Does Your 401(k) Plan Need An Audit?
Some businesses’ 401k and retirement plans are too small to need an external audit. Generally speaking, only when your participant count exceeds 100 will you be required to conduct a benefit plan audit. However, there is one exception to this general rule. The “80-120 rule,” as it is commonly known,
Why Private Companies Should Implement the New Lease Standard Today
Even though the Financial Accounting Standards Board (FASB) approved delays in the effective dates for non-public entities, private companies should take advantage of this relief to learn and understand the intricacies of the new lease accounting standard, and begin implementation as soon as possible. Here are five potential reasons why
Default Electronic Disclosure by Employee Benefit Plans Under ERISA
On May 21, 2020, The U.S. Department of Labor (DOL) adopted a new, additional safe harbor for plan administrators to use electronic media, as a default, to furnish covered documents to participants and beneficiaries. Plan administrators will no longer have to send potentially large volumes of paper documents through the
One Year Deferral for Revenue Recognition Implementation Standard Approved
In a surprise move, on May 20, 2020, the Financial Accounting Standards Board (FASB) approved a one-year deferral to the effective date of the revenue standard (FASB ASC Topic 606, Revenue from Contracts with Customers) for all nonpublic and not-for-profit entities that have not issued their financial statements.
What You Need to Know About PPP Loan Forgiveness
The Small Business Administration (SBA) has released the application to obtain forgiveness of PPP loans, and in doing so has provided answers to many of the questions that our team and so many loan recipients have had, as we try to forecast the forgiveness and make business decisions. The full
Why Implementing the New Lease Standard is Easier with Technology
With the deadline for implementing the new lease accounting standard approaching, many companies are assessing different methods to remain in compliance. For many organizations, implementing the new standard can be very risky and complex if trying to simply use a spreadsheet or other manual methods. In addition to exposing