Hiring a Payroll Auditing Firm, Question 14: Should Payroll Audits for all Employers be Random or Should They all be “for Cause” Audits?

Posting by Larry Beebe, CPA

Some audits should be selected for cause. Factors such as participant complains, whether the employer is new, whether the employer is terminating a relationship with the plan, and dramatic difference in contribution levels from month to month or over time should determine which employers are targeted for an audit. One “for-cause” audits are selected, the remainder can be selected at random or over a cycle.

Random audits should be conducted when the size of the plan […]

Hiring a Payroll Audit Firm, Question 11: Will we Receive Progress Reports?

Posting by Larry Beebe, CPA

An audit firm should provide monthly progress reports. At a minimum, this report should have columns indicating the companies being audited, the dates the audits were assigned, the dates the field work began, the completion dates for the field work, report delivery dates, audit findings and audit costs. There should also be a space specific comments the auditor wants to convey to the plan. This report can be used to compare statistics from year to […]

Amended Maryland Tax Return for Wynne Decision – What and When to File

Posting by Sean Urbany

As mentioned in our previous post, the Supreme Court recently ruled that Maryland’s tax law for income earned outside of the state is unconstitutional. Each year, Maryland residents pay a Maryland state income tax and a local income tax based on the county in which they reside. Prior to this decision, Maryland residents who earned income from states outside of Maryland were only allowed to claim a tax credit against the Maryland state tax. With the […]

Need a Locksmith Anyone?

Posting by Ashley Williams

I arrived at the employer prepared to do a usual payroll audit, but things did not go as planned. Upon my arrival, the employer notified me that they only had a third of the records I needed for the audit. The rest of the records needed were locked in a room that no one had the key for. They hoped to have the key by the end of the day.

I thought that they must be trying […]


Posting by Scott Reddersen

With many employers now offering a Roth 401(k) component with their retirement benefits, you may be wondering which option works best for your retirement planning purposes. Like most questions involving tax planning matters, the answer is rarely straightforward.

In this post, we’ll look at the differences between Roth and traditional 401(k) plans, as well as Roth IRA and Roth 401(k) plans, and cover some of the tax consequences you may incur when using these retirement savings strategies.
Difference […]

3 Financial Metrics for Business Success

Posting by Mike Rockefeller

There is a large amount of data available to help you more effectively manage and grow your business. But, how do you know which numbers to crunch, and what the data is telling you?

While it’s true that the importance of certain financial metrics will vary depending on your industry, there are three important financial measures and tools you can use to make sure your business is positioned for success and able to sustain growth.
1. Cash is […]

Four Cash Flow Mistakes That Can Harm Your Business

Posting by Jacqueline Thompson, CPA

Cash flow is one of those issues that always seem to be at the top of your mind – and for good reason. Proper cash flow is the foundation of a successful business.

Cash management is all about properly estimating your current and future obligations and weighing those against your projected in-flows. Time and again, I’ve come across the same mistakes that can derail even the most successful growing businesses. Make sure you avoid these financial […]

Running a Green and Streamlined Business: Establishing a Paperless System

Posting by Joel Susco, CPA

Business inefficiencies are often linked to slow, inaccurate, and poorly defined paper-based workflows. Going paperless isn’t just about going“green” – it can also help you save significant time and money. By transitioning to paperless systems in a variety of areas, you can make your business more efficient and also potentially increase profitability. You may be surprised at the far-reaching impacts that simple changes in this area will have for your business.
Streamlining Your Business with Paperless […]

Businesses Face Growing Accounting Fraud

Posting by Joel Susco, CPA

As the business landscape continues to evolve and change, your company is facing increasingly complex and varied fraud threats. Recent research from Pricewaterhouse Coopers (PDF) bears this out, showing a significant increase in accounting fraud in U.S organizations, as well as some interesting changes regarding types of fraud and the perpetrators.

In order to adapt and protect your company, it is essential to understand how occupational fraud is evolving and changing. Here are some of the highlights from […]

Streamlining Your Business Processes

As a business owner, your to-do list is most likely a mile long (or at least it feels like it is). You may be focused on becoming more organized, revamping your marketing strategy, or launching a new product. When thinking about your goals and upcoming tasks, I’d like to suggest an item that will have far-reaching impacts: streamlining.

You may be surprised at the wide-ranging impacts of creating greater efficiencies and streamlining operations. There are a number of specific solutions you […]