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Employee Benefit Plans: Do You Need a Form 5500 Audit?

Image: 2020-01/form5500-audit-560x292.jpg Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

Written by Kemper on Thursday January 16, 2020


4 New Law Changes That May Affect Your Retirement Plan

Image: 2020-01/retirement-plan-law-changes-560x292.jpg If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.

Written by Kemper on Tuesday January 14, 2020


What’s New with QuickBooks 2020

Image: 2020-01/quickbooks-2020-logo-2.jpg With the beginning of a new year, Intuit has released new versions of QuickBooks Desktop 2020 Pro, Premier, Accountant, Enterprise and Mac. These updated versions are complete with new and improved features to help you run your business. The tools are to empower you and help you work more efficiently. Check out the new features and improvements.

Written by Kemper on Monday January 13, 2020


Watch Out for These 5 Business Service Scams

Image: 2019-12/business-service-scams-560x292.jpg Preventing fraud from costing your company can sometimes seem like a game of whack-a-mole: Squash one scheme and another one pops up. Business service scams are particularly abundant. Fraud perpetrators know that business owners don’t always have time to verify the identities of salespeople or service reps and the legitimacy of their claims.

Written by Kemper on Thursday January 9, 2020


2019 IRA Contributions Can Still Be Made

Image: 2020-01/ira-contributions.jpg 2019 IRA contributions can be made until the tax filing deadline of April 15, 2020. Good news, the contribution limit increased in 2019 by $500 to $6000. Those age 50 and older can contribute an additional “catch-up” contribution of $1000 for a total of $7000.

Written by Kemper on Wednesday January 8, 2020


Risk Assessment: A Critical Part of the Audit Process

Image: 2019-12/risk-assessment-560x292.jpg Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.

Written by Kemper on Tuesday January 7, 2020


New Law Provides a Variety of Tax Breaks to Businesses and Employers

Image: 2019-12/new-law-tax-breaks-560x292.jpg While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension (generally through 2020) of more than 30 provisions that were set to expire or already expired.

Written by Kemper on Thursday January 2, 2020


5 Ways to Strengthen Your Business for the New Year

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The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare 2019 …

Written by Kemper on Tuesday December 31, 2019


Avoid Excess Benefit Transactions and Keep Your Exempt Status

Image: https://kemper.news/images/articles/2019/10/10_02_19_931203582_npb-560x292.jpg

One of the worst things that can happen to a not-for-profit organization is to have its tax-exempt status revoked. Among other consequences, the nonprofit may lose credibility with supporters and the public, and donors will no longer be able to make tax-exempt contributions. Although loss of …

Written by Kemper on Tuesday December 17, 2019


Update to Form W-4 for 2020

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The 2020 Form W-4, Employee's Withholding Certificate, is very different from previous versions. This is due to the federal tax law changes that took place in 2018. The Internal Revenue Service (IRS) is not requiring all employees to complete the revised form and has designed the withholding tables …

Written by Kemper on Monday December 16, 2019