Assurance Archive

Remittance Schedules: How to Know and Meet Your Deadlines

Part of offering a defined contribution plan is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task, the Department of Labor views non-compliance with remittance rules as a major issue, and missing deadlines for deposits can carry significant penalties.

2018 SEC Year in Review

In order to keep you current on Securities and Exchange Commission reporting developments, we are pleased to provide you with this newsletter – provided through our participation in BDO Alliance USA – that summarizes significant 2018 developments at the SEC.

2018 Accounting Year in Review

Our 2018 year in review report – provided through our participation in BDO Alliance USA – summarizes the year’s most significant changes in guidance and what to expect in 2019. It also includes a comprehensive list of the effective dates for recently-issued accounting standards.

PCAOB Inspections Outlook for 2019

As part of the overall strategic plan and reevaluation of how inspections of public company audits are planned, conducted, and reported on, the PCAOB has released its objectives and potential focus areas for planned 2019 inspections of issuers and brokers and dealers. We encourage audit committees, management and auditors to review this alert.

Lease Accounting (Topic 842): A Guide for Tech Companies

Every entity that leases property, plant, or equipment will be affected by Topic 842 to some degree. Tech businesses can expect to experience a challenging transition, simply because they will have to comply with the new standard in addition to all the other regulations they’re already subject to.

FASB Clarifies Scope of Collaborative Arrangements

The FASB issued ASU 2018-18 to clarify when certain transactions between participants of a collaborative arrangement are within the scope of ASC 606. It is effective for public entities for fiscal years beginning after December 15, 2019, and for private entities, the effective date is fiscal years beginning after December 15, 2020.

First-Time Plan Audits: What to Expect

Going through an audit for the first time can be a daunting task. Your auditor will ask for information you might expect, such as employee census and payroll data, plan documents, plan financial statements, contribution deposit history, and more. What you might not expect is getting requests for that information from previous years, or for a sample of participants over a certain timeframe to check for past errors. It’s a lot of data to supply, so keeping good records and planning ahead is paramount.

Uncashed Distribution Checks: Best Practices for Plan Sponsors

Defined contribution plan sponsors face numerous challenges when workers change jobs, and the Department of Labor is paying close attention to how employers are dealing with these situations.

Fees for 401(k) Services: What Plan Sponsors Need To Know

It’s important for plan sponsors to remember that every service offered in a 401(k) plan has a cost. It’s up to the plan sponsor to determine whether the overall fees are reasonable. In today’s environment, plan sponsors who don’t address these issues or don’t conduct periodic reviews of service fees may likely find themselves in a very costly lawsuit.

IRS Announces HSA Contribution Limits for 2019

Individuals enrolled in high-deductible health plans (HDHP) can benefit from enrolling in health care savings accounts (HSAs). In addition to saving on taxes, enrollees can accumulate funds for medical expenses.