• GAO updates internal control standards for the federal government

    Even though the Green Book was written for the Federal Government, Baker Tilly public sector specialists have found the framework to be a useful reference for state and local governments, quasi-government entities, and not-for-profit organizations when designing internal control systems.
  • Updated mortality tables affect employee benefit plans

    The Society of Actuaries recently released new mortality tables for use by plan sponsors when measuring benefit plan costs and obligations. The new tables, RP-2014 (mortality tables) and MP-2014 (longevity improvement scale), will most likely result in higher defined benefit obligations in benefit plans.
  • Construction contracts for exempt organizations

    Contractors purchasing materials for use in a Minnesota construction project with an exempt entity must have detailed supporting documentation to ensure these purchases are exempt from state sales and use taxes. Without such documentation, the contractor or subcontractor that supplied the materials may be subject to back taxes, penalties, and interest due to the state.