Lemme, a Division of EPIC

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

In a recent Law360 article regarding its interview of SEC Enforcement Director, “ 📣 [Gurbir] Grewal said that when firms facing enforcement actions haven’t voluntarily alerted the SEC to the misconduct at hand, it’s more difficult for the Division of Enforcement to recommend a no-penalty resolution to the commission, which ultimately decides whether to bring an enforcement action.” This underscores the importance of transparency and proactive communication in the face of potential enforcement actions. Discover more here: https://lnkd.in/ddfazE9h #SEC #Enforcement #Transparency #CorporateGovernance

In the light of recent developments, “[N]ew US rules around the disclosure of data breaches are heaping more pressure on information security chiefs.” It’s a challenging landscape, but there’s expert advice available on how to navigate it. Stay ahead of the curve and informed: https://lnkd.in/d5meGsfc #CyberSecurity #DataBreach #InfoSec

We are proud to sponsor the ALI CLE Accountants’ Liability Conference in Washington D.C. on May 16-17, 2024. Our dynamic duo, Cathy Kuehl, RPLU and Zina Saeed, Managing Principals of Lemme’s Accounting Firm Practice Group, will be there. Don’t miss the chance to connect with them! 🤝 #ALICLE #AccountingConference #Accountants #Insurance #Riskmanagement

This article provides a helpful guide on how to respond to a subpoena. Learn more here: https://lnkd.in/dHJHbJmT #Subpoena #LegalGuide #Nonprofits