News
The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
ACA Information Reporting Penalties Increased for Returns Filed in 2025
April 12, 2024
IRS Revenue Procedure 2023-34 includes updated penalty amounts that may apply to reporting entities that fail to comply with the Affordable Care Act’s (ACA) requirements under Internal Revenue Code Sections 6055 and 6056. The increased amounts apply to 2024 information returns and individual statements that are required to be filed and furnished in 2025. General…
Read MoreFrom the Desk of Richard Ollis – April 2024
April 3, 2024
As the insurance industry grapples with weather volatility, increasing litigation, and cost to replace property, we’ve recently seen several insurance companies be downgraded by financial rating agencies. An insurance company credit rating indicates an insurance company’s solvency, financial strength, and ability to pay policyholder claims. As an independent insurance agency, we are very selective about…
Read More5 Common Cybersecurity Myths Debunked
March 24, 2024
Cybersecurity consists of strategies implemented to help protect organizations from cyberattacks and related losses. Such defense has become increasingly important as businesses of all sizes and sectors expand their reliance on technology and other digital services. Yet, there are several misconceptions about cybersecurity that diminish the value of effective mitigation strategies and may leave organizations…
Read MoreWhite House Cancels $1.2 Billion in Student Debt for More Than 150,000 Borrowers
March 17, 2024
On Feb. 21, 2024, President Joe Biden approved $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in Saving on a Valuable Education (SAVE) repayment plans, lowering their financial burden. Originally planned for July, this approval relieves borrowers almost six months early. The SAVE plan is an income-driven repayment plan that bases…
Read MoreTrucking Industry Trends to Watch in 2024
March 12, 2024
Trucking industry conditions are constantly evolving, and businesses in the truck transportation subsector need to be aware of the changing landscape to maintain operational success. This year, trends that could impact the industry include economic challenges, driver shortages, social inflation contributing to rising commercial auto insurance rates, and utilizing electronic vehicles (EVs) in compliance with…
Read MoreDOL’s FAQs on the PUMP Act for Retail and Restaurant Industries
March 3, 2024
As of Dec. 29, 2022, the Providing Urgent Maternal Protections for Nursing Mothers (PUMP) Act expands existing requirements under the Fair Labor Standards Act (FLSA) for employers to provide break time and a private place, other than a bathroom, for employees to express breast milk. Under the PUMP Act, these requirements now apply to almost…
Read MoreMistaken HSA Distributions
February 29, 2024
Health savings accounts (HSAs) have become integral to many employers’ benefits packages, as they offer employees a valuable tool for managing health care expenses while enjoying tax advantages. However, administering HSAs is more than just facilitating contributions. It also requires understanding and involves addressing mistakes with distributions that employees may encounter. This article explores the…
Read MoreCyber Liability – Managed Detection and Response Explained
February 24, 2024
The cyber risk landscape is in a state of constant evolution, with cybercriminals quick to exploit emerging technologies for malicious purposes. In response, businesses are exploring innovative methods to detect and prevent these attacks. One such option is a managed detection and response (MDR) service, which combines technology and human expertise to monitor and address…
Read MoreCyber Update – Deepfake Scammers Con Company Out of Over $25 Million
February 10, 2024
At a briefing on Friday, Feb. 2, 2024, Hong Kong police revealed that a recent cyber incident involving deepfake technology resulted in a finance professional at a multinational firm being manipulated into wiring more than $25 million in company funds to fraudsters. This event showcased the widespread damage that can be caused by deepfakes, which…
Read MoreAshlae Cook – ESOP Interview Spotlight
February 2, 2024
1. Why is being in an ESOP important to you? I believe this is important as it redirects my mindset of who I work for and why. My drive is to always do my best, but I think this re-energizes my work ethic as my success and the success of my team directly affects the…
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