Accounting Updates are articles, tips or announcements regarding accounting and tax-related subjects that may affect or benefit your business or industry.
New reporting standards apply to nonprofits that are required by statute to have audited financial statements. Here are the three most significant changes included in the new rules: redefining net assets, clarifying liquidity disclosures, and presentation of expenses.
Cybersecurity issues are different for ERISA employee benefit plans than they are for other areas of your business. Therefore, your cybersecurity risk mitigation plan should be separate and distinct from your enterprise-wide cybersecurity plan, although it may align and integrate with other existing plans.
A new lease accounting standard has been issued which will change how leases are accounted for on balance sheets and financial documents. These changes affect all entities—including nonprofit organizations—that lease office space, vehicles and equipment such as copiers and phone systems.
When was the last time you closely examined your retirement plan’s internal controls? Strong internal controls are essential not only to ensure that your retirement plan remains in compliance with all regulatory requirements and plan provisions, but also to guard against fraud.
Without a succession plan, board transitions can put nonprofits in a vise. They’re pushed to manage each change as it happens, whether by a known retirement date or by a sudden withdrawal.
As an employee benefit plan sponsor, you cannot avoid fiduciary responsibility and potential ERISA liability simply by hiring an independent ERISA 3(16) administrator.
Part of your ERISA fiduciary duty as a retirement plan sponsor is to make sure that the services provided to the plan are necessary and the fees paid for these services are reasonable.
Sponsors of employee benefit plans often have questions about many aspects of benefit plan audits. We answer a few of the most common questions.
On August 28, 2018, we will be hosting a CPE training during which attendees will gain an understanding of the history and implications of the U.S. Supreme Court’s decision in South Dakota v. Wayfair and how this case may affect businesses.
Borrowing money from a 401(k) plan has become increasingly popular among employees in recent years and it is important to plan ahead for how you can help employees who leave or join your company and have outstanding loans.
On Dec. 22, 2017, President Trump signed a new tax bill into effect that may significantly impact the number and size of individual financial contributions to nonprofits.
The FASB’s update requires “enhanced” information about your organization’s liquidity and timely access to resources. Two kinds of information are required; together, they can indicate the nonprofit’s ability to meet its cash needs for all the next year’s general expenditures.
Typically, third-party administrators handle the logistics of sending out participant communication and other employee benefit plan disclosures. But this doesn’t relieve you as the plan fiduciary from responsibility for understanding disclosure requirements and making sure they are met.