All About Internal Controls – Contributions

Post by Paul Smith

An effective internal control system over contributions is the foundation on which healthy organizations are built. Since contributions are the major source of revenue for a not-for-profit organizations, there is always a heightened risk associated with this area. The internal control system that management develops in order to mitigate this risk will depend on a variety of factors. However, there is a core group of concepts that must be addressed in any effective set of internal […]

DEVELOPING FLASH REPORTS

It seems like every time you’re neck deep in the flood of day-to-day business details, you’re asked by fellow managers, ownership or the Board of Directors, “How are we doing?” While this seems like a simple enough question, there lie many devils in the details. The key is being able to communicate above the day-to-day minutiae and create a strong executive summary of the important numbers. Creating a simple one- or two-page flash report allows an informed user to […]

Maximize Your Time: Overcome Distractions During Busy Season

Post by Glenn Frank

March and April are some of the busiest times for accounting firms and professionals. Every minute counts during this busy season! For those that are distracted  while working, whether at the office or at home, it can be hard to move productively through the day. These distractions can adversely affect quality of work, employee morale and employee relationships.
Here is a Quick List of Distractors and Some Suggested Solutions

Need to check your email too many times a […]

Internal Controls – Reporting

Post By Tony Cafferelli

Internal controls over financial reporting is vital to preventing and detecting material misstatements. In order to achieve reasonable assurance that your Plan’s financial reporting objectives are being met, you must first ensure that your internal controls are working effectively. To ensure effective internal controls over financial reporting, a few things must first be considered: The audit committee, trustees, and management must set the appropriate environment or tone at the top with respect to oversight and ethical […]

Informative IFEBP Podcast Released

We recently listened to an informative and entertaining podcast, Talking Benefits Episode 3: It’s Complicated, released on March 8, 2017 by the International Foundation of Employee Benefit Plans (IFEBP). Their benefits experts provided updates on current regulatory matters, including Department of Labor nominations, the Fiduciary Rule status and the latest MPRA and PBGC petition outcomes. Most interesting is the discussion and summary of the new American Health Care Plan Act provisions. The presenters concisely describe what’s new and what’s […]

Partnership Audit Changes Will Impact Pass-Through Investors Starting In 2018

Post By Richard Ruvelson

The Bipartisan Budget Act of 2015, (“the BBA”), which was enacted into law on November 2, 2015, repeals the current rules, enacted by Congress in 1982, governing partnership audits and replaces them with a new centralized partnership (includes LLCs taxed as partnerships) audit regime that, in general, assesses and collects tax, interest and penalties at the partnership level. This change can turn pass-through investments into income tax taxpaying entities. Under Temporary Regulations, issued in August of 2016, if […]

Know Your Auto (Expenses):  Actual Versus Standard Mileage Rate Methods

Post By Scott Reddersen 

If you use your car for business purposes as a self-employed taxpayer or as an employee, you generally can deduct related expenses.  You have two methods from which to choose: the standard mileage rate, or actual car expenses incurred.

If you own your car and wish to use the standard mileage rate, you must utilize this method in the first year the car is available for use in the business.  In subsequent years, you can choose to use […]

SOC 1 Reports – Why You Need Them

Post by: Ashleigh Hall
What are SOC 1 Reports?
A Service Organization Controls (SOC) Report describes the design of the internal controls at a service provider (SP).  There are multiple kinds (SOC 1, SOC 2, SOC 3), however, the SOC 1 report is the most likely one to apply to your organization.  There are also 2 types of SOC 1 reports; a Type 1 report describes the SP’s internal control structure.  A Type 2 report goes another step.  The firm engaged to […]

IRS Releases Income Thresholds, Benefit And Contribution Amounts For 2017

Post by: Veronica Calvo

For 2017, the cost-of-living adjustments increased the dollar limitations on benefits and contributions. The amounts are listed below per type of retirement plan.

 
Cost Of Living Adjustments

 IRA’s

IRA Contribution Limit | $5,500
IRA Catch-Up Contribution (Age 50+) | $1,000

 401(k), 403(b), Profit-Sharing Plans, etc.                  

Elective Deferrals | $18,000
Catch-up Contributions (Age 50+) | $6,000

 SEP

SEP Maximum Contribution | $54,000

 Other

457 Elective Deferrals | $18,000

The IRS also made changes to the phase-out income thresholds for taxpayers who contribute […]

4th Quarter Estimates Are Due Soon

Post by: Kelly Lopez

As tax season approaches, we wanted to give you a friendly reminder that fourth quarter federal estimated tax payments are coming up soon.  Thus, if you have not done so yet, make sure you mail out your payments on or before the 17th January.  Most states follow a similar concept, each having their own rules so our discussion will focus on federal payments.

What are estimated taxes anyway?

While you only file your tax return once a year, the […]