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Monday, 09 March 2020

SECURE Act Opens Door to Pooled Employer Retirement Plans

Written by The Rehmann Team

Many smaller businesses are reluctant to offer 401(k)s or other qualified retirement plans to their employees because of their high costs, time-consuming administrative responsibilities, and strict fiduciary duties. But starting next year, it will be easier for employers to reduce these burdens by joining forces in a multiple employer plan (MEP). The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law late last year, is designed to head off the looming retirement saving crisis by improving access to tax-advantaged savings vehicles. One of the act’s most significant changes authorizes a new type of “open” MEP, called a pooled employer plan, or PEP...

Published in Retirement
Monday, 09 March 2020

Executive compensation requires informed decision-making

Written by Thomson Reuters

Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. Start with the basics Compensation is affected by the amount of cash in your company’s bank account...

Published in Tax
Monday, 09 March 2020

How is the coronavirus infecting the market?

Written by The Rehmann Team

While it may appear that we are getting through the initial market shock, coverage of the coronavirus continues and as the scope of the virus remains uncertain, it is common for the global market to follow suit. Equities detest uncertainty. The market’s reaction to the coronavirus are justified — events like this certainly have negative impacts on the economy and short-term growth. There will be a point in time when the scope of the impact becomes clearer and stability should return shortly after...

Published in COVID-19
Wednesday, 04 March 2020

Simplifying MD&A and KPI disclosure requirements

Written by Thomson Reuters

In January, the Securities and Exchange Commission (SEC) issued a proposal that would streamline the disclosure requirements in management’s discussion and analysis (MD&A) of financial condition and results of operations. The proposal is part of a broader effort to overhaul the disclosure regime for public companies. On the same day that the proposal was issued, the SEC published interpretive guidance on disclosing key performance indicators (KPIs). Proposed changes to MD&A Public companies are required to write MD&As under Reg...

Published in Audit & Assurance
Wednesday, 04 March 2020

Updated audit risk alert: A view from the trenches

Written by Thomson Reuters

The American Institute of Certified Public Accountants (AICPA) recently issued the 2019/2020 edition of the Audit Risk Alert (ARA), General Accounting and Auditing Developments. This publication provides auditors with an overview of recent economic, industry and regulatory developments that might affect how they conduct audits. Here are some highlights to help private companies understand the auditor’s mindset in the current audit season — and beyond. Economic uncertainty When assessing risk, auditors must consider the effects of external forces on the organization...

Published in Audit & Assurance
Wednesday, 04 March 2020

How will the new CECL affect financial reporting?

Written by Thomson Reuters

The new current expected credit loss (CECL) standard goes into effect this year for large public companies. However, a recent study by Moody’s Investors Service reports that bank-to-bank comparisons will be muddled, because the new rules don’t prescribe a specific model for measuring losses. But the study also found that new rules are unlikely to have a significant effect on banks’ loss reserves or credit ratings. FASB changes the rules In response to the financial crisis of 2007–2008, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No...

Published in Audit & Assurance
Monday, 17 February 2020

Hidden Gem: HSAs in Retirement

Written by Forefield, Inc.

When saving for retirement, you're probably aware of the benefits of using tax-preferred accounts such as 401(k)s and IRAs. But you may not be aware of another type of tax-preferred account that may prove very useful, not only during your working years but also in retirement: the health savings account (HSA). HSA in a nutshell An HSA is a tax-advantaged account that's paired with a high-deductible health plan (HDHP). You can't establish or contribute to an HSA unless you are enrolled in an HDHP...

Published in Wealth Management
Monday, 17 February 2020

Market Outlook | Q1 2020

Written by The Rehmann Team

Economy In its quarterly global economic update, the International Monetary Fund (IMF) trimmed its outlook for global growth in 2020 from 3.4 percent to 3.3 percent since its last forecast in October 2019. Weakness within the Indian economy was the largest detractor to the outlook...

Published in Wealth Management
Friday, 14 February 2020

Three Ways to Prevent Cyberattacks at Your School

Written by Jessica Dore, CISA

Educational organizations are increasingly victims of cyberattacks. In fact, according to the K-12 Cybersecurity Resource Center, a new scholastic cybersecurity incident is reported every three days. Some are highly publicized, like when a Texas school district was scammed out of nearly $2 million via email. But many incidents fly under the radar, even going unreported, despite causing significant harm...

Published in Cybersecurity
Thursday, 13 February 2020

Upgrade Your Windows 7 Devices Now

Written by Therese Boka, CPC, CPMA, CPCO and Jessica Dore, CISA

If your organization is running Microsoft Windows 7 on any device, it’s time for an upgrade to Windows 10. Microsoft ended service for the Windows 7 operating system on January 14, 2020. As a result, there is no more support. No updates...

Published in Business Consulting
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