Lemme, a Division of EPIC

We were honored to host a day packed with informative and collaborative sessions on topics impacting the accounting profession with Chief Risk Leaders and General Counsel from the top accounting firms in the United States and Canada. The day of educational sessions was followed by a fun evening at Guinness Open Gate Brewery Chicago. Thank you to those who were able to join us! #LemmeBestPractices #AccountingBestPractices

Next month, Zina Saeed, Managing Principal of Lemme, has the honor of speaking on a panel at the Professional Liability Defense Forum, discussing emerging trends in Accountants Professional Liability. We are grateful to PLDF for this opportunity! If you work in the field, we highly encourage you to register for the conference. It's a valuable chance to learn, network, and stay up to date on critical developments. Don't miss it! 

The IRS has provided some guidance on 5 signs of incorrect claims for the Employee Retention Credit (ERC) and urges businesses to carefully consider the appropriateness of any ERC they have claimed including the following: 1) Essential businesses during the pandemic that could fully operate and didn’t have a decline in gross receipts. 2) Businesses unable to support how a government order fully or partially suspended business operations. 3) Business reporting family members’ wages as qualified wages. 4) Businesses using wages already used for Paycheck Protection Program (PPP) loan forgiveness. 5) Large employers claiming wages for employees who provided services. See the following link to the IRS news release for more details: https://lnkd.in/ev4iRk8i

The Lemme, a Division of EPIC team is honored to support the 2024 AICPA Major Firms Group Conference in Laguna. Thank you to everyone who has contributed to making this event so informative and engaging.

Following the announcement of CrowdStrike’s outage this morning, it is an optimal time for accounting firm’s to read our “Incident Response Tips and Considerations” provided by EPIC’s National Cyber Team lead by @Kelly Geary. The notice warns of potential threats arising from this outage and provides important tips to assist you in managing your response to this incident or one of a similar nature.

The IRS announces the results of its heightened enforcement efforts directed at millionaires who failed to pay their tax debts. See, https://lnkd.in/eJM-nvMv #accounting #tax #lemmeaccounting #lemmeaccountinggroup #accountingprofessionalliablity #bloombergtax

“While owners of digital assets have always owed tax on the sale or exchange of digital assets, compliant taxpayers have often needed to rely on expensive third-party services to calculate their gains or losses from the sale of digital assets. The final regulations will implement Congress's bipartisan directive to ensure owners of digital assets receive the information they need from brokers to file their taxes more accurately, more easily, and less expensively, and that the IRS has the information needed to address the tax evasion risks posed by digital assets.” See this Accounting Today article for more information. https://lnkd.in/gTy2UpfA

EPIC's Kelly Geary, Esq., CIPP US will be sharing her insights on Sunday, June 23 at LLM x Law Hackathon being held at King's College in Cambridge. In the session, titled "Overcoming the Bias in AI", Kelly will discuss how the use of AI is rapidly expanding in a number of industries into the functions involving human resources personnel decisions and similar contexts. Several employers and universities have reported using AI to review applicants. While this use is internal, it has external consequences. The risk includes legal liabilities that can be based on unintended discrimination based on sex, race or other inappropriate bases. Learn more: https://bit.ly/3VFHaRW #AI #Cybersecurity #RiskManagement #LLM #Law #BiasInAI #PreventLegalLiabilities

Thrilled to share that our esteemed colleagues, Kelly Geary, Esq., CIPP US and Natalia Greene, Esq., CFE, delivered a compelling presentation at the 2024 LEA Global North American Regional Conference in Dallas! Their insights on “The Highlight Reel – Top Risks Faced by Accounting Firms Today” were truly enlightening. Kelly and Natalia appreciated the opportunity to engage with all the impressive accounting firms in attendance! 👏🤝   #LEAGlobal2024 #AccountingRisks #RiskManagement #AccountingFirms #AccountingTrends #FutureOfAccounting #BestPractices

📣 Big News in the Finance World! 📣 “A federal appeals court struck down the Securities and Exchange Commission's rules requiring hedge funds and private equity firms to detail quarterly fees and expenses to investors — a significant setback in the regulator's clampdown on the private-funds industry.” “Writing for the panel, Judge Kurt D. Engelhardt said the SEC ‘exceeded its statutory authority’ by adopting the rule.” “Engelhardt said that, ‘by congressional design, private funds are exempt from federal regulation’ of their internal structures. Plus, he said the 2010 law expanding government oversight of the U.S. financial system is not as permissive as the SEC argued in defending the rule.” See, Accounting Today article at: https://lnkd.in/eyjGZkau #FinanceNews #SECRules #PrivateEquity