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Top Employee Benefit Plan Audit Quality Improvements

Glaring deficiencies in employee benefit plan audits across the accounting industry have prompted the U.S. Department of Labor’s Employee Benefits Security Administration to put several initiatives in place to improve the quality of audits and auditors in the coming years. Is your Employee Benefit Plan Audit auditor preparing for these new standards? Firms with smaller … Continue reading Top Employee Benefit Plan Audit Quality Improvements

Key Areas of DOL Scrutiny

Does your employee benefit plan auditor really understand what’s at stake when performing your audit? It is more than a governmental requirement. It protects the assets promised to your employees and ensures that plan administration is in full compliance with the US Department of Labor and IRS. The DOL has spent more than 25 years … Continue reading Key Areas of DOL Scrutiny

Selecting a Quality Auditor for a 401k Plan Audit

The Department of Labor and IRS are ramping up efforts to improve compliance in corporate employee benefit plan administration. Frequent errors point to inadequate or improper administration by organizations, but also to auditors that lack the proper training and experience to conduct a technically appropriate employee benefit plan audit. Failure to make improvements can result … Continue reading Selecting a Quality Auditor for a 401k Plan Audit

Choose Your Auditor Carefully for Employee Benefit Plans

The Department of Labor and IRS are ramping up efforts to improve compliance in corporate employee benefit plan administration. Frequent errors point to inadequate or improper administration by organizations, but also to auditors that lack the proper training and experience to conduct a technically appropriate employee benefit plan audit. Failure to make improvements can result … Continue reading Choose Your Auditor Carefully for Employee Benefit Plans

Auto Dealers Can Fill Gaps Between Inventory and Collections with Smart Debt Management

In the life cycle of any auto dealership, there will be times when cash flow is tight. Buy here pay here dealers in particular face complexity to ensure enough inventory is on hand to attract buyers — and offset that investment with a healthy flow through collections and debt management. This balance is never perfect. … Continue reading Auto Dealers Can Fill Gaps Between Inventory and Collections with Smart Debt Management

Outsourced Payroll Onboarding: Build in Time for Transition and Results

Every company or organization will have different needs for payroll administration based on business and compensation structures, benefit offerings, the specific industry and the state and local tax laws. While determining a good fit for outsourced payroll, anticipate how much time the set-up of such services could take. A long set-up time and possible mistakes … Continue reading Outsourced Payroll Onboarding: Build in Time for Transition and Results

Got Bitcoin? Virtual Cryptocurrency Complicates Tax Reporting

Bitcoin has been around for nearly a decade. But the tax rules related to “virtual currency” are still evolving. In fact, some Bitcoin investors may be in for a surprise when they file their 2017 returns. Tax matters will become even more complicated for 2018 returns because relevant provisions of the new tax law (the Tax … Continue reading Got Bitcoin? Virtual Cryptocurrency Complicates Tax Reporting

Court: Company President Is Liable for Unpaid Employment Taxes

A U.S. District court recently ruled that a company president was a “responsible person” who was liable for the trust fund recovery penalty. The court found that the president’s failure to pay over employment taxes was willful despite the fact there was a security agreement with a lender requiring the lender’s approval before any payments could be … Continue reading Court: Company President Is Liable for Unpaid Employment Taxes

Congress Raises 401(k) Hardship Withdrawal Limits

Most 401(k) plans permit hardship withdrawals, though plan sponsors aren’t required to allow them. As it stands today, employees seeking to take money out of their 401(k) accounts are limited to the funds they contributed to the accounts themselves, and only after they’ve first taken a loan from the same account. Loans must be repaid, of … Continue reading Congress Raises 401(k) Hardship Withdrawal Limits

Survey: Employers Adapt Quickly to Withholding Tax Changes

Most employers had no problems meeting the February 15, 2018, deadline to begin using the 2018 federal income tax withholding tables, which reflect changes made by the Tax Cuts and Jobs Act (TCJA). However, many employees question how the TCJA will affect them.Those are findings of a recent American Payroll Association survey of 1,000 payroll and … Continue reading Survey: Employers Adapt Quickly to Withholding Tax Changes