News & Articles

Customizing Financial Software Solutions
  • Google has been fined 50 million Euros ($57 million USD) by the French data regulator CNIL for violating data protection rules mandated by the EU’s General Data Protection Regulation.

    Two complaints were filed by separate, non-profit privacy rights groups - None of Your Business (noyb) and La Quadrature du Net (LQDN) - on the day GDPR went into effect, May 25th, 2018.

    CNIL said that the fine was levied on January 21st, 2019 was for “lack of transparency, inadequate information and lack of valid consent regarding ads personalization,” specifically during the onboarding process for new Android users.

    Part of the alleged violations regarding consent include “pre-ticking” the option to personalize ads, and they did not make clear to users that this covered many other services such as YouTube and Google Maps.

    Other alleged violations include having a box checked by default that reads “I agree to the processing of my information as described above and further explained in the Privacy Policy.” Also, according to the allegations, “essential information” was “disseminated across several documents,” sometimes requiring several clicks to access.

    The GDPR was implemented across the European Union on May 25th, 2018, to help safeguard users’ data in the digital age. Read more about the changes and how MIMICS can help HERE.  

  • The General Data Protection Regulation was implemented by the European Union in May, 2018. The measure mandates a set of standards for companies that handle EU citizens’ data to better safeguard the processing and movement of personal data, including safely handling the transfer of data across borders and anonymizing data collected to protect privacy.

    For more details on GDPR regulations, click HERE.

    MIMICS can help you to be GDRP-compliant in the following ways:

    ·        MIMICS fully encrypts our full databases for all of our software modules.

    ·        Based on your specifications, MIMICS can tokenize data fields, such as account numbers, to ensure anonymity.

    ·        We work with you to ensure that saving sensitive data is not being unnecessarily entered in the database.

    ·        All MIMICS web portals can be programmed to not use cookies, or can be configured to display a consent form for cookie usage.

    Contact us for more information.

  • As we close the books on another tax year, it is once again time to start thinking about 1099s. Here is a handy checklist to help you see the process through to completion:

    1.     Prep your MIMICS system for Year-End. This includes finishing all data processing and payments.

    2.     Convert your MIMICS system data into 1099-ready data.

    3.     Import your 1099 data to the MIMICS IRS Tax Reporting module.

    4.     Review your 1099 data to confirm totals.

    5.     Generate your 1099 tax forms and electronic files and send to clients.

    The MIMICS 1099 software update and training session are now available. Please contact us directly through the support portal to get set up with yours.

  • As we close the tax books on 2018, there are very minimal changes to 1099 reporting. The most significant changes apply to one type of dividend. The changes include:

    1.     199A dividends. These are defined as “a deduction for qualified business income from a qualified trade or business operated directly or through a pass-through entity.” HERE is a full description from the IRS.

    2.     For combined federal/state filing, code 50 (Vermont) has been removed.

    Publicaction 1220, from the IRS, is a comprehensive reference for filings. It can be found HERE.

    The MIMICS 1099 software update and training video are now available. Please contact us via the portal for assistance.

  • MIMICS recently traveled on-site to the Eastern Caribbean Central Bank (ECCB) to assist its long-time client with implementing changes made necessary by the newly-adopted IFRS 9 regulations.

    Effective January 1, 2018, IFRS 9 replaced IAS 39 as the new standard, employing an “expected loss” methodology as it pertains to entities issuing loans or other instruments of debt. It requires proper classification of clients, counterparties and transactions, as well as for the financial institutions to record data and generate reports based on the new criteria. Read more about the specific changes HERE.

    The MIMICS IFRS 9 Option allows both clients and loans to be classified individually as low, medium or high risk. It allows reporting of credit scores for each client or counterparty, as well as ratings for each security from the bureau of your choice. It also allows for re-classification into one of the three buckets mandated by IFRS 9, and, optionally, the module can be configured to perform the provision calculation per your specifications.

    Working together on-site allowed ECCB and MIMICS to most efficiently properly identify the bank’s specific needs for IFRS 9 reporting, and to get them fully compliant in a timely manner. We thank them for their hospitality and diligence in this successful endeavor.

    If you are interested in setting up an on-site visit for IFRS 9 or other needs, or if you would like to see a demonstration of the MIMICS IFRS 9 Option, please CONTACT US

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