Insights

Many of you are now gathering the necessary information to prepare your organization’s employee benefit plan(s) IRS Form 550, Annual Return/Report for 2018.

If you or your business have global connections, you will want to access the first quarter 2019 edition of the PKF Worldwide Tax Update. It is a compendium of notable tax changes from around the world, each followed by the commentary of PKF international tax professionals.

So, you’ve been lucky so far. Neither you nor your business has been compromised by cyber crime. Maybe Shakespeare’s warning [which basically applies to most life circumstances] can be your guide.

Commonly, employee benefit plans with more than 100 participants — in accordance with the Employee Retirement Income Security Act of 1974 (ERISA) — are required to be audited.

In the beginning of every year, the Internal Revenue Service (IRS) updates and restates its revenue procedures governing the processes for applying for letter rulings, determination letters, and other guidance regarding employee benefit plans.

The U.S. Securities and Exchange Commission (SEC), through the Office of Compliance Inspections and Examinations (OCIE), has issued its 2019 Examination Priorities.

The Financial Accounting Standards Board (FASB) recently issued a proposed Accounting Standards Update (ASU) that offers not-for-profit entities (NFPs) two alternatives — under generally accepted accounting principles (GAAP) — to the accounting treatment of certain transactions.

Gift tax returns are seductively simple. It’s not a long return, the template that the return requires be filled in does not seem particularly complex, so how hard can it be?

Sponsors of certain defined contribution plans, namely 401(k) and 403(b) plans, need to be aware that these plans are subject to nondiscrimination tests known as the Actual Deferral Percentage (ADP) test and the Actual Contribution Percentage (ACP) test.

In response to the extensive changes made by the Tax Cuts and Jobs Act (TCJA), many taxpayers may have been unable to accurately calculate their estimated tax requirements for 2018.