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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.

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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:
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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.

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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?

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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.

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Topics: Audit & Assurance, Employee Benefit Plans

Meeting Fiduciary Duties: How to Choose a High Quality Provider

Posted by Emily Taibl on Jul 29, 2019 11:37:40 PM


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Topics: Audit & Assurance

How healthy is your business? The importance of Ratios and Benchmarking.

Posted by Dave Miniken on Sep 6, 2018 5:54:23 PM

Many people go to the doctor for a physical checkup every year or so to make sure they are in good health. If you are the owner of a small business, how do you gauge the “health” of your company?

One way is to keep an eye on several metrics that can help you monitor your company’s health in key areas. These metrics commonly take the form of financial ratios that can be compared against other businesses that are similar to yours, or against prior performance periods for your company- a process known as benchmarking.

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Topics: Advisory, Audit & Assurance, Tax

To Keep or Shred: How Long Should You Hold on to Your Documents?

Posted by Trevor Fennessy on Sep 5, 2018 1:25:34 PM

We all know the feeling… it’s time to clean the office and you’re sorting through stacks of documents, filing them away, shredding some, creating more piles… and the questions keep arising. Can I toss this? Is this something important to keep? I’ve been holding on to this for 3 years, surely it’s OK to let it go now?

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Topics: Advisory, Audit & Assurance, Tax

5 Tips for Finding a Quality Auditor

Posted by Emily Taibl on Jul 9, 2018 3:52:11 PM

In 2015, the Department of Labor (DOL) issued a report titled “Assessing the Quality of Employee Benefit Audits, summarizing their inspection of 2011 employee benefit plans.  Their findings showed that a shocking 39% of employee benefit plan audits (nearly 4 out of 10) contain major deficiencies with respect to one or more relevant GAAS requirements.  These deficiencies are such that they would lead to a rejection of Form 5500 putting $653 billion and 22.5 million plan participants and beneficiaries at risk.  That is not very reassuring when it comes to choosing a firm to trust with this very important task!

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Topics: Audit & Assurance

Three Options for Hiring Professional Investment Help

Posted by Emily Taibl on Oct 12, 2017 6:54:25 PM

Bellevue Financial Advisors

Companies that sponsor qualified retirement plans have a fiduciary duty to prudently select and monitor the investment options offered in their plan. Failure to meet this fiduciary standard can expose plan sponsors to costly litigation in which they could face personal liability.

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Topics: Advisory, Audit & Assurance, Retirement Reporter, Tax

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