Keeping Your Balance: Recent IRS help for victims of Hurricane Florence

September 20, 2018 Comments Off on Keeping Your Balance: Recent IRS help for victims of Hurricane Florence

In light of Hurricane Florence, I wanted to point out some important information released by the Internal Revenue Service this week — as well as some unfortunate reminders that there are scammers out there looking to take advantage in these ...

Tagged with: Keeping Your Balance Megan Broomfield

Keeping Your Balance: NY’s ‘free-tuition’ program comes with a catch

June 8, 2017 Comments Off on Keeping Your Balance: NY’s ‘free-tuition’ program comes with a catch

I am sure everyone has heard of Gov. Andrew Cuomo offering free tuition, and whether you agree with it or not, we should all know the details. On April 7, New York signed tuition-free legislation called the Excelsior Scholarship. A ...

Tagged with: Gov. Andrew Cuomo Keeping Your Balance Megan Broomfield

Keeping Your Balance: What to consider when contemplating a sale

July 3, 2014 Comments Off on Keeping Your Balance: What to consider when contemplating a sale

Midmarket business owners consider sales, divestitures and spinoffs for a variety of reasons, both positive and negative. Fortunate triggers for a sale include opportunities to capitalize on strong acquisition markets or an owner’s planned retirement. Unhappier reasons include financial stresses ...

Tagged with: Keeping Your Balance Megan Broomfield

Keeping Your Balance: Use caution with late deposits of employee deferrals to benefit plans

March 13, 2014 Comments Off on Keeping Your Balance: Use caution with late deposits of employee deferrals to benefit plans

We see it quite frequently during plan audits — employee elective deferrals and loan repayments to a plan are deposited to the plan’s trust later than the time period allowed by the Department of Labor. Collectively, we refer to these ...

Tagged with: Keeping Your Balance Megan Broomfield

Keeping Your Balance: Be prepared when your employee benefit plan is audited

August 1, 2013 Comments Off on Keeping Your Balance: Be prepared when your employee benefit plan is audited

Statement on Standards for Attestation Engagements No. 16, otherwise known as SSAE 16, provides guidance for service auditors, or the independent audit ﬁrms that actually prepare reports on a service organization’s systems. (Auditing Standard No. 70 [SAS 70] was split ...

Tagged with: Keeping Your Balance Megan Broomfield

Keeping Your Balance: Internal control reviews for employee benefit plans

March 15, 2013 Comments Off on Keeping Your Balance: Internal control reviews for employee benefit plans

As you’re probably already aware, plan management can no longer hire a third-party administrator and let the plan operate on “auto-pilot.” It is a prudent step to do an internal controls check-up on your plan as it is an important ...

Tagged with: Keeping Your Balance Megan Broomfield

Keeping Your Balance: IRS governance checklist 501(c)(3) examinations

August 16, 2012 Comments Off on Keeping Your Balance: IRS governance checklist 501(c)(3) examinations

In an effort to add further transparency into nonprofit organization reporting, the IRS added Part VI to the revised Form 990 in 2008. This section asks a variety of questions that cover a spectrum of best practices in the areas ...

Tagged with: Keeping Your Balance Megan Broomfield