduct or Not to Deduct…That is the Question

Determining which business travel expenses qualify for deductions can be challenging. Applying a few simple principles can assist you in clarifying a somewhat foggy subject.

Resource Links See All Links

Community Bankers of Michigan - CBM (Formerly MACB)

Michigan Bankers Association - MBA

Banking CPAs

Office of Thrift Supervision - OTS

Federal Government

State of Michigan

Internal Revenue Service

Federal Deposit Insurance Corporation - FDIC

Office of Comptroller of the Currency - OCC