Security Matters: The Evolving Cyber-Threat Landscape

Cyber-security threats have evolved exponentially with the rapid adoption of cloud computing, mobile technology, and remote access. You can help protect your business by staying abreast of the latest emerging threats. For example, a recent scam called "Masquerade" involves hackers infiltrating email networks, impersonating executives and sending fake directives that result in wire fraud.

This scam preys on today's corporate culture in which employees are available 24/7 and typically respond immediately when asked to solve a problem. "Masquerading" targets a weak security link in a typical firm — the CEO or C-level executive email account. The email takeover usually occurs after a network attack.

This is how they work:

The crook - acting as the fake CEO — emails a targeted employee in finance or corporate accounting. The company's employee receives an email from the CEO requesting that money be wired in order to pay for an urgent business-related expense. The emails often look authentic and may include names, wire details, amount and a reason for the request. For instance, the fake CEO might claim to be on a business trip and request immediate funds for a confidential business investment or to make a payment to a vendor. Money is then wired or transmitted through ACH to a bogus account controlled by the thief.

Because of the sender and the urgency associated with the message, security practices are often bypassed or overlooked. The hackers literally "masquerade" as the executive, convincing lower-level employees to schedule fraudulent wire or ACH transfers.

Many cyber-security threats can be countered by properly maintaining computing resources, enforcing effective internal standards for account and online access, and embracing the security measures offered by your financial institution. The foremost line of defense against fraud begins with you and your company.

Preventing fraud is very important — please share this with your manager or senior executive so they can become familiar with "Masquerade" and review our briefing paper.

2014 Florida Minimum Wage Increase

The 2014 minimum wage in Florida is $7.93 per hour, effective January 1, 2014, with a minimum wage of at least $4.91 per hour for tipped employees, in addition to tips.

Six Facts About the American Opportunity Tax Credit

Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009.

Here are six important facts the IRS wants you to know about the new American Opportunity Tax Credit:

1. This credit, which expands and renames the existing Hope Credit, can be claimed for qualified tuition and related expenses that you pay for higher education in 2009 and 2010. Qualified tuition and related expenses include tuition, related fees, books and other required course Materials.
2. The credit is equal to 100 percent of the first $2,000 spent and 25 percent of the next $2,000 per student each year. Therefore, the full $2,500 credit may be available to a taxpayer who pays $4,000 or more in qualifying expenses for an eligible student.
3. The full credit is generally available to eligible taxpayers who make less than $80,000 or $160,000 for married couples filing a joint return. The credit is gradually reduced, however, for taxpayers with incomes above these levels.
4. Forty percent of the credit is refundable, so even those who owe no tax can get up to $1,000 of the credit for each eligible student as cash back.
5. The credit can be claimed for qualified expenses paid for any of the first four years of post-secondary education.

You cannot claim the tuition and fees tax deduction in the same year that you claim the American Opportunity Tax Credit or the Lifetime Learning Credit. You must choose to either take the credit or the deduction, which ever is more beneficial for you.
Complete details on the American Opportunity Tax Credit and other key tax provisions of the Recovery Act are available at the official IRS Web site at IRS.gov/Recovery.