• Employee Benefit Plans

    Employee Benefit Plans

    Audit • Financial Statements • Form 5500 • Form 990

    Audit: Generally, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (5500 series).

    Financial Statements: The primary objective of a plan’s financial statements is to provide information that is useful in assessing the plan’s present and future ability to pay benefits.

    Form 5500: Pension and welfare benefit plans must generally file the Form 5500 to report their financial condition, investments and operations. Plans required to file include plans with 100 or more participants, plans with fewer than 100 participants, eligible one-participant plans, and plans that have separated participants with deferred vested benefits. Plan sponsors must generally file the return on the last day of the seventh month after their plan year ends.

    Form 990: Form 990 must be filed by an organization exempt from income tax if it has either gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year.

  • For-Profit

    For-Profit

    Accounting • Audit • Corporate and Partnership Taxation

    Accounting:

    Audit: Many federal agencies require audits of for-profit entities that participate in federal programs. The additional requirements for the audits vary.

    Corporate and Partnership Taxation: All businesses, except partnerships, must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized.

  • Governmental

    Governmental

    Audit • Financial Statements • Form 990

    Audit: Entities provided with government awarded grants, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, and direct appropriations and federal cost reimbursements are subject to audit requirements.

    Financial Statements: Separate accounting and financial reporting standards are essential because of the needs of the parties differ from business enterprises.

    Form 990: Form 990 must be filed by an organization exempt from income tax if it has either gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year.

  • Individual

    Individual

    Individual Tax • IRS Audit Consulting and Representation • Tax Credits and Incentives

    Individual Tax: You must file a federal income tax return if your income is above a certain level; which varies depending on your filing status, age and the type of income you receive.

    IRS Audit Consulting and Representation: Selecting a return for audit does not always suggest that an error has been made. Returns are selected using a variety of methods including random selection, document matching and related examinations.

    Tax Credits and Incentives: There are multiple tax credits and incentives available for eligibility. Please consult with one of our accountants to see if any apply to you or your business.

  • Not-for-Profit

    Not-for-Profit

    Audit • Financial Statements • Form 990

    Audit: Not-for-profits receiving federal funding, whether directly or through a pass-through entity, may be required to conduct an independent audit. Even if the state or federal legal requirements for audits do not apply to a particular charitable not-for-profit, there are a number of reasons why a charitable nonprofit may decide to conduct an independent audit.

    Financial Statements: Separate accounting and financial reporting standards are essential because of the needs of the parties differ from business enterprises.

    Form 990: Form 990 must be filed by an organization exempt from income tax if it has either gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year.

  • Unions

    Unions

    Audit • Financial Statements • Form 5500 • Form 990

    Audit: The Bill of Rights for Union Members and the Financial Standards Code provide for annual audits of affiliates by an independent Certified Public Accountant or by Trustees who are officers elected for that purpose.

    Financial Statements: Labor union financial statements are useful for determining solvency, substantiating their ability to serve the interests of labor union members and fulfilling compliance with Labor-Management Reporting and Disclosure Act regulations.

    Form 5500: Pension and welfare benefit plans must generally file the Form 5500 to report their financial condition, investments and operations. Plans required to file include plans with 100 or more participants, plans with fewer than 100 participants, eligible one-participant plans, and plans that have separated participants with deferred vested benefits. Plan sponsors must generally file the return on the last day of the seventh month after their plan year ends.

    Form 990: Form 990 must be filed by an organization exempt from income tax if it has either gross receipts greater than or equal to $200,000 or total assets greater than or equal to $500,000 at the end of the tax year.