Employee Benefit Plan Audits

Articles

Why the Quality of Your Audit Matters

By Michael Cecere, CPA, MST Gray, Gray & Gray, LLP Most Certified Public Accounting (CPA) firms provide audits of financial statements. But that does not mean all audits are created equal. Although there are accepted standards for the audit process (Generally Accepted Auditing Standards, or GAAS), the quality and accuracy of audit examination and reporting …

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Articles

DOL Issues Cybersecurity Guidelines for Retirement Benefit Plans

Citing the growing threat of online criminal activity, the U.S. Department of Labor has issued guidance on cybersecurity steps to help protect the nation’s $9.3 trillion in pensions and defined benefit plans. The suggestions are aimed at helping plan sponsors and fiduciaries to avoid data breaches and cyber theft from the estimated 140 million retirement …

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Articles

Multiple-employer plans for small businesses

By Michael D. Koppel, CPA, PFS, CITP, MBA Retired Partner December 1, 2020 Editor: Marcy Lantz, CPA Jill owns a hardware store on Main Street in a small town. The store to her left is a women’s clothing store owned by Mary. To her right is a sporting goods store owned by James. Each business is …

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Articles

New Rules on Employee/Contractor Classification Proposed

Classifying a worker as an employee or independent contractor has long been a complicated task for employers, with significant consequences. Misclassification can result in fines and penalties, and, in some cases, employers may be required to pay back wages and taxes to a worker who is reclassified as an employee. Now the U.S. Department of …

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Articles

Being Smart About PPP Loan Proceeds

By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Despite a few delays and some initial confusion, the Paycheck Protection Program (PPP) loan program has distributed some $350 billion in low-interest loans to small businesses across the U.S and a new round of funding is in the works to be approved shortly. The …

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Articles

How a Layoff or Furlough Might Impact Your Employee Benefit Plan

By Michael L. Cecere, CPA, MST Gray, Gray & Gray, LLP Businesses reducing headcount during the coronavirus pandemic should be aware that choosing between a layoff or a furlough will create different impacts on the company’s retirement plan or defined benefit plan. A furlough is a short-term cessation of work for a defined period. Although …

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Koch's Corner

Koch's Corner: Staggering Effective Dates for Accounting Updates

Koch’s Corner delivers concise, “need to know” summaries of important updates on accounting and assurance issues for privately-held companies. By Richard Koch, CPA Director of Quality Control at Gray, Gray & Gray Accounting standards are the bedrock on which CPAs and other financial professionals base their judgements. But sometimes even bedrock shifts, and accounting standards, …

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Webinar

A Closer Look at Defined Contribution Plan Survey Results 2018

https://www.youtube.com/embed/qpvb5uDXdqU The Defined Contribution Plan Survey results are in! Gray, Gray & Gray Partner Jim Donellon, CPA, MSA and Marty Kirshner, CPA, MSA review the overall results and share insights on select questions, plan trends, and more. Webinar content is intended for educational purposes only. Webinars provide a brief summary based on our understanding and …

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Press Release

Gray, Gray & Gray Releases Results of 2017 Defined Contribution Plan Survey

Canton, MA (December 21, 2017):  Gray, Gray & Gray, LLP, a leading independent accounting and audit firm, has released the results of their second annual survey of benefit plan administrators in the New England region. The survey’s purpose is to develop an overview of how defined contribution plans are managed, and to discover “best practices” …

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