Three Reasons To Have a 401(k) Audit

Posted by Greg Zink on Nov 25, 2019 11:45:00 AM

A 401(k) plan is a common retirement savings option that is offered by many employers to their employees. It's important that companies know once an active participant threshold of 100 is met, the US Department of Labor (DOL) requires a certified audit of your 401(k) plan by a CPA firm. This is because there are risk factors that could impact your plan. Let's look at three of them, and how a 401(k) audit can protect you from these risks, and from financial liability.

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Topics: Business Planning & Operations, Accounting Hot Topics

Q4 2019 Tax Headlines For Business Owners

Posted by Greg Zink on Nov 12, 2019 8:00:00 AM

While some people may not think that tax and accounting topics make for exciting headlines--we do! Here's a quick round up of five tax-related headlines that impact many business owners heading into Q4.

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Topics: Tax Topics, Business Planning & Operations

The New Lease Accounting Standard is Coming Soon

Posted by Erica Braun on Jan 21, 2019 8:00:00 AM

Many business owners see their leases --everything from buildings to copy machines-- as just that --a lease. But what they aren't used to seeing are those leases showing up on their balance sheets. If you have a long-term lease of any kind, you'll need to understand the new lease accounting standard, also known as, Accounting Standards Update 2016-02 or Leases (Topic 842). For non-public entities, this standard is set to take affect for fiscal years beginning after December 15, 2019.

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Topics: Business Planning & Operations

IRS Updates Transportation Industry Per Diem Rates

Posted by Greg Zink on Oct 11, 2018 7:57:00 AM

The IRS has increased the 2018–2019 per diem rates for substantiating employee business expenses under IRC Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home. 

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Topics: Business Planning & Operations, Accounting Hot Topics