Recent changes by the U.S. Department of Labor to the Form 5500, Form 5500-SF, and related instructions will impact future audit requirements for employee benefit plans. Understanding the Plan Audit Requirements Historically, an employee benefit plan has been required to receive an annual audit by an Independent Qualified Public Accountant (IQPA) when filing its Form […]
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Although all benefit plan audits involve complexities, a first-year audit can seem especially daunting. With decades of experience serving employee benefit plans, Blue & Co. works as a team with our clients to make sure each audit experience is an efficient, yet effective, one! While the list below was put together with first-year audits in […]
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SAS No. 136 and Employee Benefit Plans: What is a Reportable Finding? Plan management and plan sponsor personnel have likely heard from their auditors about auditing standard changes impacting their ERISA (Employee Retirement Income Security Act of 1974) audits for the Plan year ending December 31, 2021. These changes primarily result from the implementation of […]
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If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages. 401(k) Plan One of the best-known retirement plan options is the 401(k) plan. It provides for employer contributions made […]
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The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning. Bear in mind that under […]
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For 2018, the Internal Revenue Service (IRS) increased several plan limitations to reflect cost of living adjustments. Below are some of these limits for 2018: Elective deferrals to 401(k), 403(b) and most 457 plans increased from $18,000 to $18,500 The defined contribution limit increased from $54,000 to $55,000 The defined benefit limit increased from $215,000 […]
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In the past several years, hospitals have continued to feel the impact of increased utilization of contract nursing and other contract services. Although these services have developed into a major expense line item, it is important for hospitals understand how expenses related to contracted services can impact the wage index factor for Medicare reimbursement. Contract […]
Trusted Insights from The National Bank of Indianapolis Nonprofit Services Team Not-for-profit organizations are increasingly falling victim to fraud, with a rising number of incidents and an ever-growing amount of money being lost. Fraudsters find it easy to target not-for-profits, as their publicly available 990s provide valuable information. Protecting your organization from such fraudulent activities […]
Rising interest rates and historic inflation are impacting hospital purchasing decisions. Using capital efficiency concepts in making hospital purchasing plans is as important as ever. What is Capital Efficiency? Capital efficiency refers to how effectively a hospital deploys its resources to generate returns. In the context of fixed assets and software purchases, capital efficiency involves […]
