Facing a HIPAA Audit: What to Know

April 27, 2016 by Yeo & Yeo

Early in the history of the Health Insurance Portability and Accountability Act (HIPAA), violations typically involved receiving a warning letter from the Department of Health and Human Services (HHS). It was basically toothless and carried no penalties. In 2009, Congress passed the Health Information Technology for Economic and Clinical Health Act (HITECH), which supplied the government with a range of tools to support enforcement. In short, HIPAA grew fangs.

In 2010, HHS began holding training seminars for state attorneys general on enforcing HIPAA rules. As a result, that year alone saw an increase of 27 percent in the number of HIPAA-related complaint investigations.

Part of what the HITECH Act added to HIPAA was to replace...

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Strictly Speaking: Travel and Entertainment Recordkeeping

March 24, 2016 by Yeo & Yeo

If you're reporting travel and entertainment (T&E) expenses on your tax return and you're audited, there's a good chance an agent will take a hard look at those items.

Often the challenge won't be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS and courts take a strict position on recordkeeping — miss one element and the deduction is most likely to be disallowed.

The Basics

The rules for travel recordkeeping are slightly different from those for entertainment. For travel expenses, you'll need records to support the:

  • Cost of each separate expense for travel, lodging and meals (though incidental expenses may be totaled in reasonable...

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FASB Revenue Recognition Training Webinar

February 3, 2016 by Yeo & Yeo

In 2015, FASB finalized the long-awaited revenue recognition project. This impacts GAAP financial statements for all for-profits and any not-for-profit entities that have exchange transaction revenues (non-contribution revenues.) Non-public companies must adopt the revenue recognition standard for years beginning after December 15, 2018. FASB is still working through implementation questions that have come up and additional guidance is still being issued.

Why the long implementation period? It's simple; many entities will need to make changes in their accounting and other computer systems to properly track and aggregate the data needed to implement these changes.

What should...

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AICPA's Governmental Audit Quality Center Web Event on Preparing for a Single Audit

January 11, 2016 by Yeo & Yeo

Yeo & Yeo is a member of the AICPA's Governmental Audit Quality Center (GAQC). One benefit of our membership is that we are provided the opportunity to participate in periodic continuing professional education (CPE) Web events. Occasionally, due to the nature of certain topics, the GAQC opens its Web events to non-members.    

In January a webinar was held by the GAQC titled, Preparing for a Single Audit: An Auditee Perspective. This web event was intended to assist auditees in the very important role they play in the single audit process under OMB's Uniform Administrative...

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Yeo & Yeo Receives Process Improvement Award for Lean Audit

November 2, 2015 by Yeo & Yeo

Yeo & Yeo CPAs & Business Consultants received the Leading Edge Alliance’s (LEA) prestigious award for Process Improvement, for its Lean Audit Process implementation. The award was announced at the LEA’s 2015 Global Conference held in Miami, Florida. Each year the LEA recognizes accounting firms for their cutting-edge innovations that differentiate LEA members from their competitors.

“It is an honor to be recognized by our peers for implementing a successful Lean Audit process.” said Thomas Hollerback, CEO. “Yeo & Yeo strives to continuously improve processes to strengthen internal efficiencies and the relationships with...

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Expired Tax Provisions: Will Relief Arrive in Time to Plan?

October 26, 2015 by Yeo & Yeo

The fate of 51 tax incentives is in the hands of our legislators in Washington. While some bills are pending in Congress, at this time none has gained enough traction to predict approval of extender legislation before December 31, 2015.

Tax extenders are a broad set of temporary tax breaks that sunset every few years and require a new vote to reinstate them. In December 2014 Congress retroactively extended numerous provisions, but only for 2014. As the end of 2015 rapidly approaches, we still have no clear indication that Congress will once again act to reinstate these tax incentives.

Individual tax...

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