Alert – Health Reimbursement Arrangements Subject to Severe Penalties Under the Affordable Care Act

The Internal Revenue Service (IRS) has issued guidance indicating that health reimbursement arrangements (HRAs) that do not comply with the Affordable Care Act (ACA) are subject to severe penalties. The IRS issued Notice 2013-54 (, offering guidance on the effect of the ACA on certain health care arrangements. Although the guidance also addresses flexible spending … Read more

Alert – Final Tangible Property Regulations Require Filing Application for Change in Accounting Method for 2014 Tax Year

Since the time this Alert was written, the AICPA has announced that the IRS and Treasury are considering the AICPA’s recommendations to provide relief from the reporting requirements related to the repair regulations. The AICPA stated that it is “hopeful” that the IRS and Treasury “will release some form of relief for small businesses in … Read more

Impact #103 – Addressing the ‘Weakest Link’ in Cybersecurity

Cybersecurity issues continue to ramp up and are now being discussed by Congressional leaders and President Obama with an eye toward encouraging more cooperation between private sector companies and public sector agencies. The director of the Federal Bureau of Investigation, James Comey, has also weighed in on the issues. Some of his recent comments compared … Read more

Impact #103 – SSARS No. 21 Webcasts

As you may know, SSARS No. 21 is effective for engagements on financial statements for periods ending on or after December 15, 2015, but early implementation is permitted. CAMICO offers its policyholders SSARS No. 21-compliant engagement letters that are available on the Members-Only Site under the Engagement Letter Resource Center. In addition, CAMICO has made … Read more

Impact #103 – CAMICO Policyholder Social Media Survey

Be Among the 25 Respondents to Receive a $10 e-Gift Card More CPAs are adopting social media as a useful and easy way to stay connected with their profession. Social networking sites such as Twitter, Facebook, LinkedIn and YouTube are growing in popularity among CPAs as a way to keep up to date with … Read more