Hoyman Dobson
E-ssentials Bulletin
Our newest profitability and wealth accumulation tips for our clients and contacts. Click on items of interest for more details on each topic.
Building Construction
 
 
You already know that you can do larger, more creative projects when you work closely with others. But how can you effectively work with people who are not in the same office, city, state or country? How do you keep profitability high and projects on time when others are involved? Frequent, effective communication is certainly one way, and technology is another lever.
 
Family Business
 
 
As with everything in life, there are rules of etiquette that apply to business cards. Here are a few do's and don'ts that go along with handing out your business cards from the 17th issue of Emily Post's Etiquette.
 
General Business
 
 
Most organizations in this country operate their day-to-day operations without a passing thought to the "underground economy." Three of the primary forms of fraud are money laundering, bid rigging and bribery -- which are labeled as "corruption" by the Association of Certified Fraud Examiners.
 
Manufacturing
 
 
You've heard of cloud computing, but what is it and how does it work? Learn the types of clouds and the key characteristics of cloud computing by reading on.
 
Nonprofit Organizations
 
 
If a picture speaks volumes more than words, then it follows that video is the superior format for drawing viewers to your Web site -- and sparking interest in your program.
 
Physician Services
 
 
How can the new Hiring Incentives to Restore Employment (HIRE) Act help your business? Here's a case study that addresses the equipment deductions section of the new law.
 
Wealth Advice and Financial Planning
 
 
If you're like many Americans in this economy, you may be eating out less often to reduce your food bill. If you are eating more meals at home, here are some ways you may not have thought of to cut your grocery bill.
 
Valuations
 
 
If you feel your firm's business has become routine and unfocused, it may be time to step back and take control of your future. A firm retreat may be the ideal way to accomplish this.
 
Washington Tax Update
 
 
 
 
 
 
Business Tips
 
Managing Your Company - Identify the key positions within your company that have contact with customers. Put the right people in those jobs.
 
Wealth Tips
 
Your Estate - Start planning your estate today! Estate planning can easily save your family hundreds of thousands of dollars. Lifetime gifting, asset allocation, trusts, charitable gifts and insurance should be part of most people's plan.
 
Latest Business Headlines
 
MarketWatch
 
MSN Money
 
Wall Street Journal
 
FOXBusiness
 
 

Connect with us on:

Find us on Facebook      View our profile on LinkedIn      Follow us on Twitter

 
How to Approach the Audit of Your Employee Benefit Plan
 
 
As you know, the plan administrator or sponsor is responsible for the filing of Form 5500 (Annual Return/ Report of Employee Benefit Plan) for all plans subject to ERISA (Employee Retirement Income Security Act of 1974). Additionally, certain plans with over 100 participants may be required to have a plan audit performed by an independent certified public accountant (CPA). The audit is attached to the Form 5500 and is considered part of the filing requirements. If you are required to have an employee benefit plan audit, one of your most important duties as a plan administrator or sponsor is to hire a qualified CPA to conduct a quality audit.
 
Why is it important to have a quality plan audit?  
  • Independent audits of retirement plan financial statements serve as an important accountability mechanism among service providers, employees and management.
  • A quality audit will help protect the assets of the employee benefit plan and aid in ensuring that proper funding is available to pay the benefits promised to the participants and beneficiaries.
  • As a result of the audit you will receive valuable information to manage the plan. The higher the quality of the audit, the more reliable the information you receive.
  • Plan administrators and sponsors have significant fiduciary duties. One of those duties includes hiring plan service providers who are qualified to do the job. It is imperative that you understand the qualifications of the prospective auditor to complete the task. The Department of Labor (DOL) can and will impose penalties on plan sponsors for audit deficiencies. These are deemed to be "late or incomplete" audits and penalties are up to $1,100 per day (not to exceed $50,000) per annual report filing.
  • The higher the quality of the audit, the better you will be able to carry out your legal and fiduciary responsibilities, including accurate and timely filing of the Form 5500 Series.
 
Click here to read more about your employee benefits plan audit. 
 
New Magazine Coming to Brevard County
 
SBC Marketing announces a new publication for Brevard's medical community: Space Coast Living Health, with 20,000 copies distribution planned for August 2010. To take advantage of this unique marketing opportunity, contact Stephanie Vlattas at 321-917-8573 or email stephanie@scbmarketing.com  Space deadline - June 22, 2010.
 
Business Tips
 
Managing Your Company - Identify the key positions within your company that have contact with customers. Put the right people in those jobs.
 
Wealth Tips
 
Your Estate - Start planning your estate today! Estate planning can easily save your family hundreds of thousands of dollars. Lifetime gifting, asset allocation, trusts, charitable gifts and insurance should be part of most people's plan.
 

Forward this issue to a Friend

CPAmerica International

Our firm is a member of CPAmerica International

The technical information in E-ssentials is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
 
© Copyright 2010 CPAmerica International