The U.S. Department of Labor is increasing its scrutiny of certain retirement plans, and fines are high for non-compliance. Federal law requires most employers who manage benefit plans with 100 or more participants to complete an annual audit. This results in many small and mid-sized companies … Read More
The nonprofit world is full of government regulations, best-practices and donor requirements. It can be difficult to navigate these mandates and determine exactly what an organization needs to do to stay compliant with California nonprofit audit requirements. Nonprofit organizations are subject … Read More
When planning for an audit of your 401(k) or other retirement plan, you might question if a full scope audit or limited scope audit should be conducted. It is important to determine if your plan requires an audit, and know your options. Failure to comply with audit requirements can lead to a host … Read More
Embarking on an independent audit is a complicated, yet necessary process for many organizations. When it comes to nonprofit audit responsibilities, there are often questions about which task belongs to which party. Nonprofit boards are responsible for the oversight of their organization’s … Read More
Small businesses often are forced to do so much more with far less resources. The question is often posed: "How important are my small business accounting records?" Records require time for filing, organizing and space. Time and space are the two things small business owners have in short supply. … Read More
If you are planning on selling your home, you probably have some real estate tax questions. Regardless of whether you report a loss or a gain from the transaction, the sale of your main residential property may have an impact on your bottom line come tax season. … Read More
Tax return preparation is often an overwhelming task that causes headaches and concerns. Selecting the right tax preparer to examine your financial statements and prepare a tax return is crucial; especially if you own a business. What To Look for in a Professional Tax Preparer Recently the IRS … Read More
An employee benefit plan audit can feel like an immense undertaking. The rules and regulations are complicated and the process can be time-consuming and tedious. In 1974, the federal government passed the Employee Retirement Income Security Act (ERISA) to protect the investments of employees who … Read More
As a company grows, it will experience many milestones, among which is its first 401k audit. As set by the United States Department of Labor (DOL), a 401k plan should be audited when it becomes a large plan. A large plan is considered to have at least 100 eligible participants on the first day of … Read More
Business owners need to know which small business records to keep and for how long. The IRS suggests keeping supporting documents that provide validation of your business. To understand what qualifies, think of your small business records in these categories. Documents that demonstrate income In … Read More