Aurum Wealth Managment Adds New Partner Manager

Aurum Wealth Management is pleased to announce the addition of Wendy Eldridge as a partner in the firm’s retirement plan practice.

Eldridge specializes in working with 401(k), 403(b), 457, defined benefit and non-qualified plans. She assists clients with every aspect of their plan, including negotiating plan fees, investment options, compliance testing, Form 5500, audits and the day-to-day administrative management of the plan.

“With Wendy’s extensive experience, passion and knowledge in...

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Contributory Retirement Plans: What You Need to Know About Late Remittance

It’s pay day!  Your gross pay every two weeks is $1,000, but somehow you only end up with $700.  The government has taken their cut, health insurance premiums have been withheld... and some of us are putting a few dollars aside for retirement

We have a deduction labeled “401k” on our check stub.  It’s our contribution to our retirement savings and in a perfect world, the money that is being withheld would show up in our 401k accounts as an increase in our investments on the same day we receive...

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Tax Deductible Expenses: Has the IRS Changed Positions on Bonus Accrual Deductions?

Many employers have formalized annual bonus programs for key employees; these arrangements typically award a bonus if employees reach specific targets. As employers cannot always determine if the targets have been met until after the year is over, it is common for an accrual basis employer to pay a bonus to an employee after year-end. 

Employers can pay the bonus after year-end and still deduct it on the prior year’s tax return if the program satisfies all three requirements of the “all events...

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IRS Modifies Flex Spending Account Rules for 2014

Many employers offer employees a flexible spending account (FSA) benefit as part of their cafeteria plan (operated in accordance with Internal Revenue Code Section 125) that is part of their overall employee welfare benefits plan. FSAs allow employees to contribute up to $2500 per year on a pre-tax basis which can be used for approved types of medical expenses that are not otherwise covered by insurance.

One of the downsides of an FSA from the employee’s standpoint is the "use it or lose it"...

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How to Avoid Department of Labor Audits of Your Qualified Plan

I recently attended a conference of pension plan professionals, and one of the topics of conversation was the Department of Labor's (DOL) increase in examinations of tax qualified retirement plans. The DOL can wreak havoc on a tax qualified plan in many areas, including the assessment of civil penalties on the plan, the plan sponsor, and responsible persons at the plan sponsor. Sometimes these can lead to criminal prosecutions. Plan examinations are often time consuming, expensive to conduct,...

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Your Summer Disney "Business" Trip: What Can You Deduct?

The category of travel expenses is one of the most common type of business deduction and also one of the most confusing.  Travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job. You cannot deduct expenses that are lavish or extravagant or that are for personal purposes.

There are generally two reasons an employee/business owner may incur travel expenses.  Traveling away from home because your duties require you to be away from...

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Department of Labor Amnesty Updates for Deliquent Filers

Recognizing that many employers were unaware of their responsibility to file an annual return for various types of retirement and welfare employee benefit programs, the Department of Labor (DOL) created the Delinquent Filer Voluntary Compliance Program (DFVCP) in 1995.  DFVCP allows an employer who has not filed required Form 5500s to file all required Form 5500s for a particular program at one time, and pay a reduced one-time penalty.  The penalty amount will vary depending on the number of...

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A&A Insights E-Newsletter: January 2013

In this inaugural issue of A&A Insights, we'll take a closer look at recent accounting rule changes, review proposed accounting rule changes and dive deeper into how new AICPA rules may provide GAAP relief for private companies. We hope you find these updates helpful. Feel free to contact our Accounting and Auditing group at 440-449-6800 with any questions that you may have.

Accounting Rule Changes

Effective for 2012

  • Fair Value Disclosures
  • Health Care Entities
  • Testing Indefinite-Lived Intangibles
  • Multi...
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Accounting Insights (Part 1 of 2) - Accounting Rule Changes: Effective for 2012

There are several new accounting pronouncements as well as significant proposed changes for 2013 and beyond.  There are also some “hot topics” in the areas of auditing and reporting that you should consider.

Fair Value Disclosures

Financial Accounting Standards, issued by the FASB, now require nonpublic companies to make some additional disclosures for calendar 2012, principally in the form of a discussion of the valuation process and certain quantitative details involving Level 3 investments. ...

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Attracting Top Leadership: Five things to know about executive compensation

Well-drafted executive compensation programs aren’t just used to recruit and retain top-level leadership to your company. Public and private companies can tailor executive pay packages to encourage executives to achieve certain goals.

We can put strings on short-term and long-term benefits to drive executive behavior and that’s one of the things that’s really coming to the forefront now.

What are the key components of an executive compensation program?

In general, an executive compensation program...

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