Accounting & Assurance Archives

Client Spotlight: Illinois Chamber of Commerce

ACA Repeal Unveiled in the Senate Could Set the Stage for Some Early 4th of July Fireworks in Washington

After months of rumors and anticipation, the Senate finally unveiled on June 22, 2017 its ACA repeal bill; named the “Better Care Reconciliation Act…

NFP Fraud is Often Hidden in Plain Sight…Is Your Organization At Risk?

If you’re a not-for-profit organization that depends upon the audit process to catch a dishonest employee or fraud that is occurring in your workplace,…

Auto Enrollment/Escalation in Retirement Plans – Its Success Often Depends Upon Employer Actions

There’s no disagreement that saving for retirement is something everyone needs to be doing. Yet, still today, not everyone is doing it. As companies…

401(k) Hardship Distributions Come With Strings Attached for Employers

Do You Have Appropriate Documentation and Protocols in Place for Safe Harbor Distributions? The IRS has indicated via memorandum the concern that not all…

House Passes Revised Legislation to Repeal and Replace the ACA

On May 4, 2017, the House of Representatives passed H.R. 1628, “The American Health Care Act of 2017” (AHCA) by a narrow margin. The…

First Look at the Tax Reform Plan Proposal Released by the Trump Administration

Potential Impact to Individuals and Businesses Unveiled Touted by the Trump Administration as the “biggest individual and business tax cut in American history,” the…

“Herding Elephants” – Legislation to Repeal and Replace ACA Fails in the House

ACA Update 2.0 With the recent news of the failed attempt to repeal and replace the Affordable Care Act (ACA), many are wondering, “What…

Deadline Extension Announced for Illinois EDGE Tax Credit

The Economic Development for a Growing Economy (EDGE) Tax Credit program has been extended until April 30, 2017. The state of Illinois created the…

Lease Accounting Standard

Adopting the New Lease Accounting Standard After years of deliberation and numerous exposure drafts, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update…

21st Century Cures Act for Small Businesses Signed into Law

Employees Now Eligible to Receive Medical Reimbursements President Obama signed the 21st Century Cures Act for qualified small business Health Reimbursement Arrangements (HRA) into…

Proposed Changes, Clarifications and Additions to Deferred Compensation Agreements Under IRC Section 409A

Effective Immediately: Risks of 409A Penalties Exist for Taxpayers Not in Compliance with Proposed Regulations The American Jobs Creation Act of 2004, added section 409A…

Everything You Need to Know About SOC Reporting

There are some core principals with SOC reporting that will make the world of difference for the “end users” of the report. With three…

The New Overtime Ruling and Implementation Considerations for NFPs

With an effective date of December 1, 2016, the new and final overtime ruling issued by the Department of Labor (DOL) leaves organizations with…

FASB Issues New Standard to Improve Not-for-Profit Financial Reporting

On August 18, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities (Topic…

Client Spotlight: T&D Metal Products

Strategizing for Global Financial Changes: 8 Steps You Can Take Now to Prepare for the New Revenue Recognition Standard

In May 2014, six years’ worth of planning, meetings, deliberations and proposals finally resulted in the convergence of a revenue recognition standard acknowledged by…

Are You Missing Out on an Opportunity to Claim the Work Opportunity Tax Credit?

Special Transition Relief Expires Soon! As you may know, the federal “Work Opportunity Tax Credit” (WOTC) was extended last December by the “Protecting Americans…

How NFP General Partners Should Apply the Consolidation Guidance to For-Profit Limited Partnership or Similar Entity

On August 3, 2016 the FASB Board issued a proposed Accounting Standards Update (ASU) that would amend the consolidation guidance in Subtopic 958-810, Not-for-Profit…

Modified Rules on 401(k) and 403(b) Deferral Failures

The new change provides penalty relief for plans that commit an elective or automatic deferral failure. A deferral failure occurs when a plan sponsor…