Every employer is required to report wages paid as well as the related withholdings on Form W-2 each year. If filing 250 or more Forms W-2 for 2015, employers must file Copy A in electronic format with the Social Security Administration. It is important to note that the IRS can grant employers a waiver of the electronic filing requirement upon receipt and approval of a written request. Form W-2 is a six part form that is to be distributed as follows ..read more

Employee stock ownership plans (ESOPs) can be thought of as supercharged defined benefit plans. Instead of providing your employees with cash they can pull out at retirement, ESOPs give your employees equity in the company. As we discussed in a previous article, ESOPs can satisfy a wide variety of needs. But before you set up your ESOP plan, make sure you do these three things first ..read more

Required minimum distributions (RMDs) are the minimum amounts you’re required to pull from your retirement accounts each year. The RMD rules apply to the following types of retirement plans ..read more

The ever-evolving world of ERC has a new and much anticipated major development – a voluntary disclosure program for those that have already received refunds ..read more

The Office of the Chief Accountant (OCA), Employee Benefits Security Administration (EBSA), U.S. Department of Labor (DOL), has completed its fourth assessment of the quality of audit work performed by independent qualified public accountants (IQPAs). This assessment focuses on IQPAs’ financial statement audits of employee benefit plans covered under the Employee Retirement Income Security Act (ERISA) for the 2020 filing year (plan years beginning in 2020 ..read more

The Public Company Accounting Oversight Board (PCAOB) is an important player in the audit world. It sets quality-of-work standards that accountants are required to follow when auditing the financial statements of publicly traded companies. Its ultimate goal is to protect the interests of investors and other stakeholders ..read more

In the past few years, the Financial Accounting Standards Board (FASB) has released a few key updates to US generally accepted accounting principles (GAAP). Although some of these updates have been in the works for years — like the lease accounting standard under ASC 842 — entities are still getting used to the new reporting requirements and tweaking their financials to be fully compliant. We’ve compiled a list of accounting standard updates that have recently gone into effect or will go into effect in 2024. Is your business ready ..read more

In 2016, the FASB issued new lease accounting standards that changed how businesses reported leases on their financial statements. For most private entities and nonprofits, the new standard went into effect in 2022. As we are approaching the end of the second year of complying with the new lease accounting standard (Topic 842), these are some of the most common issues we get questions about ..read more

There has been much uncertainty in the world of ERC since the IRS issued their moratorium on processing new ERC claim submissions on September 14th, 2023 ..read more

September 14th was a big day in ERC world. The IRS released an announcement that they would be halting the processing of new claims through at least the end of 2023. IRS Commissioner Werfel had been hinting that some action like this would be forthcoming once the backlog was reduced, so this wasn’t exactly a surprise ..read more