Employee Benefit Plans

Healthcare Organizations Need to Prepare for Revenue Recognition Changes

By Linda Marie Pearson, CPA, CFE The implementation of FASB’s Accounting Standards Update (ASU) No. 2014-09, Revenue From Contracts with Customers (Topic 606) will affect how healthcare organizations recognize revenues. The purpose of the change is to eliminate industry specific revenue recognition rules and establish a universal rule for...

SEP and SIMPLE IRA Plans –

Avoiding Common Errors The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan. General Rules for SEPs With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts...

FASB Proposes Two Accounting Standard Updates

FASB Issues Proposed Improvements To Financial Reporting of Pension and Other Post-Retirement Benefit Plans The Financial Accounting Standards Board (FASB) has issued two proposed Accounting Standards Updates (ASUs) intended to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans. They are: The proposed...

Your Company’s Retirement Plan – Things to Consider

As beneficial as it may be to you and your employees, sponsoring a tax-qualified retirement plan is not without its risks.  The rules can be complex and ever-changing, and the IRS and Department of Labor (DOL) will not hesitate to come down hard on plan sponsors who do not comply,...

Do You Know Your Fiduciary Responsibilities?

by Michael Garcia, CPA, Audit Manager As the annual tax filing season for many small businesses has come to an end, now is a great time for small business owners and their management teams to start reviewing the retirement plans that they offer to their employees. The Employee Retirement Income...

Supplement Your Benefit Plans!

Sansiveri's Director of Human Resources, Fran Clerx, shares some news that can benefit local businesses. The Providence Chamber of Commerce has started collaborating with RIRx at the downturn of the economy to assist local businesses with a program to add value to their existing benefit plans. The RIRx Card covers...