Insights

Over the last several months, we have received inquiries from private foundations asking whether or not to include Internal Revenue Service (IRS) Form 2220, Underpayment of Estimated Tax by Corporations, along with their IRS Form 990-PF, Return of Private Foundation, when filing.

Small retirement plants are the subject of this article as we want to keep our readers updated on what’s going on in the EBP field including:

The House Ways & Means Committee unanimously approved the Securing a Strong Retirement Act of 2021 (SECURE Act 2.0 or the Act), sending it to the House floor for consideration.

As the June 30th fiscal year-end approaches, getting ready for the annual financial audit should be paramount.

As we finalize this issue of Cyber Roundup, the ransomware attack on Colonial Pipeline is fresh in the minds of the American public. It’s especially distressing as it upsets the availability of gasoline along the east coast just as we are coming out of pandemic mode and ready to jump in our cars for spring travel.

Earlier this year, proposed regulations were passed as part of the NY Executive Law, potentially requiring charities to file up to three additional reports with the NYS Department of State. Effective January 1, 2021, charitable organizations that are required to file an annual financial report, the CHAR 500, with the NYS Attorney General’s Charities Bureau under Article 7-A will also be required to file an additional annual financial report online.

The purpose of this article is to provide information as to the designated term “plan documents” as it used in many legal and statutory situations and as frequently requested by auditors performing a financial statement review, regulatory examination, during an RFP process, due diligence, etc.