AUDIT COMMITTEE: QUESTIONS TO ASK YOUR AUDITOR, PART 4

Posting by John Merchant

If you have been appointed to an Audit Committee, you may be wondering what information the auditors will normally provide and what questions you should ask.

There are certain “required communications” that an auditor should routinely provide to the Audit Committee as part of an audit conducted in accordance with generally accepted auditing standards (GAAS). These communications were established in Statement on Auditing Standards No. 114. In addition to these required communications, there are questions that you […]

March 6, 2015 Audit Read more...

Everyone Wants it Now! – A Summary of the 2015 Annual Gift Tax Exclusion & Other Non-Taxable Gifts

Posting by Billy Thomas

The Federal gift tax return (Form 709) is a function of the overall Federal transfer tax system. Excluding any discussion on the Generation-Skipping Transfer tax for now, the rules just to report gifts on a gift tax return are very complex. All gifts are not reportable on a Federal gift tax return, however it is important to understand what the IRS considers a gift:

A gift is the transfer of a beneficial interest in certain property in […]

March 4, 2015 Tax Read more...

2015 ACA Reporting Requirements Summary for Employers

Shelby Hammond

W-2 Reporting of health care premiums paid by employers:

Who must report?

Employers who issued at least 250 W-2s for the preceding calendar year.
Union employees in a multiemployer union plan count in determining whether or not you issued at least 250 W-2s in the prior calendar year, BUT you are not required to report the cost of health care that was provided through the multiemployer union plan as W-2 premium reporting is suspended indefinitely for employers […]

February 25, 2015 Accounting, Audit, Benefit Plan Accounting Read more...

NEW APPLICABLE FEDERAL RATES RELEASED FOR MARCH BY IRS

Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (AFRs), are regularly published as revenue rulings.

The AFRs for March 2015 are as follows:

Annual
Semi-Annual
Quarterly
Monthly

Short-Term: 1-3 years
0.40%
0.40%
0.40%
0.40%

Mid-Term: >3 & up to 9 years
1.47%
1.46%
1.46%
1.46%

Long-Term: >9 years
2.19%
2.18%
2.17%
2.17%

February 20, 2015 Accounting, Tax Read more...

Duration of Retiree Benefits: Terminable or Lifelong?

Ashleigh Hall, CPA

The Parties:
M&G Polymers USA, LLC (M&G), et al
vs.
Tackett et al

The History & The Issue:

In 2000, M&G purchased the Point Pleasant Polyester Plant and entered into a collective bargaining agreement (CBA) that included a related Pension, Insurance and Service Aware Agreement (P&I Agreement) with the Union. The P&I Agreement provided for retirees, surviving spouses, and dependents to receive full company contributions toward the cost of health care.

When the CBA and P&I Agreement expired, M&G announced that retirees would […]

February 19, 2015 Accounting, Benefit Plan Accounting Read more...

AUDIT COMMITTEE: QUESTIONS TO ASK YOUR AUDITOR, PART 3

Posting by John Merchant

If you have been appointed to an Audit Committee, you may be wondering what information the auditors will normally provide and what questions you should ask.

There are certain “required communications” that an auditor should routinely provide to the Audit Committee as part of an audit conducted in accordance with generally accepted auditing standards (GAAS). In addition to these required communications, there are questions that you should ask to help assure your understanding of the audit process. […]

February 18, 2015 Audit Read more...

DIRTY DOZEN TAX SCHEMES: SCAM PHONE CALLS

Posting by John Merchant

The Internal Revenue Service (IRS) recently released its annual “dirty dozen” tax related scams that they find are being perpetrated on unsuspecting victims. This year phone scams were at the top of the list. According to the IRS, scam artists will call on the telephone pretending to be IRS collection agents and demanding payment on an outstanding tax bill that is totally phony. They may demand that the taxpayer give them a credit card number to […]

February 12, 2015 Tax Read more...

AUDIT COMMITTEE: QUESTIONS TO ASK YOUR AUDITOR, PART 2

Posting by John Merchant

If you have been appointed to an Audit Committee, you may be wondering what information the auditors will normally provide and what questions you should ask.

There are certain “required communications” that an auditor should routinely provide to the Audit Committee as part of an audit conducted in accordance with generally accepted auditing standards (GAAS). In addition to these required communications, there are questions that you should ask to help assure your understanding of the audit process. […]

February 11, 2015 Audit Read more...

Managing Health & Welfare Plan Costs with a Claims Audit: A Case Study

Linh Crider, CPA, CFE

Health & welfare plan administrators are facing increasing costs and complexities. Reviewing your plan’s claims processing is often a helpful tool for understanding current costs incurred, ensuring accurate claims processing and payment, and managing health plan costs. We recently performed an audit for a client to help understand what contributed to an unexpected and significant dollar increase in medical claims costs. This post details the claims audit process and the insights gleaned.

Obtain the Data
Just as the […]

February 11, 2015 Accounting, Audit Read more...

AUDIT COMMITTEE: QUESTIONS TO ASK YOUR AUDITOR, PART 1

Posting by John Merchant
Boards of Directors or Trustees sometimes meet with the organization’s financial auditors as a group. Others elect to appoint a few members of their group to act as an Audit Committee that will deal directly with the auditors and report to the full Board. If you have been appointed to an Audit Committee, you may be wondering what information the auditors will normally provide and what additional questions you should ask.

There are certain “required communications” that […]

February 3, 2015 Accounting Read more...