Although controls can never guarantee with absolute certainty that fraud will not occur, properly designed internal controls that operate effectively can help mitigate the effects of fraud and demonstrate to regulators, shareholders, and stakeholders that management is taking the proactive steps necessary to manage risk in an ever more complex global economy.
Election Day will be here before you know it. Both presidential hopefuls Donald Trump and Hillary Clinton have already disclosed some major changes they would like to make to our current tax system including tax brackets, estate tax and investment income.
The US levies one of the lowest property purchase taxes in the world on prime real estate, charging on average 0.6 percent, or $6,000, in tax on a property purchase of $1 million, reveals a new study by UHY, a leading international accounting and consultancy network.
This is far lower than the global average of 3.3 percent ($33,038) for properties worth $1 million.
UHY says that by keeping taxes in this price bracket low, governments can encourage labor market mobility of senior executives and valuable overseas investment from High Net Worth individuals, although they also risk losing out on an attractive source of revenue.
UHY Advisors convened a roundtable discussion among financial services industry professionals on Thursday, June 16th to explore the implications and causes of recent cyber bank heists. The roundtable, “Lessons Learned from Cyber Bank Heists,” launched UHY’s Financial Services Roundtable series and included compliance, risk management, internal audit, and technology managers from some of the world’s largest banks and financial services firms.
Mass shootings that make headlines similar to what we saw as a result of the Orlando tragedy not only generate a nation-wide flood of donations for the victims and their families, but also a spike in scamming activities including attempts to gain money or private taxpayer information.
As part of the Affordable Care Act (ACA), one of the many excise taxes imposed by this act is again quickly approaching. The Patient-Centered Outcomes Research Institute (PCORI) fee is an excise tax imposed on health insurance issuers and plan sponsors of self-insured health plans effective for plan years ending on or after Oct. 1, 2012. The fee is calculated at $2.08 per covered life for plan years ending after Oct. 1, 2014 but before Oct. 1, 2015 and increases to $2.17 per covered life for those plan years ending on or after Oct. 1, 2015 and before Oct. 1, 2016. This fee is due by July 31 each year with increases corresponding to the medical inflation rate all the way through the 2019 plan year.