Professional Accounting Blog

    Accounting For Your Prosperity

    The SECURE Act Likely to Affect Your Retirement and Estate Plans

    Posted by Jonathan Ciccotelli on Feb 13, 2020 11:43:00 AM

    Topics: Tax Planning & Strategies, Benefit Plan Advising & Auditing

    In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes.

    The most significant provisions include the following changes: 

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    What Other Retirement Plans Should I Offer Alongside My ESOP?

    Posted by Michelle Buckley on Feb 3, 2020 9:40:13 AM

    Topics: Family Business & Succession, Benefit Plan Advising & Auditing, ESOP

    For ESOP companies, many believe that they cannot offer other retirement plans, however, that is not the case.  You and other privately held companies have numerous options at your disposal, many of which can work in tandem with an ESOP. 

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    The SECURE Act Changes the Rules for Employers on Retirement Plans

    Posted by Jonathan Ciccotelli on Feb 3, 2020 9:38:25 AM

    Topics: Tax Planning & Strategies, Benefit Plan Advising & Auditing

    The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.

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    Controlled Group of Corporations: What Do I Need to Know?

    Posted by Brian Dunfee on Jan 29, 2020 11:30:00 AM

    Topics: Benefit Plan Advising & Auditing

    Some of the major complexities of many qualified retirement plans result from the various subsidiaries and other entities that are part of the larger corporate parent. There are specific definitions within various regulatory provisions that need to be considered, including controlled group of corporations.

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    How to Stay Prepared for Department of Labor Audits

    Posted by Michelle Buckley on Jan 21, 2020 1:20:00 PM

    Topics: Benefit Plan Advising & Auditing

    When a company hears of a Department of Labor (DOL) audit, they typically tend to panic. The best way to stay prepared for DOL audits is to ensure that you are handling your benefit plans appropriately on a regular basis.

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    Tips for Accurate ESOP Census Reporting

    Posted by Michelle Buckley on Jan 21, 2020 1:05:12 PM

    Topics: Benefit Plan Advising & Auditing, ESOP

    Compiling accurate ESOP census data is critical to the plan.  

    The underlying census data drives eligibility, vesting, and various allocations of the plan assets. We have compiled a few helpful hints to improve accuracy of the data:
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    Plan Sponsor Dilemma: Locating Missing Participants

    Posted by Brian Dunfee on Jan 17, 2020 2:30:00 PM

    Topics: Benefit Plan Advising & Auditing

    When the decision is made to terminate a defined contribution plan subject to ERISA, an important consideration for the plan sponsor is how to locate missing participants in order to distribute their vested benefit under the plan.

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    Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

    Posted by Jonathan Ciccotelli on Dec 30, 2019 4:00:08 PM

    Topics: Tax Planning & Strategies, Benefit Plan Advising & Auditing

    With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019.  

    Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals and businesses expired at the end of 2017. 

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    What's the Deal with ESOPs?

    Posted by Michelle Buckley on Dec 9, 2019 5:10:45 PM

    Topics: Benefit Plan Advising & Auditing, ESOP

    ESOPs – employee stock ownership plans – grant employees with ownership interests in their companies. These benefit plans were first introduced to C corporations in the 1950s, and their tax advantages were formally written into law when the Employee Retirement Income Security Act (ERISA) passed Congress in 1974. In the 1990s, they became available to S corporations, as well. They are not universally good options for all businesses, but many organizations can benefit from them.

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    4 Factors for Hiring Quality Employee Benefit Plan Auditors

    Posted by Carlo Berlingieri on Dec 3, 2019 11:30:00 AM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing

    The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has published a plan advisory called “The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit.” This advisory was created for plan administrators to have a guide to follow the important process of hiring an auditor with the correct experience to audit employee benefit plans.

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