Types of Business Entities | Corporations
Topics: Different Types if Business Entities, Structuring Your Business, Corporations
Employee Benefit Plan Audits | 5 Answers to Questions You May Have
1. Does my employee benefit plan need an audit?
The audit requirement for your ERISA plan is based on the number of plan participants at the beginning of a given plan year.
Generally, if a benefit plan covers 100 or more participants as of the beginning of the plan year, the plan should be filing form 5500 as a “large plan.” Filing form 5500 requires an accompanying audit.
There is an exception to the 100 plan participant requirement for an audit. The 80-120 Participant Rule can be summarized as follows:
If the number of participants at the beginning of the year is between 80 and 120 and a form 5500 was filed in the previous plan year, you may elect to file in the same category as the prior year filing. For example, if you filed the plan’s form 5500 in the previous year as a “small plan” and the number of plan participants at the beginning of the following year is less than 120, you may elect to file as a small plan for the following year as well.
Breaking it down, the following are the scenarios in which your plan may or may not require an audit;
Topics: Employee Benefit Plan Audits, Employee Benefit Plans, ERISA Plans
Types of Business Entities: Limited Liability Companies (LLCs)
This is the third blog post in our series on Types of Business Entities. In it, we'll be discussing the advantages and disadvantages of Limited Liability Companies (LLCs).
According to the State of Washington Business Licensing Service;
"A limited liability company (LLC) is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.
The "owners" of an LLC are referred to as "members." Depending on the state, the members can consist of a single individual (one owner), two or more individuals, corporations or other LLCs."
LLCs can have multiple members and exist and be taxed similar to a partnership with some corporation-like proponents. LLCs can also exist as single member LLCs which are similar to sole proprietorships. Furthermore, LLCs can file an S-corporation election, which will enable them to be taxed as an S-corporation while remaining a limited liability company.
Topics: Types of Business Entities, Business Structures, Limited Liability Companies, LLCs
QuickBooks Tips | Which Version is Right for Your Business?
This is the second of multiple posts in a series on using QuickBooks. QuickBooks holds the largest market share of accounting software in the United States. Yet there are many other accounting software options available and we encourage you to explore the Best Accounting Softwares for your business.
This post discusses the benefits of accounting software versus manual accounting practices.
There are many versions of QuickBooks on the market. There are versions of QuickBooks that range from the most basic, which is like a check register, to a more sophisticated version to imitate an enterprise planning “ERP” system.
Topics: Certified QuickBooks Proadvisor, QuickBooks Expert, Quickbooks Tips, Using QuickBooks
Business Valuations | Improve Your Strategy
What are business valuations?
A business owner’s largest asset is the investment in their business, but few realize what the value of their business actually is.
Understanding a business's value can help its owner(s) make decisons regarding but not limited to, the following:
- Buying or selling a business
- Gift and estate planning,
- Creating a succession plan,
- Filing an insurance claim
Topics: Business Valuation, business strategy
Types of Business Entities | Partnerships
This is our third post in our series on Types of Business Entities. In our first blog post of this series, we covered areas to consider when structuring a business. In this post we'll take a look at these areas again while discussing the advantages and disadvantages of partnerships.
"A partnership is a single business where two or more people share ownership. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business."
There are three types of partnerships; General, Limited, and Joint Ventures. The definition above applies to General and Limited partnerships. The below definition applies to Joint Ventures.
Topics: Partnerships, Different Types if Business Entities, Structuring Your Business
2017 AICPA Peer Review Standard Changes | Are you prepared?
At this time of year, Peer Review, is the last thing you want to hear. Unfortunately, if your firm's peer review is due this year, it is now beyond the time to start preparing.
In 2016, the Peer Review Board approved significant changes to the Peer Review Standards, Interpretations, and other related guidance . These changes became effective on January 1, 2017. Pe er reviews commencing on or after January 1, 2017 take note.
The following summarizes these changes to help you prepare for your review.
Topics: CPA Firms, AICPA, Peer Reviews, Accounting
QuickBooks Tips | Increase Your Business's Efficiency
This is the first of multiple posts in a series on using QuickBooks. QuickBooks holds the largest market share of accounting software in the United States. Yet there are many other accounting software options available and we encourage you to explore the Best Accounting Softwares for your business.
Topics: Certified QuickBooks Proadvisor, QuickBooks Expert, Quickbooks Tips, Using QuickBooks
Employee Benefit Plan Audits | Is your ERISA plan auditor qualified?
In one of our previous posts, ERISA Plan Audits | Why Auditor Experience Matters, we covered how important it is for auditors performing retirement plan audits to have the appropriate experience.
Topics: Choosing an Auditor for ERISA Audits, Employee Benefit Plan Audits, Employee Benefit Plans, ERISA Audits, ERISA Plans, Retirement Plans
Types of Business Entities | Sole Proprietorships
This is our second post in our series on Types of Business Entities. In it, we'll be discussing the advantages and disadvantages of Sole Proprietorships.
Topics: Types of Business Entities, Sole Proprietorships, Business Structures