What is missing from your SEFA?

In addition to your many end of fiscal year document requirements, you’re also responsible for the Schedule of Expenditures of Federal Awards (SEFA).  Below is a list of items you’ll need to prepare the SEFA under Uniform Guidance as well as some helpful tips to ensure the information is complete and accurate. Tips for preparing …

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Preparing for a single audit

Single audits are required for all non-federal entities that expend $750,000 or more in federal awards. Single audit engagements can be complex and may involve a number of unusual audit requirements, so being prepared for your single audit plays a vital part in the single audit process. Here are some things to consider if you’re …

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IRS Initiative to Help Employers with Payroll Tax Compliance

The IRS recently launched a new initiative to assist employers who are falling behind on their payroll or employment taxes.The Early Interaction Initiative is designed to proactively address payroll tax compliance with an emphasis on precluding delinquencies and/or addressing delinquencies early. Through the initiative, the IRS will identify employers who appear to be falling behind …

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Compliance for Small Company Employee Benefit Plans

As another employee benefit plan season draws to a close, I was reflecting on the many compliance errors that we find each year while auditing plans. The plans that require audits are typically larger employers with over 120 employees. These plans are typically administrated by professionals with significant experience in their fields. And yet, due …

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Where Are You Saving Your Money?

As an auditor of employee benefit plans, I often talk with clients about their plan’s participation rates and suggest ideas on how to increase participation. As part of my daily routine, I read numerous articles from different financial sources. I came across a CNBC article published on July 29th, 2015 that I found to be …

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Compliance Testing Failures – Now What?

Hearing the news of a compliance testing failure sounds rather daunting. The severity of a compliance testing failure varies by case, and correcting it may not be as difficult or costly as it sounds. Throughout compliance testing, traditional 401(k) plans must be tested to ensure that contributions made by and for nonhighly compensated employees (“NHCE”) …

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What You Need to Know When Filing Form 5500

What is Form 5500? Form 5500 is the annual tax return for your retirement plan that must be filed with the Employee Benefit Security Administration (EBSA), a division of the Department of Labor (DOL). It is required by the Employee Retirement Income Security Act of 1974 (ERISA) to ensure employee benefit plans are operated and …

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ERISA Attorneys – Why Have One?

One of the key reasons to hire an Employee Retirement Income Security Act (“ERISA”) attorney is to complete a plan document that will be in compliance with all ERISA regulations. The plan document should be reviewed every two years by your attorney for any amendments that need to be made in order to stay in …

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New Auditee Resource Center on the AICPA Website

Henry & Horne is committed to achieving the highest quality audits.  As a member of the American Institute of Certified Public Accountants Governmental Audit Quality Center (GAQC), we have access to key information and comprehensive resources that we use to help ensure our compliance with appropriate professional standards and laws and regulations that affect our …

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Charter School Compliance Questionnaire Update

The Arizona State Board for Charter Schools recently released the USFR Compliance Questionnaire for the fiscal year ended June 30, 2012. Although there were not many changes to the questionnaire from the previous year, there is one notable question that was added to the attendance section that related to the residency requirements that schools are …

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