Cybersecurity for Your Retirement Plan: Asking the Right Questions

Cybersecurity is essential for any business, especially when choosing the retirement plan’s service providers. According to ERISA, plan administrators must act in a manner consistent with the “prudent fiduciary” standard, which requires that a person behave in a manner consistent with that of those who regularly undertake their obligations (peers). A company can take measures […]

How Can Partial Plan Terminations Affect Your Retirement Plan?

If downsizing or significant layoffs occur at your business, your retirement plan could be subject to a partial plan termination. The following discusses partial plan termination rules. What Is A Partial Plan Termination? Generally, a partial plan termination occurs when the turnover rate for benefit plan participants is at least 20% in a given plan […]

IRS Determination Letter Changes

Effective January 1, 2017, individually designed plans (those uniquely designed for a business) will no longer be able to request determination letters from the IRS in accordance with its five-year remedial schedule. If your business has a pre-approved plan such as a master, prototype or volume submitter plan, the previous six-year cycle will remain in […]

Do I Need an Audit for My Retirement Plan?

Employees

With the July 31st reporting deadline for employee benefit plans Form 5500 quickly approaching, it is a good time to review the compliance rules. Staying compliant with retirement plan rules is a must if you offer this sort of benefits package to your employees. Under the Employee Retirement Income Security Act of 1974 (ERISA), certain plans […]

Updating Your Employee Handbook

Employee Handbook Updates

Too many organizations allow their employee handbooks to become static over time. It is imperative that your employee handbook serve as a dynamic text, reflecting changes in your company’s policies. Let us look at some of the things that are easily overlooked and often left out of employee handbooks. Alterations to Minimum Wage and Paid Sick […]

Trump Administration Releases $4.1 Trillion FY 2018 Budget Proposal

Accounting Laptop

On May 23, 2017 the Trump Administration released a $4.1 trillion FY 2018 budget proposal. The announced budget proposes to balance the federal budget over 10 years, by promoting the following: Economic growth through tax reform – this and other policy changes increase growth to 3% annually as opposed to the 1.9% projected by the […]

Trump Administration Officials Announce Tax Reform Principles

Financial Statements

Treasury Secretary Steven Mnuchin and White House National Economic Council Director Gary Cohn unveiled Trump Administration principles for tax reform this week. According to the released document, tax reform will include: Tax Reform for Businesses Lowering business tax rates to 15% for corporations. “Small business owner operators” will also be eligible for the business rate. […]

What Should Your Nonprofit Consider for Your Strategic Plan?

The beginning of the year is usually a bit late to start drafting a new strategic plan for your nonprofit. But, if you’re running a small nonprofit, without a plan and want to create one, here are some helpful ideas as you begin this important process. Why Have a Strategic Plan? Any organization has a […]

How to Identify and Avoid Tax Scams

Calculator - Taxes

Tax scams have been a costly nuisance for taxpayers and the IRS for many years. Over the last few tax seasons, there have been more and more reports of scams and people falling prey to them. The more lines of communication that become available, the more ways scammers have to try to access your information. […]