Penalty Free Retirement Account Withdrawals

For anyone who has a child, they know sometimes the pain doesn’t end at the point of delivery.  Don’t get me wrong. Children are a blessing, but with them come sleepless nights, diaper changes and yes, financial pressures. A study by Health Affairs found that for the average new mother with insurance who gave birth …

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Accounting for estimates

Not every financial statement item is able to be precisely measured. Often, your company will have to make a best-educated guess to account for items that are not able to be specifically determined. This is where accounting for estimates comes into play. Don’t miss: The future of auditing with artificial intelligence  Auditing standards define an …

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The SECURE Act and its potential impact on your retirement

On May 23rd, the House of Representative passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. While this bill may or may not pass, it is important to realize the key implications it can have on your future. Some major features of the Act include: Greater opportunity for part-time workers to participate in …

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5 tips to avoid common audit prep mistakes

Generally, if your company has 100 or more active participants, The Employee Retirements Income Security Act of 1974 (ERISA) requires an annual audit of plan financial statements. Whether this is your first plan audit or have endured plan audits for years, being prepared and gathering all the necessary documents and reports for your auditors can …

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What is ACP & ADP Testing?

When you have a 401(k) plan it can get a little overwhelming at times, especially when you start to worry about passing all the non-discrimination tests. These tests ensure a plan does not favor highly compensated employees (HCE) over non-highly compensated employees (NHCE) and mandates that corrections be made if one of these tests are …

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Upcoming standard delays ahead!

The votes are in. The Financial Accounting Standards Board (FASB) has unanimously decided to delay the accounting standard ASC 842. In a nutshell, ASC 842 is the lease accounting standard that requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. …

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Accounting for payments and discounts to customers

Many companies sell to large, national retailers. Often, when selling to these retailers, these companies will need to make separate payments to these customers or have amounts deducted from the payments received on their invoices. However, many times we don’t see these accounted for appropriately. How should these be accounted for? It depends on the …

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Profit sharing plans

A profit sharing plan is beneficial for an employer as it is flexible, allows for good cash flow management, and rewards employees for the company’s success. Profit sharing contributions are discretionary, and, therefore, the amount and timing of the contributions can vary year-to-year. There is no minimum or maximum contribution required by law. Accordingly, the …

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Plan terminations and partial plan terminations

Many plan participants may be surprised to learn that their employer can discontinue their 401k plan at their own discretion. The IRS considers a plan terminated once an official date of termination is established by the sponsor, the benefits and liabilities under the plan are determined, and all assets are distributed as soon as administratively …

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Client service: the good and the bad

All of us, at one time or another, receive bad client service. Some examples may include: Phone calls not being returned, or e-mails responded to timely – if at all. Being unavailable at scheduled times for phone calls with the receptionist instructing you to call back later. Being kept waiting for appointments. A lack of …

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