Professional Accounting Blog

    Accounting For Your Prosperity

    Michelle Buckley

    Michelle Buckley is a Vice President in Meaden & Moore’s Assurance Services Group with 23 years of public accounting experience.

    Recent Posts

    Cash Balance Plans, Are They Right For You?

    Posted by Michelle Buckley on Jun 20, 2019 10:10:00 AM

    Topics: Benefit Plan Advising & Auditing

    A cash balance plan is a qualified employee benefit plan which allows participants to accumulate retirement funds through company contributions and interest credits. A cash balance plan provides for a company contribution either in the form of a flat dollar amount or a percentage of pay and for a guaranteed interest component.

    Read More

    Why Should I Care About ESOPs?

    Posted by Michelle Buckley on May 16, 2019 8:00:00 AM

    Topics: Benefit Plan Advising & Auditing

    An ESOP is an employee stock ownership plan that is essentially a retirement plan which helps employees obtain ownership in the company. But why should you care? Well, ESOPs can be great options if you are a privately-held business owner considering succession planning. You have a few options available to you: 

    Family Business Succession Planning

    If you are a family-owned business, you might have your family already in place to take over the company. In this case, ESOPs are generally not the right fit. 

    Read More

    ESOPs: What Retirement Benefit Options Can Be Offered to My Employees?

    Posted by Michelle Buckley on Jan 31, 2019 8:00:00 AM

    Topics: Accounting & Auditing

    An employee stock ownership plan (ESOP) is a type of retirement plan that helps employees obtain ownership of the company they are employed by. An ESOP can be an exit strategy for an owner of a privately held company. There are different types of retirement plan options to offer employees if you are an ESOP.

    Read More

    ESOP vs. Non-ESOP Companies: What’s the Difference?

    Posted by Michelle Buckley on Jan 3, 2019 8:00:00 AM

    Topics: Accounting and Tax Resource

    As of 2018, the National Center for Employee Ownership (NCEO) estimates there are almost 7,000 employee stock ownership plans (ESOPs) covering more than 14 million employees.

    Read More

    Changes on the Horizon for Employee Benefit Plan Limited Scope Audits

    Posted by Michelle Buckley on Dec 7, 2018 2:29:24 PM

    Topics: Benefit Plan Advising & Auditing

    The Auditing Standards Board (ASB) has voted to issue a change to the reporting and performance requirements in regards to limited scope audits for Employee Benefit Plans.

    The limited scope audit will be referred to as an ERISA Section 103(a)(3)(C) audits. The new standard will also require new procedures surrounding engagement acceptance, audit risk assessment and response, communications to those charged with governance along with other considerations.

    Read More

    Implementing an ESOP – Plan and Trustee Considerations

    Posted by Michelle Buckley on Nov 14, 2018 8:00:00 AM

    As a business owner, you have decided to sell to your employees and implement an employee stock ownership plan (ESOP). Your advisors have helped you structure the deal, the financing is in place, and the last piece to complete is designing the actual ESOP plan and choosing a trustee.

    Read More

    ESOPs: Are They the Right Ownership Strategy for Your Business?

    Posted by Michelle Buckley on Jul 25, 2018 11:05:35 AM

    When deciding if an employee stock ownership plan (ESOP) is the right business ownership strategy for your company, there’s a few things you need to consider.

    First off, what is an ESOP? An ESOP is an employee-owner program that provides a company’s workforce with an ownership interest in the company. It must follow the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (IRC). An ESOP is also a qualified employee benefit plan similar to a 401(k), but it’s permitted to invest in private company stock and allowed to borrow money from it.

    Read More

    7 Best Practices Every Retirement Plan Committee Member Should Follow

    Posted by Michelle Buckley on Apr 26, 2017 11:03:11 AM

    Topics: Benefit Plan Advising & Auditing

    Many plan sponsors create oversight committees for their qualified retirement plans. These committees are frequently called “investment committees,” “administrative committees,” or, simply, “retirement plan committees.” The duties of these committees are significant, and will typically include:

    Read More

    How to Prevent Retirement Plan Fraud

    Posted by Michelle Buckley on Feb 10, 2017 8:32:00 AM

    Topics: Benefit Plan Advising & Auditing

    The Internal Revenue Service (IRS) recently released the results of their Fraud Project, which was completed by the Employee Plans Compliance Unit (EPCU). Their project was based on Form 5500’s that were filed and had indicated an actual Fraud Loss. Based on their reviews, the IRS determined two of the main contributing factors to fraud were weak internal controls and risky investments. 

    Read More

    401k Retirement Plan Education Strategies for 2017

    Posted by Michelle Buckley on Jan 17, 2017 8:00:00 AM

    Topics: Benefit Plan Advising & Auditing

    The start of the new year is a good time to plan out your retirement plan education strategies for the upcoming year. Some considerations for a successful education plan are:

    Information accessibility

    We live in an environment of technology. Individuals want to have access to information 24/7. It is important to work with outside vendors to ensure that you are providing information in the most efficient manner possible. Keep data concise and easy to access. Allow for information via many different means, such as email, text, opt out option, intranet and mail.

    Read More

    Subscribe to Email Updates

    New Call-to-action
    New Call-to-action
    New Call-to-action
    New Call-to-action