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Author Archives: Cynthia Marcotte Stamer
Lead Right
Posted in Board of Directors, CEO, CFO, Internal Controls, Leadership, Performance Management, Reengineering, Risk Management, Teaming, Uncategorized
Tagged Leadership, management
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Leadership: Actions Not Talk
See how real Servant-Leadership happens here.
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Leaders Make The Tough Decisions
Learn to plan and execute decisions to promote success and preserve resilience.
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CG TechNology Nailed For $12M For Bank Secrecy Act Money Laundering Violations
The $12 million FinCEN civil money penalty (CMP) imposed against CG Technology, L.P., doing business as Cantor Gaming, reminds gaming and other U.S. regulated businesses of the importance of maintaining and administering appropriate policies and practices to comply with the anti-money laundering … Continue reading
Posted in Board of Directors, CEO, CFO, Compliance, Data Security, Director Liability, Director Liabiloity, E&O, Risk Management, Uncategorized
Tagged bank secrecy act, Corporate Compliance, Corporate Governance, Federal Sentencing Guidelines, Foreign Corrupt Practices Act, money laundering, patriot act
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Data Breach & Cyber Securities & Investor Risk Management
Corporations and their leaders to add reviewing prospectus and investor cyber security and data breach disclosures to their data breach and cyber security risk management and response to do lists help guard against post event shareholder claims and regulator investigations. … Continue reading
Posted in Board of Directors, CEO, CFO, Compliance, D&O, Data Security, Director Liability, Director Liabiloity, E&O, Employee Benefits, Employment, Fiduciary Responsibility, Fraud, Internal Controls, Officers, Officers Liability, Risk Management, Shareholder Liability, Turnaround Management, Uncategorized
Tagged Fiduciary Liability, Officers and Directors Liability, Securities, Shareholder, Shareholder Derivative Claims
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Evolving Rules Mean Execs & Employers Should Review Executive Comp
New SEC executive pay transparency IRS tax rules are the latest in a series of evolving executive pay and deferred compensation rules mean employers and executives can’t afford to assume their or their consultants’ or executives’ historical executive compensation, severance, … Continue reading
Posted in Uncategorized
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U.S. Businesses & Their Leaders Face Rising FLSA Collective Action Liabiity Risks
Business leaders should take immediate steps to tighten the Fair Labor Standards Act (FLSA) compliance and risk management of their organizations to reduce their personal exposure, as well as their businesses’ exposure to wage and hour, overtime or other FLSA … Continue reading
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Hone Workforce Management By Making Your HR The “Performance Department”
Want to get your hr function to better support your business? You might want to start by replacing your “People Department” with a “Performance Department.” Continue reading
Posted in Bankruptcy, CEO, CFO, Compliance, Performance Management, Reengineering, Teaming, Workforce Management
Tagged Benefits, compensation, Employee, Employer, management, Performance Management, Workforce
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10 Practical Pointers To Use Law To Better Strengthen The Legal Defensibility Of Your Business & Its Leaders
Businesses and their leaders struggling to managing the ever-changing and constantly growing regulatory and other legal risks inherent in operating a business in today’s litigation and enforcement-charged environment often miss invaluable opportunities by failing to take certain basic steps that strengthen their liability defenses and the effectiveness of their risk management and compliance efforts.
While each organization and leader needs to carefully tailor its organizational risk management and compliance programs to meet the unique needs and challenges of its operations, all risk management and compliance efforts generally should incorporate and operate on at least each of the following 10 Corporate Governance processes:
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Posted in Bankruptcy, Board of Directors, CEO, CFO, Compliance, D&O, Data Security, Deferred Compensation Plans, Director Liability, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Fraud, Health Plans, Internal Controls, Labor Relations, M&A, Officers Liability, Privacy, Reductions In Force, Reengineering, Retirement Plans, Risk Management, Shareholder Liability, Stock Plans, Tax, Turnaround Management
Tagged Attorney-Client Privilege, Board of Directors, CEO, CFO, Compliance, Compliance Plan, Corporate Compliance, Corporate Governance, Fiduciary Liability, General Counsel, Internal Control, Risk, Risk Management
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Health Plan Sponsoring Employers, Insurers & Administrators Confirm Out-Of-Pocket Limits & Practices Up-To-Date
Health plan sponsorship carries big costs and big liability risks if not properly handled. Many businesses already face potentially huge excise taxes because their health plans violated health care reform or other federal mandates. Paying these bills will be particularly … Continue reading
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Heads Up On New & Proposed IRS Partnership Rule Changes
Partners, Partnerships & Advisors, check out new final and proposed partnership tax rules about determining distributive shares when partner’s interest changes and allocable cash basis and tied partnership items. Continue reading
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Prompt Business Action Needed To Mitigate Post-King Employer Health Benefit Costs & Liabilities
With the Obama Administration construing the United States Supreme Court’s King v. Burwell decision as a green light for its full implementation and enforcement of the Patient Protection & Affordable Care Act (ACA), U.S. businesses should brace for both increases…
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Texas Employers Top Target For EEOC Charges
Texas employers lead the list of employers that should act to tighten their employment discrimination compliance and risk management to prepare for heightened likelihood of charges, litigation and other enforcement. Texas employers remain the most frequent target of discrimination charges,…
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Health Plans, Their Sponsors and Others Urged To Act Promptly In Response To Premera, Anthem & Other Large Breach Reports
The breaking news here today of a data breach at Premera Blue Cross following on the heals of the recent announcements of large scale data breaches at Anthem, is another reminder that that employers and other health plan sponsors, fiduciaries, insurers specifically, and U.S. businesses need to take immediate steps to assess and tighten up their privacy, data security and data breach compliance and risk management. Health plans and their employers, administrators, insurers, and other vendors and service providers need to take immediate steps to conduct documented investigations, provide mandated breach notifications and take other actions that the Privacy, Security & Breach Notification Rules imposed by the Health Insurance Portability & Accountability Act and other potentially applicable laws. Depending on the scope of data impacted and their involvement with the impacted plans, employer or other plan sponsors, fiduciaries, administrators and service providers also may be subject additional responsibilities under the fiduciary responsibility requirements of the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code, and a host of other laws. Insurance industry or other vendors providing services to these plans also may face specific responsibilities under applicable insurance, health care, federal or state identity theft, privacy or data security, or other federal or state laws.
The need for prompt assessment and action is not necessarily limited to health plans and organizations sponsoring, administering or doing business with the plans involved in the Premera or Anthem breaches. The report of these and other health plan breaches, as well recent reports of identity theft and other fraud impacting federal tax returns and other large data breach reports involving retailers and other prominent businesses are spurring recognition of the large risks and need for greater scrutiny and accountability to business collection, use, and protection of sensitive personal and other data.
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Posted in Uncategorized
Tagged anthem, data breach, Data security, FACTA, finra, Gramm Leech, HIPAA, premera
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IRS Guidance On Section 1446 Withholding Tax On Foreign Individual Partners Released
The Internal Revenue Service is publish a clarifying correction to fix potentially misleading information in its final regulations for reporting and withholding of foreign income by foreign financial institutions for 2014. As corrected, the correction with provide, “With respect to … Continue reading
Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax
Tagged CFO, Compliance, fianance, Fiduciary Liability, Fiduciary Responsibility, health care reform, health insurance, health plans, Human Resources, Officers & Directors, risk managmenet
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Money Services Business Pays $45K CMP For Violating BSA Reporting Requirements
Mian, Inc., doing business as Tower Package Store, a money services business (MSB) is learning an expensive of the risks of failing to report cash transactions and other anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). It’s paying … Continue reading
Posted in Bankruptcy, CEO, D&O, Director Liabiloity, Employment, Fiduciary Responsibility, Fraud, Internal Controls, M&A, Officers, Reengineering, Shareholder Liability, Tax, Uncategorized
Tagged Compliance, directors liability, Employer, employment, facebook, Federal Sentencing Guidelines, Internal Controls, labor law, linkedin, NLRB, officers liability, Risk Management, Sarbanes-Oxley, social media, Sox, unfair labor practices, union
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FFI List Search and Download Tool Added To FATCA Website
The FFI List Search and Download Tool located on the FATCA Website is now available. Use the Search and Download Tool to find out if a Foreign Financial Institution (FFI) has registered. Download an entire list of Financial Institutions or … Continue reading
Posted in Bankruptcy, CEO, D&O, Director Liabiloity, Employment, Fiduciary Responsibility, Fraud, Internal Controls, M&A, Officers, Reengineering, Shareholder Liability, Tax, Uncategorized
Tagged Compliance, directors liability, Employer, employment, facebook, Federal Sentencing Guidelines, Internal Controls, labor law, linkedin, NLRB, officers liability, Risk Management, Sarbanes-Oxley, social media, Sox, unfair labor practices, union
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June 16 Deadline Nears for Taxpayers Living Abroad; June 4 IRS Webinar Can Help Those Reporting Foreign Accounts
Taxpayers abroad qualifying for an automatic two-month extension must file their 2013 federal income tax returns by Monday, June 16, according to the Internal Revenue Service. The June 16 deadline applies to U.S. citizens and resident aliens living overseas, or … Continue reading
Posted in Bankruptcy, CEO, D&O, Director Liabiloity, Employment, Fiduciary Responsibility, Fraud, Internal Controls, M&A, Officers, Reengineering, Shareholder Liability, Tax, Uncategorized
Tagged Compliance, directors liability, Employer, employment, facebook, Federal Sentencing Guidelines, Internal Controls, labor law, linkedin, NLRB, officers liability, Risk Management, Sarbanes-Oxley, social media, Sox, unfair labor practices, union
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IRS Releases Stats on Taxpayers Earning More Than $200K
The Internal Revenue Service today announced the spring 2014 issue of the Statistics of Income Bulletin is now available, featuring information on high-income individual income tax returns filed for tax year 2011. The Spring 2014 Statistics of Income Bulletin just … Continue reading
Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax
Tagged high income taxpayers
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J.P. Morgan Chase Hit For $461M For Madoff-Related Bank Secrecy Act Violations
The Financial Crimes Enforcement Network (FinCEN) today fined J.P. Morgan Chase Bank, N.A. $461 million for willfully violating the Bank Secrecy Act (BSA) by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion dollar fraudulent investment … Continue reading
Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax
Tagged 501(c)(3), bank secrecy act, CFO, Compliance, corporate tax, FATCA, fianance, Fiduciary Liability, Fiduciary Responsibility, financial crimes, FinCEN, fraud, health care reform, health insurance, health plans, Human Resources, International, investment fraud, money laundering, Officers & Directors, patriot act, risk managmenet, Tax Exemption
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IRS Shares Procedures To Seek Tax-Exemption Reinstatement For Non-Filers
Tax-exempt organizations that fail to file required returns on a timely basis risk losing their tax exemption under Section 6033(j) of the Internal Revenue Code (Code). Revenue Procedure 2014-11 provides potential opportunities for reinstatement through timely and appropriate action. It … Continue reading
Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax
Tagged 501(c)(3), CFO, Compliance, corporate tax, FATCA, fianance, Fiduciary Liability, Fiduciary Responsibility, health care reform, health insurance, health plans, Human Resources, International, Officers & Directors, risk managmenet, Tax Exemption
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IRS Reminds Financial Institutions About Foreign Account Reporting Requirements
Financial institutions creating accounts and entering registration information on the Internal Revenue Service (IRS) FATCA registration website about certain steps that they will need to take on or after January 1, 2014 — as originally announced in IRS Notice 2013-43. Announcement 2014-1 reminds financial institutions to act to meet the requirements and also provides general information concerning anticipated publication dates of final qualified intermediary (QI), withholding foreign partnership (WP), and withholding foreign trust agreements (WT). Continue reading
Posted in CEO, Director Liabiloity, Employee Benefits, Employment, Fiduciary Responsibility, Health Plans, Tax
Tagged CFO, Compliance, corporate tax, FATCA, fianance, Fiduciary Liability, Fiduciary Responsibility, health care reform, health insurance, health plans, Human Resources, International, Officers & Directors, risk managmenet
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Legislation Proposes To Change Obama Care Full-Time Employee Definition
Businesses and workers concerned that the definition of “full-time” employment as 30 hours per week in the “pay-or-play” penalties of the Patient Protection and Affordable Care Act (commonly referred to by the public as “Obamacare”) is hurting American workers may…
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Self-Dealing Or Other Mishandling of Employee Benefit Plan Funds Risky For Fiduciaries & Those Appointing Them
New litigation against the former trustee and former investment service provider of four pension plans reminds employer or other employee benefit plan sponsors, business owners or management, investment advisors and others serving as fiduciaries or advisors of employee benefit plans…
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Id & Manage Hidden Employee Benefit Exposures In Business Insolvency Or Other Transactions
The June 4, 2013 announcement of the Employee Benefit Security Administration (EBSA) provides a timely reminder to businesses sponsoring employee benefit plans, their owners and management, plan fiduciaries, banks, administrative service providers and other plan vendors, employee benefit plan and…
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Justice Department ADA, Fair Housing Disability Discrimination Settlement with Design Professionals Highlights Growing Disability Discrimination Exposures
A settlement announced May 16, 2013 reminds U.S. housing and other businesses of their growing exposure to disability discrimination claims. Justice Department Nails Architects & Engineers For Disability Discrimination On May 16, 2013, the Justice Department announced a $865,000 settlement … Continue reading
Update ESOPs For New Investment Diversification Guidance
Fiduciaries, administrators, sponsors, advisors, trustees and others with involvement or responsibility for Employee Stoc Option Plans(ESOPs) should review these rules and ensure that appropriate steps are taken to update their plan terms and practices to comply with new rules scheduled to be published in the Internal Revenue Bulletin on May 13, 2013 by the Internal Revenue Service concerning investment diversification.
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Posted in CEO, D&O, Deferred Compensation Plans, Director Liabiloity, Employee Benefits, Employment, ESOP, Health Plans, Internal Controls, Officers, Reengineering, Retirement Plans, Stock Plans, Tax
Tagged company stoc, Deferred compensation, diversification, ESOP, investment, Retirement Plan, Risk Management, stock
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Justice Department Charges Employer, Pension Plan With Violating USERRA Reemployment Rights
The Justice Department’s announcement today of its filing of a lawsuit charging County Employees’ and Officers’ Annuity and Benefit Fund of Cook County (Cook Pension Plan) and Cook County with willfully violating the Uniformed Services Employment and Reemployment Rights Act…
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Cynthia Marcotte Stamer
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