We have had some clients reach out to us, concerned about the Equifax Data Breach. Millions of Americans have been affected, and there are some things you can do to protect yourself. Look for the Market Update below for important information.
The FBI employs more than 2000 accountants.
Market Update – Equifax Data Breach
If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in the Equifax data breach, one of the nation’s three major credit reporting agencies.
Here are the facts, according to Equifax. The breach lasted from mid-May through July. The hackers accessed people’s names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. They also stole credit card numbers for about 209,000 people and dispute documents with personal identifying information for about 182,000 people. And they grabbed personal information of people in the UK and Canada too.
Payroll Update – Employees Misclassified as Contractors
The debate over the misclassification of employees — treating them as independent contractors instead of employees — pervades the modern fissured workplace. It certainly proved a recurring theme during my time as President Obama’s Administrator of the U.S. Department of Labor’s Wage and Hour Division. Week after week, it seemed, I was witness to an investigation from our district offices involving the incorrect classification of all types of workers: janitors, home health aides, drywall workers, cable installers, cooks, port truck drivers, and loading dock workers in distribution centers.
Accounting Update – Types of Businesses You Can Start with Almost No Cash
If you’re like millions of Americans, you dream of starting your own business. But of course, there are dozens of obstacles that may keep you from actually doing that. You might not have enough motivation, for example, or time to actually see the work through; or you might not even have a solid idea to begin with — yet.
But where most people get stopped cold is their realization that it takes money to start a business — money they don’t have.
Still, consider: There are loans, grants, and other fundraising options, like crowdfunding, available to get you what you need; so money is not a good excuse not to start a business. And, beyond that, there are certain types of businesses you can start with almost no cash.
HR Update – Are You Prepared for an I-9 Compliance Audit?
Companies need to stay on top of I-9 compliance, especially after the recent release of a new version of the form in an atmosphere of increased enforcement.
Employers are required to use the new version of the Form I-9 (dated 07/17/17) beginning Sept. 18.
The U.S. Department of Homeland Security’s Immigration and Customs Enforcement (ICE) can examine your organization’s records at will, so it is good practice to undergo regular I-9 compliance audits biannually.
These tips and cautionary tales will help prepare you for an I-9 inspection so that your company can avoid suffering a penalty from the federal government.