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Is It Really The IRS Contacting You?

Is It Really The IRS Contacting You?

From the Internal Revenue Service

Scammers impersonating IRS officials are a growing issue. It is happening in person, over the phone, and via email. Your best defense is being informed and knowing the IRS protocol for contacting taxpayers. The IRS initiates most contact through regular mail. Taxpayers generally receive several notices/letters before they are called or visited.

The IRS does not:

  • Call to demand immediate payment
  • Demand that you pay taxes without question or appeal
  • Threaten to contact local police, immigration officers or other law enforcement

The IRS does:

  • Provide two forms of credentials if you are visited in person
  • Provide you with a dedicated IRS phone number for verification

For more information about avoiding these scams and what to do if you are scammed, click here.

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Don’t Mingle Small-Business & Personal Banking

Don’t Mingle Small-Business & Personal Banking

From an original article by Jay DesMarteau, Entrepreneur

If you’re starting a business, especially a sole proprietorship, you may be tempted to use your personal checking account as your business account as well. According to a 2015 TD Bank survey of small business owners, 56 percent use a checking account for both business and personal finances, and 53 use a credit card similarly. It may seem convenient, but it could have serious consequences down the road. Also, you could be missing out on benefits that come with business checking accounts.

Things to consider:

  • Cash flow accuracy – With separate accounts, you know exactly how your business cash flow is doing.
  • Tax benefits – Filing business income on a personal tax return is not a best practice. You can miss deductions such as startup expenses, business travel, and more.
  • Payment options – Business accounts offer owners the flexibility to accept credit card payments along with cash and checks.

For complete details on why you should keep your business and personal finances separated, click here.

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Blog Business Fraud & Security Personal Safety & Security

Protect Your “Cyber Home” with a Solid Foundation

From an original article by the Federal Deposit Insurance Corporation

As we all do more tasks such as shopping and banking on our computers, tablets, and smartphones, the need to keep our devices and networks secured has never been more important. Just as your home has locks to deter criminals from stealing your personal belongings, your electronic assets need to be properly protected to prevent theft. Otherwise, it’s like leaving your front door wide open.

Here are tips for cybersecurity:

Use a firewall program – A firewall is a combination of hardware and software that establishes a barrier between your personal computer and an external network, such as the internet, and then monitors and controls incoming and outgoing network traffic.

Keep software up to date – Software manufacturers continually update their products to fix vulnerabilities or security weaknesses when they find them. This includes everything from your operating system and word processing software to your internet browsers and digital photography software.

Use security products from reputable companies – Some anti-virus software and firewalls can be purchased while others are free. Either way, it’s a good idea to check out these products by reading reviews from computer and consumer publications. Use products that have high ratings for detecting problems and providing support if your computer becomes infected.

Plan for a lengthy retirement – The good news is people are living longer. The bad news is many aren’t saving enough for retirement to match their life expectancy. According to the Social Security Administration, men and women who reach the age of 65 can expect to live until ages 84.3 and 86.6, respectively.

This only a fraction of the steps you can take to secure your electronic assets and home network. For the complete list, click here.

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Blog Business

5 Tips for Small Business Stress Management

stress-management

From an original article by Mike Kappel, Entrepreneur

Owning a business is both rewarding and stressful. Stress can come from lack of sales, debt, employee conflict, or any host of issues. It is mentally and physically draining. By learning to handle the stress, you can focus on growing your business and enjoying the success that follows.

Here are some stress relievers:

  • Remember what’s going right. It’s easy to let a negative overshadow all of the positive aspects of your business. Make a list of your accomplishments, even the smallest ones. There are probably more than you realize.
  • Prioritize your tasks. Don’t try to do everything at once. Focus on one or a small number of tasks at a time. Start with the greatest need and work your way down the list.
  • Purge your brain. If you constantly think about your business, you will never get the rest you need to stay sharp. Write down your problems along with possible solutions and notes. Putting your thoughts on paper takes the weight off of your mind so you can get some sleep.
  • Take breaks. It may seem counterproductive but taking a break—even if it’s only 10 minutes or so—keeps you energized and focused. Do something that relaxes you such as going for a walk, calling a friend, or grabbing some coffee.

For more details and tips, read the full article.

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Blog Business Fraud & Security

How Safe Are Your Business Checks?

With all of the headlines about data breaches and online security, it’s easy for some people to forget about the threat of check fraud. We haven’t. If you are a business checking customer at Pinnacle Bank and order your checks through Harland Clarke, you are automatically protected by CheckArmor® Check Fraud Recovery.

If check fraud ever occurs, a certified fraud resolution specialist will guide you through the recovery process, replace your check, and if necessary, advance funds for any losses from the affected checking account.

Fraudulent Acts Covered by CheckArmor:

  • Forged signature – a legitimate blank check that is forged with the business signature
  • Forged endorsement – a legitimate check that is endorsed and cashed or deposited by a person other than the designated payee based upon a fraudulent endorsement
  • Altered check – a legitimate check that is fraudulently altered as to the designated payee, check amount, or otherwise to benefit the person altering the check
  • Counterfeit check – fraud in the form of check reproduction on unauthorized check stock

When you receive a new order of checks from Harland Clarke, look for the enclosed CheckArmor information card. Keep it handy for future reference should check fraud occur. At Pinnacle Bank, we are dedicated to helping your business thrive. That includes keeping your information and finances safe. It’s a responsibility we take seriously.

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Protecting the Elderly from Financial Abuse

From the American Bankers Association

People over 50 years old control over 70 percent of the nation’s wealth. Because of that, fraudsters are using new tactics to take advantage of older Americans. Senior financial abuse is estimated to have cost victims at least $2.9 billion last year alone. However, there are simple steps that can help you or your loved one from falling prey.

Tips for Seniors:

• Shred receipts, bank statements, and unused credit card offers.

• Never pay a fee or taxes to collect sweepstakes “winnings.”

• Consult with a financial advisor or attorney before signing a document you don’t understand.

• Never rush into a financial decision. Ask for details in writing and get a second opinion.

•  Feel free to say “no.” After all, it’s your money.

• Order copies of your credit report once a year to ensure accuracy.

This is just a small sample of the tips we have to help seniors avoid financial abuse. To get the rest, click here. 

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Boost Your Energy At Work

From an original article by Rose Leadem, Entrepreneur

There’s a lot more to staying energized and engaged throughout your workday than constant trips to the coffee machine. Getting adequate sleep and starting your day right is also important. However, there are things you can do at work that can help you avoid the frequent onset of fatigue and drowsiness.

Here are just a few suggestions:

• Stay hydrated – Keep a large water bottle on your desk to remind yourself to take frequent sips. Dehydration is one of the top causes of fatigue.

• Cut the carbs – Put away the potato chips and grab a banana. Researchers have found that foods such as salmon, kale, avocado, nuts, and bananas are great energy boosters.

• Break a sweat – If you can fit a workout into your lunch break, it’s a surefire way to stay at peak performance until the end of the day.

• Power up with pumpkin – Pumpkin seeds are rich in protein and fiber. They also contain L-tryptophan, an energy-boosting amino acid.

For 16 more of our “energizing” tips, click here.

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Blog Business Fraud & Security

Be On Guard Online

Blog-2-Security

From the American Bankers Association

The internet is more than just easy access to information; it can also leave you vulnerable to fraud, identity theft, and other scams. It’s a global issue impacting hundreds of millions of people worldwide every year. The following tips can help keep you and your family safe online.

The American Bankers Association recommends:

Keep your computers and mobile devices up-to-date – Having the latest security software, web browser, and operating system are the best defenses against viruses, malware, and other online threats. Turn on automatic updates to ensure you receive updates and fixes as they become available.

Set strong passwords – A strong password is at least eight characters in length and includes a mix of upper and lowercase letters, numbers, and special characters.

Secure your internet connection – Your home wireless network should always be protected with a password. Also, when connecting to a public Wifi network, don’t send sensitive information over it.

We have more helpful tips for protecting yourself online. To read them, click here.

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Millennials and Their Money: The Connection Between Education and Finances

From an original article by Mark Fowser, WDEL

A college degree is still the key to opening the door to financial security. The question these days is whether or not they can afford the escalating cost of higher education. According to a recent survey, young adults who have tried college but were unable to attain a degree were more likely to have financial concerns – even more than those who had a high school diploma.

Other interesting results from the survey include:

  • 75 percent of degree holders who did not borrow for college believe their education was worthwhile, compared to 43 percent who did not complete college.
  • 50 percent of degree holders own a home, compared to 34 percent of non-degree holders.
  • 67 percent of degree holders who reported growing up in a low- or middle-income household now earn a middle or high personal income.

Millennials were also found to save more for short-term concerns such as immediate expenses or a trip instead of long-term goals such as retirement.

For more details on the mindset of Millennials when it comes to higher education and financial well-being, read the full article.

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Blog Business

Security Tips for Accepting Online Payments

From an original article by John Rampton, Entrepreneur

Security is important to your customers; therefore, it’s also crucial to the success of your business. If a customer has their credit card information stolen as a result of doing business with you, how likely are they to continue to support your business? As consumers continue to make more payments online, providing that option is essential to offering customers the convenience they expect and demand. But with that convenience comes extra risk.

Here are some tips to keep credit card information safe and secure:

  • Be compliant with PCI-DSS, a collection of compliance regulations that are mandated by the Payment Card Industry Security Standards Council.
  • Don’t store customer payment data. 95% of credit card breaches come from small businesses.
  • Educate yourself and employees. A majority of data breaches are due to human error.
  • Keep your systems updated. Outdated systems are more prone to cyber attacks.

For more details and security tips, read the full article.