Getting to Know OFAC, the “Blocked List,” and the Importance of Monitoring Cash Transactions

Sep 1, 2008

When auto dealers ask which government agencies’ rules are most important in checking vehicle buyers’ backgrounds, I always put OFAC at the top of the list. OFAC is the acronym for the U.S. Department of the Treasury’s Office of For ...

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Deter-Detect-Defend: How Dealers Can Comply with New FTC Identity Theft Regulations

Sep 1, 2008

Deter-Detect-Defend: How Dealers Can Comply with New FTC Identity Theft Regulations By Ira Silver, CPA (isilver@mbafcpa.com) and Trevor Foo (tfoo@mbafcpa.com) published in Professional Auto News Federal regulators are taking new steps to reduce ident ...

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Financial Institutions Services Advisory - FDIC Second Quarter Results

Aug 27, 2008

The Federal Deposit Insurance Corporation reported on Aug. 26 that the U.S. banking industry’s profits fell 87 percent during this year’s second quarter, largely due to a 341 percent increase in loan loss provisions. In its Quarterly Bank ...

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Tax Services Advisory - Schedule K-1

Aug 11, 2008

The Internal Revenue Service has issued temporary and final rules that reduce the extension period for filing returns from six months to five months for businesses that report information on Schedules K-1 and on similar documents. Effective for exten ...

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Document Archiving 101: What Auto Dealers Need to Know To Keep Financial Information Safe and Secure

Aug 1, 2008

Document Archiving 101: What Auto Dealers Need to Know To Keep Financial Information Safe and Secure By Phil Villegas (pvillegas@mbafcpa.com) published in Professional Auto News For most dealers, understanding the role and importance of document arch ...

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Tax Services Advisory - 2008 Housing Act

Jul 31, 2008

The 2008 Housing Act has important provisions related to state and local property tax deductions, homesale exclusion rules, payment card and third-party information reporting, the alternative minimum tax (AMT) and Real Estate Investment Trusts (REITs ...

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The Foreclosure Dilemma: Information for Banks on Selling vs. Holding Properties

Jul 1, 2008

One of this year’s biggest decisions for many banks is whether to launch a program to sell foreclosures and problem loans or keep holding and restructuring them while clinging to the hope that property values will rebound by early next year. Wh ...

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Banks Could See Benefit from New Federal Rules Relating to Basel II Capital Accords

Jul 1, 2008

Federal banking regulators have issued proposed rules that would give most banks the option to adopt an alternative framework for calculating risk-based capital requirements, based largely on the Standardized Approach set forth in the International B ...

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Management Reviews of SAS70 Reports

Jul 1, 2008

Financial Institutions that utilize Third Party Administrators/ Processors (TPAs) need assurance that the internal controls environment of the TPA meets their needs as part of their vendor management programs. Increasingly, the standards imposed on f ...

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Employee Retention Strategies to Help Dealers Navigate Difficult Economic Times

Jul 1, 2008

Employee Retention Strategies to Help Dealers Navigate Difficult Economic Times By Marc S. Dickler, CPA ( mdickler@mbafcpa.com ) and Phil Villegas (pvillegas@mbafcpa.com) published in Professional Auto News Finding and keeping top employees is always ...

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