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Accounting for Shuttered Venue Operators Grants

By Tammy Ricciardella, CPA Background On Dec. 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the Act) became law as a part of the Consolidated Appropriations Act, 2021 (CAA). The American Rescue Plan Act also provides $16 billion in grants to shuttered venues, to be administered directly by the Small […]

2022 Cost-Of-Living Adjustments for Qualified Retirement Plans

The Social Security Administration (SSA) and Internal Revenue Service (IRS) have announced the government’s annual cost-of-living adjustments (COLA) for 2022: There was a notable 5.9% increase in Social Security and Supplemental Security Income benefits, which represents the largest benefits increase since 1982 (2008 comes in a close second with a 5.8% increase). The IRS adjustments […]

Retirement Plan Corrections Options Available Through EPCRS

Earlier this year, the Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides retirement plan sponsors additional opportunities to use voluntary and self-correction features of the Employee Plans Compliance Resolution System (EPCRS). This guidance continues a trend of the IRS seeking ways to make it easier for plan sponsors to correct errors that may […]

Higher Education in the U.S. – Rising Costs, Enrollment Challenges and the Need for Innovative Solutions

By David Clark, CIA, CFE, CRMA, Seth Miller Gabriel, Umer Yaqub The higher education landscape has changed over the last few decades, with increasing concern regarding declining enrollment and institutions’ ability to drive revenue by attracting and retaining students at levels necessary to support operations. The impact of COVID-19 on colleges and universities has hastened […]

Top Considerations for the Nonprofit Sector

By Divya Gadre, CPA Since navigating the headwinds of the past year, nonprofit organizations have reimagined their operations to maintain relationships with donors, volunteers and the communities they serve while discovering new means to protect mission funding. Even so, the impacts of the pandemic and calls to further social justice work won’t subside overnight, leaving […]

Preparing for Mandatory Lifetime Income Disclosures for DC Plans

As part of the overall movement toward financial wellness, Congress and the Department of Labor (DOL) are focused on giving retirees more visibility into how retirement savings translate into lifetime income. In the Setting Every Community Up for Retirement (SECURE) Act of 2019, Congress required an annual lifetime income disclosure for ERISA defined contribution plans. […]

Plan Sponsor Alert: 401(K) Plan Restatements Required by July 2022

Every six years, the Internal Revenue Service (IRS) requires employers with qualified, pre-approved plans to restate their plan documents – reflecting changes that have occurred since the plan documents were created or last restated. For defined contribution plans, the current restatement cycle – called Cycle 3 – opened on Aug. 1, 2020 and will close […]

OMB Issues the 2021 Compliance Supplement

By Tammy Ricciardella, CPA On August 12, 2021, the Office of Management and Budget (OMB) issued the 2021 Compliance Supplement (Supplement). The Supplement is effective for audits of fiscal years beginning after June 30, 2020. The Supplement can be accessed on the OMB website. There are numerous changes in the Supplement this year that will […]

Provider Relief Fund Updated Single Audit Requirements

By Carla DeMartini, CPA What is the Provider Relief Fund? The Provider Relief Fund (PRF) is the federal program issued under the Coronavirus Aid, Relief, and Economic Security (CARES) Act aimed at supporting eligible health care providers in the battle against the COVID-19 pandemic. The PRF is administered by the Health Resources and Services Administration […]

Secure Act Guidance for Safe Harbor Retirement Plans

Employers now have more flexibility in adding or amending safe harbor 401(k) or 403(b) plans, thanks to the 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act and subsequent guidance from the Internal Revenue Service (IRS). These changes should increase access to the benefits that safe harbor plans offer, such as avoiding administrative costs […]