Banner Image

Corporate Mergers and Spinoffs: How Your Retirement May Be Affected

Posted by Wende Wadsworth, CPA on Jul 14, 2020 2:11:53 PM
If your company is involved in a merger or spinoff, you’ll need to plan carefully for how your qualified retirement plan will be affected. Failure to plan ahead for the impact of a merger or spinoff on your plan could lead to unintended consequences.
Read More

Topics: Audit & Assurance, Retirement Reporter, Employee Benefit Plans

Correcting Plan Errors: SCP vs. VCP

Posted by Wende Wadsworth, CPA on Jul 14, 2020 1:58:41 PM

Despite your best efforts to remain compliant, operational errors are sometimes made in the administration of employee retirement plans. When errors occur, you generally have two main options for correcting them:

Read More

Topics: Audit & Assurance, Employee Benefit Plans

Accounting for Paycheck Protection Program Loans and Forgiveness

Posted by Stacey Monson on Jun 30, 2020 1:53:11 PM

The American Institute for Certified Public Accountants (AICPA) recently issued a Technical Question and Answer (TQ&A) that provides guidance on accounting for loans issued under the Paycheck Protection Program (PPP).

Read More

Topics: Audit & Assurance, News, COVID-19

How to Build and Run an Effective Governance Committee

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:58:20 PM

As an employee benefit plan sponsor, you could face harsh consequences for failing to satisfy ERISA requirements as they relate plan fiduciaries. One of the best ways to defend against these liabilities is to form an effective employee benefit plan governance committee.

Read More

Topics: Audit & Assurance, Employee Benefit Plans

Employee Benefit Plan Audits- Do You Need One... and How Can You Prepare?

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:31:53 PM

They are two of the most common questions that many businesses sponsoring an employee retirement plan ask: Do we need to have an annual audit performed on our plan? And if so, how can we best prepare for the audit?

Read More

Topics: Audit & Assurance, News, Employee Benefit Plans

Accounting for Lease Concessions Amidst COVID-19

Posted by Stacey Monson on Jun 16, 2020 6:36:47 PM

-

The COVID-19 pandemic has forced the temporary closure, or a reduction of operating hours, of office buildings, shopping centers, restaurants, and other businesses. As a result, many lessors have, or will be, providing lease concessions to tenants who have faced economic disruption due to the COVID-19 pandemic. Lease concessions may vary in form, but payment forgiveness and deferral of payments are expected to be the most common types of concessions granted. As a result of lease agreements not containing provisions for rent concessions specific to COVID-19, in early April, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (Q&A) addressing questions on the impact of the COVID-19 pandemic on lease concessions.

Read More

Topics: Audit & Assurance, News, COVID-19

Plan Sponsors: Answers to Your 5 Most Frequently Asked Questions About How COVID-19 is Affecting Retirement Plans

Posted by Wende Wadsworth, Audit Shareholder on May 5, 2020 5:08:06 PM
Many plan sponsors have questions about how the COVID-19 pandemic will affect their retirement plans, from changing or suspending employer contributions, to laying off or furloughing employees. Here are some common questions and answers to help employers navigate current challenges:
Read More

Topics: Audit & Assurance

COVID-19 and Retirement Plans: How the CARES Act Affects Your Retirement Plan

Posted by Sweeney Conrad on May 5, 2020 3:50:20 PM

The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in late March is a massive piece of legislation that’s more than 880 pages long and carries a price tag of at least $2 trillion.

Read More

Topics: Audit & Assurance, COVID-19

What's Your Fiduciary Duty During the COVID-19 Crisis?

Posted by Sweeney Conrad on May 5, 2020 3:14:23 PM

Employee benefit plan sponsors are facing many questions due to the coronavirus pandemic and COVID-19. One of the most important is simple: What is your fiduciary duty during the coronavirus crisis?

Read More

Topics: Audit & Assurance

Final Hardship Distributions Issued

Posted by Wende Wadsworth, Audit Shareholder on Feb 4, 2020 7:33:57 PM

In September, the IRS and the Treasury Department issued final regulations that make a number of significant changes to the rules that apply to hardship distributions from 401(k) and 403(b) retirement plans. These regulations respond to public comments that were made regarding earlier proposed regulations.

Read More

Topics: Audit & Assurance, Employee Benefit Plans

Learn more about the services Sweeney Conrad offers