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Category: Financial Institution Industry

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2021 Annual Report to Congress Released by IRS Taxpayer Advocate Office

By: Sara Jacobi, CPA CEPA Director Still waiting for your 2021 Federal tax refund? Tried calling the IRS, only to wait on hold for two hours without talking to anyone? Sent correspondence to the IRS to resolve a notice, only to continue to receive collection notices? If one or more of these items apply to […]

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Columbus CEO Talks Cybersecurity and Data Management with Blue & Co.

The following article was made available and moderated by Ray Paprocki, publisher and general manager at Columbus CEO. In this article, Ray interviews Tom Skoog, the Cybersecurity and Data Management practice leader at Blue & Co., LLC. Columbus CEO Virtual Roundtable: Cybersecurity The U.S. government recently blamed the Russians for a major hack of federal […]

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Blue & Co. December 2020 Webinars

It’s webinar season at Blue & Co., LLC.! Check out all of our upcoming events for the week of December, 14. Monday, December 14 Panel Discussion Regarding Paycheck Protection Program (PPP) Webinar – Free to attend On Monday, December 14 from noon – 1 p.m. EST, Blue & Co., LLC will be hosting a panel […]

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Managing Cash Flow Through Uncertainty

Cash flow management is a critical exercise during uncertain times like these and one that is top of mind for every business owner.  It involves managing every aspect of the business that can have an effect on cash inflows or outflows, including focusing on accelerating inflows, prioritizing spending, and overall allocation of valuable resources. Where […]

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Can your organization support a Work From Home or Remote Work Contingency Plan?

As the uncertainty of the impacts of COVID-19 (coronavirus) continues, many organizations are considering Work From Home (WFH) or remote work contingency plans or reevaluating WFH plans already in existence. While few companies have yet to implement this contingency as a mandatory requirement for employees, the potential for the enactment of these plans has never […]

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Model Risk in Financial Institutions

Management of community financial institutions continue to place even more reliance on models to help guide the decision-making process across all operational activities. With this increased reliance on models, there is a directionally consistent increase in the risk associated with the use of models. Managing risks is the fundamental basis of financial institutions, and in […]

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The State Of Money Service Businesses (MSB)

Resources [ Hot Topic] THE STATE OF MONEY SERVICE BUSINESSES (MSB) More Trouble Than They Should Be Whitepaper by Connie Krebs, Blue & Co., LLC Since 2012, the IRS has utilized their Small Business/Self-Employed Division (IRS SB/SE) staff to examine registered businesses for their Bank Secrecy Act (BSA) policy and procedures. This division has been […]

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Wire Transfer Fraud, It Could Happen To You Or Your Bank

Wire Transfer Fraud is one of the most creative avenues for robbing your bank. It is faceless, quick, and damaging to the bank’s reputation. The act itself will not harm your staff with a standoff, but it can blemish your customer’s trust. Criminals find it very easy to tap into these sources. They skillfully plan […]

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indiana sales tax

New Indiana Sales Tax Rule for Not-For-Profits – Sales Tax Collection & Filing Threshold Increased

By Cory Schunemann, CPA, Manager at Blue & Co. Indiana’s 2023 Senate Enrolled Act (SEA) 417 made another change to the sales tax collection requirements for not-for-profits after 2022’s SEA 382. Not-for-profits with taxable retail sales in excess of $100,000 in the current or prior year are now required to collect and remit sales tax. […]

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Clipboard with paper that reads Employee Retention Credit | IRS Orders Immediate Stop to New Employee Retention Credit Processing – What You Need to Know | What You Need to Know About ERC

IRS Orders Immediate Stop to New Employee Retention Credit Processing – What You Need to Know

By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. On Thursday, Sept. 14, the IRS announced a moratorium on processing of new Employee Retention Credit (“ERC”) claims through at least December 31, 2023. This decision is in response to a flood of questionable claims and trusted tax advisors expressing a slew of concerns […]

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Changes to Medicare Bad Debt and S-10 Template Effective this Month

The new Medicare Bad Debt template (Exhibit 2A) and S-10 template (Exhibit 3B and 3C) have been finalized by Medicare and are now required for cost reporting periods ending on or after September 30, 2023. This deadline is quickly approaching, and Blue & Co. wants to be sure you are prepared. If you are feeling […]

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