IRS Rev. Proc. 2019-19: Easier Correction Process for Retirement Plans
In Revenue Procedure 2019-19, the Internal Revenue Service (IRS) issued guidance that increases the availability of retirement plan sponsors to correct certain plan documents and plan loan failures through the IRS Self-Correction Program (SCP).
Spotlight on Yellow Book Revisions
The U.S. Government Accountability Office (GAO) issued revisions to generally accepted government auditing standards (GAGAS) in July 2018.
SEC Issues Proposed Amendments
The Securities and Exchange Commission (SEC) recently issued two proposed amendments. Both proposals are subject to a 60-day comment period following their respective publication in the Federal Register.
Defining Disqualified Persons of Private Foundations
Recently, we received certain inquiries on the definition of “disqualified persons” at a foundation. In connection therewith, we hope this bulletin will serve as a reference defining a disqualified person and helping to ensure that self-dealing at the private foundation does not occur.
Reviewing and Updating the Fiscal Policies and Procedures Manual
By Gus Saliba, CPA, Partner A charter school’s Fiscal Policies and Procedures Manual (FPPM) provides management and the board of trustees […]
Cyber Roundup – May 2019
Imagine if your organization were subjected to any one of the cyber infiltrations reported in this month’s Cyber Roundup.
R&D Tax Credit: Court Emphasizes Need to Document Project Qualifications
Claiming the federal research tax credit is easier and more beneficial than ever. Federal law and IRS regulatory changes have made that so.
Saying “Thank You” Has Never Been More Important
The Internal Revenue Service (IRS) issued definitive final regulations in July 2018 that enacted changes to the substantiation and reporting requirements for charitable contributions and are effective beginning July 30, 2018.
IRS Issues Its Updated Operational Compliance List
The Internal Revenue Service (IRS) recently issued its Operational Compliance List (OCL) to help plan sponsors and practitioners achieve operational and “form” (i.e., plan documentation) compliance by identifying changes in qualification requirements effective during a calendar year.
Findings on Reviews of Restated 403(b) Plans
Our Employee Benefits Services Group (EBSG) has expended a lot of time reviewing restated 403(b) plan documents that record keepers, third party administrators, or other plan document preparers have provided to plan sponsors to review.
Cyber Roundup – April 2019
The weaponization ─ and subsequent monetization ─ of electronic data is clearly on display in this our second anniversary edition of Cyber Roundup.
Establishment of Teachers’ Retirement Contribution Reserve Fund
The recently enacted 2019-20 New York State Budget amended Section 6-R of the General Municipal Law.