New overtime law update: delayed for now

A Texas U.S. District Judge has filed an injunction, blocking implementation of the Department of Labor’s (DOL) new overtime law. Previously we had discussed the updated overtime law, which the DOL had set to begin December 1, 2016. This law would have doubled the maximum salary an employee earned before becoming exempt from mandatory overtime …

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Effective audit committee member habits

An audit committee is a crucial component of a company, whether it has to do with the company’s balance sheet, or their 401(k). They have the responsibility of keeping an objective point of view when it comes to the legal and compliance aspects of the financial statements. Recently, in an Accounting Today article, Dr. Lola …

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Voluntary fiduciary correction program

Throughout the administration of 401k plans, employers may at times run into fiduciary violations under the Employee Retirement Income Security Act (“ERISA”). If this happens, you may be eligible to apply for voluntary relief from enforcement actions, including assessments of civil monetary penalties through the Voluntary Fiduciary Correction Program (“VFCP”). The VFCP was designed to …

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Importance of Minutes as Evidence of Corporate Governance

Corporate governance is how a company polices itself and employees. It is intended to increase the accountability of the company, serve as a preventative measure, and help build transparency and trust. Corporate governance as it relates to plan administrators involves meeting your fiduciary responsibilities. Under the Employee Retirement Income Savings Act (ERISA), meeting your fiduciary …

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Student Debt Impedes Ability to Buy a Home

The National Association of Realtors (NAR) recently polled student debt holders who had not defaulted on their loans. The majority of them graduated from a four-year public or private college. Below is a summary of some of the more interesting findings of the study. 43% of those polled had between $10,000 and $40,000 in student …

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Creating an Error-Free Budget

Alright, I’ll admit the title of this article is rather deceiving. Unless you’re just a naturally lucky accountant or a psychic, chances are you will have errors in your budget causing you to go over or under the projected budgeted amounts from the beginning of the year. I wish I had better news for you; …

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Everything You Need to Know: Gifts In-Kind

Nonprofit organizations collect many different types of support from donors, which are not always cash gifts. When an organization receives gifts of goods or services, it may lead to questions. How and when do gifts in-kind get recorded? What are gifts in-kind? Gifts in-kind are donations of tangible and intangible individual property and contributions of …

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How to Prepare for Your 401(k) Audit

There are a few simple steps that can be taken during the planning phase of the audit in order to gain efficiencies during the fieldwork phase. You should be in communication with your auditor before the Plan’s year-end date. This is the best time to come to an agreement about the terms, timing and fees …

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Brexit and Bankruptcy

How can a macro-economic event, such as when the United Kingdom voted to exit the European Union, impact everyday people and corporations and help them emerge from bankruptcy protection in the United States? When the UK voted to exit the EU, this caused a significant panic in the investment community, particularly investments in foreign stocks. …

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