Connect with BRC |  View our profile on LinkedIn Follow us on Twitter Like us on Facebook
In This Issue
In a past newsletter issue, we advised you to be on the alert for any phone calls and emails received by criminals impersonating IRS agents seeking your personal information. Unfortunately, these scams have continued to increase dramatically.

The IRS stresses, "The real IRS will not:
  • Initiate contact with you by phone, email, text or social media to ask for your personal or financial information.
  • Call you and demand immediate payment. The IRS will not call about taxes you owe without first mailing you a bill.
  • Require that you pay your taxes a certain way. For example, telling you to pay with a prepaid debit card."

Find out more about how you can stay vigilant against bogus IRS phone calls and emails on the IRS website.


Noteworthy Links
Companies Implementing Revenue Recognition are Finding Big Challenges
Cyber Concerns Show No Signs of Cooling Off, Former US Homeland Security Chief Says
What Employers Need to Know About Unpaid Internships
Proposed CPE Standards Update would Permit New Modes of Learning
The Power of a 5-Item To- Do List
Your BRC Team
Marjorie Loflin, Staff Accountant, shares a quote that emphasizes the importance of keeping a positive attitude and high expectations:
"Business opportunities are like buses., there's always another one coming." - Richard Branson

May 29, 2015 
U.S. Supreme Court Ruling
High Court Ruling Hands 401(k) Investors a Victory
by Dan Hayes, CPA, Partner 
A recent ruling of the U.S. Supreme Court (Tibbles v. Edison International) could make it easier for employees to sue when they feel their employers are not continuing to manage their 401(k) retirement plans with "care, skill, prudence and diligence". This case has set a precedent for plan participants who contend that they are being offered investment options with excessive fees that erode their retirement savings.

The high court found that fiduciaries have an ongoing duty to monitor and review investments. Read more.
ACA Update
What Do "Revitalize", "Living Well", "Positive Pulse" and "The Time of Your Life" All Have in Common?
by Tracey Flynn Martin, CPA, Partner 

All are catchy names for the newest emphasis on keeping employees healthy and lowering health system costs - employer sponsored wellness programs.
The IRS and ERISA have long held that group health plans and health insurance issuers in the group marketplace are generally prohibited from discriminating against participants based on a health factor. With the Affordable Care Act (ACA) came a new emphasis on employee wellness programs and an exception to the discrimination prohibition; allowing premium discounts, rebates or modification of cost sharing arrangements (copayments, deductibles or coinsurance) in return for adherence to certain employee wellness programs that emphasize health promotion and disease prevention. Read more.
Forward Thinking
Management Training - A Pay Now or Pay Later Proposition
by Marsha Kunz, Director of Human Resources

As the labor market tightens, it is more important than ever to train and develop your best employees. Companies that have the reputation for properly training their employees, for growth opportunities within, are able to draw top talent. However, just because someone has a degree or equivalent experience in their profession does not mean they have the tools they need as they are promoted to management positions. Consider this research performed by McKinsey & Company.

Whether a pharmacist, machinist, customer service representative or an accountant, education or on-the-job experience may not have readied them to move from a peer role to a management role. As you evaluate your company's training, ask if you are also offering soft skills training - the training that is necessary to move up and be effective as a supervisor/manager. Such soft skills include: Read more.
Save the Date!

BRC Financial Symposium - 

3rd Annual


We hope to see you again this year! Want more coverage of a certain topic or issue? Interested in hearing from someone specific at BRC or in the community? We want to know. - Paula McMillan, Director of Marketing & Practice Development ([email protected] / 336.232.4422)



Bernard Robinson & Company | (336) 294-4494 | [email protected] |
1501 Highwoods Blvd, Ste 300
Greensboro, NC 27410
BRC Strategy is designed to provide information of a general nature and is not intended as a substitute for professional consultation and advice.  The opinions and interpretations expressed should not be construed or used as legal or tax advice, written or otherwise, and cannot be used for the purpose of avoiding any penalties that may be imposed under federal, state or local law.