2012 OPTIONAL STANDARD MILEAGE

Last week, the Internal Revenue Service issued the 2012 optional standard mileage rates for taxpayers who choose to use this method in calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

The rate for business miles driven remains unchanged from the mid-year adjustment on July 1, 2011.  The charitable mileage rate remains unchanged from 2011 as well, while the medical and moving mileage rate is reduced by 0.5 cents per mile.

Beginning on January 1, […]

December 20, 2011 Accounting, Tax Read more...

Bond Beebe Accountant Receives Computer Forensic Investigation Certification

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced today that Alex Helfand, an auditor with the Firm, has completed the EnCase® Certified Examiner (EnCE®) program, which recognizes that an individual is a skilled computer forensics examiner.  EnCase® Forensic is the industry-standard computer investigation solution; EnCE® certification is awarded to professionals who have mastered computer forensics investigation methodology, as well as the use of EnCase® software during complex computer examinations.  […]

December 20, 2011 Firm News & Events Read more...

The Auditor’s Testimony at Trial: A Case Study

Posting by Travis Ketterman

In my previous post, I reviewed important aspects of a federal appellate court decision about the admissibility of an auditor’s report in a trial seeking multi-employer trust fund contributions.  See Trustees of Chicago Plastering Institute Pension Fund v. Cork Plastering Co., 570 F.3d 890 (7th Cir. 2009).  In a previous entry, Phil Vivirito, Bond Beebe’s Director of Payroll and Compliance Auditing, discussed his recent testimony at a similar federal ERISA trial.   In keeping with that theme, this […]

December 20, 2011 Payroll Audit Read more...

Bond Beebe Accountant Receives Computer Forensic Investigation Certification

Natalie Burchfiel, CPA

BETHESDA, Maryland (December 20, 2011) – Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced today that Alex Helfand, an auditor with the Firm, has completed the EnCase® Certified Examiner (EnCE®) program, which recognizes that an individual is a skilled computer forensics examiner.  EnCase® Forensic is the industry-standard computer investigation solution; EnCE® certification is awarded to professionals who have mastered computer forensics investigation methodology, as well as the […]

December 20, 2011 Accounting, Forensic Accounting Read more...

A Guide to Party-in-Interest and Party-in-Interest Transactions

Marcella Pascal, CPA

A party-in-interest is defined by the Employee Retirement Income Security Act of 1974 (ERISA) to include the following:

Any person who provides services to the plan,
Fiduciaries and employees of the plan,
An employer whose employees are covered by the plan,
A person who owns 50 percent or more of such an employer or employee association, and
Relatives of any of the aforementioned individuals.

Certain plan transactions with parties-in-interest are prohibited under ERISA. These transactions are:

A sale, […]

December 19, 2011 Accounting, Benefit Plan Accounting Read more...

Bond Beebe Professional Achieves Leed Green Associate Certification

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Caroline Kettering, CPA recently completed all requirements for Tier 1 LEED Green Associate certification.  The Leadership in Energy and Environmental Design (LEED) Professional Exams are administered by the Green Building Certification Institute (GBCI) for professionals seeking to earn credentials and certificates; the exams test knowledge based on the U.S. Green Building Council’s (USGBC) LEED Rating Systems.  The GBCI was established […]

December 19, 2011 Firm News & Events Read more...

Plan Management: Are All Your Enrolled Participants Eligible? Don’t Count on it!

Linh Crider, CPA, CFE

Studies have shown that 5% to 15% of dependents covered under health plans are not eligible per Plan requirements.  Therefore, Plan management should ensure that all participants enrolled are entitled to benefits.  Not only does this control costs, but it fulfills Plan sponsors’ fiduciary obligations as required under ERISA.  As auditors, we frequently observe situations in which dependent eligibility status is questionable.  Often, these dependents are unable to prove their relationship with the Plan members.

The most […]

December 15, 2011 Accounting, Benefit Plan Accounting Read more...

Jon & Kate Plus 8 Minus Jon: What is Wrong with this Equation?

Posting by Joel C. Susco, CPA

What would the producers of Jon & Kate Plus 8 have done if it was Kate who left, and the less-catchy new title would be Jon Plus 8?  Marketing loves rhyming and/or alliteration, so it was crucial the title still had some pop, even if Pop was no longer in the family.  And so it goes, divorce affects not only the family, but sometimes the family business, in ways one can’t even imagine.

The Reality […]

December 15, 2011 Family Owned Businesses Read more...

Hiring a Payroll Audit Firm, Question 1: Years of Experience

Posting by Larry Beebe, CPA

As part of this series, I am providing Plan Trustees with a list of questions they should ask when requesting proposals from payroll auditing firms.  The first question explores the standard level of experience trustees should seek in a firm.

Question 1: How many years have you (the primary auditor who would be performing the audit) been doing payroll audits?  How many years has your firm been doing payroll audits?

You want a person who has experience […]

December 15, 2011 Payroll Audit Read more...

Reporting Compensation on Form 990

Sherwin Abellera, CPA

Adjusting to new things takes time.  Consider the revised Form 990.  The Form itself was released by the IRS in 2007, but clients and practitioners continue to struggle with its filing requirements.  To assist filers, the IRS has a resource called “Filing Tips for Form 990 (Tax Years 2008 and Later)”.

One of the more confusing requirements deals with compensation.  Compensation can be defined in many different ways by different organizations, thus the question of where, what and […]

December 14, 2011 Accounting, Benefit Plan Accounting, Tax Read more...