- A welcome relief for small not-for-profits, Form 1023-EZ will make it easy for a large majority of charity organizations to apply for tax-exempt status.
- Properly allocating and recording direct and indirect expenses provides charitable organizations with accurate performance ratios.
- The National Association of Insurance Commissioners (NAIC) 2014 Summer National Meeting was held in Louisville, KY. A number of issues and statutory accounting changes were addressed over the course of the meeting. Highlights from some of the working group meetings are summarized below.
- The city of Rockford needed to reduce a budget deficit without significantly impacting core municipal service levels. Developing comprehensive operational assessments allows staff the flexibility to try new things and forward suggestions to management for implementation.
- The IRS has recently increased its audits of employer 401(k) plans. Rather than wait for an audit, plan administrators should proactively consider potential issues and take any necessary corrective measures. The following is a brief rundown of what the IRS will request at the outset of an audit, as well as a non-comprehensive list of issues commonly scrutinized by the IRS during a 401(k) plan audit.
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