Data Security Safeguards Rules Extended to Additional Industries
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Data Security Safeguards Rules Extended to Additional Industries
By Nathaniel C. Gravel, CISA, CISM, CRISC The Graham-Leach-Bliley Act (GLBA), formally recognized as the Financial Modernization Act of 1999, has long served as a regulatory keystone in the United States financial sector. Originally conceived to break down barriers between commercial banks, investment banks, and insurance companies, the Act has undergone several expansions and interpretations
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Right Sizing Your Financial Management Software
By Bill ConstantopoulosGray, Gray & Gray, LLP As your construction business grows and evolves, your needs change. This holds particularly true for financial management systems. If your business started small, you may have initially chosen a software solution appropriate for startups and small businesses. But over time, as your business operations have expanded, you may
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12 Policies & Practices You May Need to Adopt to Be Eligible for Cyber Insurance
By Nathaniel C. Gravel, CISA, CISM, CRISC In today’s digital landscape, cybersecurity is not just an IT issue but a significant business risk. With cyber threats growing more sophisticated, businesses are increasingly turning to cyber insurance as a way to mitigate the financial impacts of cyberattacks and data breaches. However, obtaining cyber insurance isn’t as
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Gray, Gray, & Gray Promotes 12 Team Members
Canton, MA (August 15, 2023): Gray, Gray & Gray, LLP, a business consulting and accounting firm based in Canton, MA, has announced the promotion of 12 team members to new positions: Abigail Cox, MBA has been promoted to Senior Staff Accountant in the Audit & Assurance Department. She is a graduate of the University of
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Got a “Business” Idea? You Might Want to Form a Nonprofit
Do you have an idea for a new venture with social benefits or environmental applications? You can set up as a for-profit entity — such as a C corporation, S corporation or limited liability company — with charitable functions. Or, if your key objectives are more altruistic, you may want to consider an alternative: forming a
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Ins and Outs of Private Foundations
The term “501(c)(3) organization” — which refers to the Internal Revenue Code section governing not-for-profit entities — often is used interchangeably with “public charity.” But not all 501(c)(3) organizations are public charities. Some are private foundations, and they’re subject to different tax rules. Individual and Family Charity A private foundation is a 501(c)(3) organization created by
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Don’t Jeopardize Your Nonprofit’s Tax-Exempt Status
The tax-exempt status of a 501(c)(3) organization is its lifeblood. Without it, most not-for-profits couldn’t obtain the financial and other support they need to fulfill their mission. That’s why you need to protect your exempt status at all costs. 6 Violations Following is a brief overview of six common ways nonprofits’ tax-exempt status can be jeopardized
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Retirement Tax Break Going Away
Some taxpayers who have been playing “catch up” on their retirement savings after age 50 will soon be losing one of the tax breaks they have enjoyed. Starting January 1, 2024, any catch up 401(k) contribution made by a taxpayer earning $145,000 or more during the previous year must be made – after taxes –
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