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Insights by Ethan Smith, CPA, MBA, Manager and ERISA Practice Leader at Craig, Fitzsimmons & Meyer, LLP As an accounting Manager specializing in ERISA audits at a leading CPA firm, I have firsthand experience with the significant impact of the Employee Retirement Income Security Act (ERISA) on …

Thousands of not-for-profit organizations fall victim to embezzlement schemes every year — some even losing millions of dollars. But losses go beyond actual dollar amounts. The hit to a group’s reputation may scare off donors, grantmakers and other supporters. However, with the right response, nonpr…

A multiemployer pension is generally a defined benefit plan to which more than one employer is required to contribute and is maintained pursuant to a collective bargaining agreement. Many multiemployer pensions are expected to become insolvent in coming years. In fact, because of the number of pensi…

Employers have known for years that many pension plans face serious funding trouble in coming years. The American Rescue Plan Act offers relief for some multiemployer pensions.…

While many businesses have been forced to close due to the COVID-19 pandemic, some entrepreneurs have started new small businesses. Many of these people start out operating as sole proprietors. Here are some tax rules and considerations involved in operating with that entity. The pass-through deduct…

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of th…

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law. Background on the credit The CARES Act,…

Whew, you made it through 2020! But don’t rest easy yet. Unfortunately, fraud perpetrators enjoyed a profitable year, and there are signs they may continue to feed off Americans as long as the pandemic is active. Here are several scams to watch for in 2021. PPP fraud Struggling small-business owners…