Employee Benefits Update: Year End 2014

This issue’s topics include:

  • What you need to know about ADP/ACP discrimination testing
  • Are you offering a Roth 401(k) plan option yet?
  • 401(k) plan automatic enrollment: A winning formula
  • Help participants avoid an inappropriate IRA rollover

Click Here to Download the 2014 Year End Employee Benefits Update

Click Here to Download

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.

Year-End Accounting Advice for Small Businesses

Can you believe that the end of 2014 is quickly approaching? Before you know it, it will be time to close your books once again and prepare for year end and the next tax filing season. Instead of waiting for the year to close, here are some tips and strategies to think about now that might make the process easier.

Physical Inventory Count

Schedule a date for a physical inventory count. If you carry some type of inventory, scheduling a date at year-end to take a physical inventory count is essential. Many owners rely on their computer generated reports for an ending inventory balance, but the balance on the report may not be accurate or may require adjustments due to obsolescence or quantity and costing modifications

Auto Usage

Do you use your personal automobile for business? This is the time to update and/or prepare your auto mileage logs to document your business usage.

Bottom Line

Take some time to review and manage your bottom line. It’s easy to get busy with the daily demands of running a business. Often times business owners don’t take the time to step back and look at the overall picture. Has your business had significant changes from the prior year? Has your income changed substantially? What impact could these changes have on your tax liability?

Taxes

It may seem like the distant future, but planning ahead – before year-end – can minimize surprises and allow for proactive measures to be taken. Our small business team will work with you to ensure your bookkeeping is in order, understand your overall tax situation, and identify your priorities.

Software

Are you getting what you need from your accounting software? Selecting and implementing the best system for your business is hardly a one-size-fits-all affair. If you have questions about reporting or if you are considering making a switch, give us a call. We have a team of Certified QuickBooks ProAdvisors® who provide assistance and training to our clients from full scale implementations to daily activities. We have extensive expertise with Quickbooks Enterprise, Enterprise Advanced Inventory, Enterprise Advanced Pricing, as well as Quickbooks Premier and Quickbooks Pro.

Our team has systems experience including Sage 50, Sage 300 (formally Timberline), Microsoft Dynamics, Yardi, Macola, MRI, and Intacct.

Staffing

Are you and your staff struggling to cover basic accounting functions or do you occasionally need higher level expertise? Does your team have the right technical knowledge to identify potential issues and/or recommend solutions? Are you spending too much time supervising your accounting functions?

Our experienced team of outsource CFOs, Controllers, Accountants, and Bookkeepers can help provide your business with quality service. We specialize in providing our clients with  the right person in the right position, whether it be a short term, transitional position or a long term arrangement.

Are you ready?

If you answered yes to any of the questions above or have any additional accounting concerns as year-end approaches, reach out to a professional for advice and assistance. Spending less time on your accounting and knowing you’ll have the information you need, when you need it, enables you to focus your attention on the other critical aspects of your business.

To learn more about Insero & Company’s Small Business and Outsource Accounting Services Group and how we can assist you, please contact me at 585-697-9643.

Krucher Authors Chapter in International Taxation Guide

Richard A. Krucher, CPA, a Partner in the Tax Department at Insero & Company CPAs, P.C., has authored a chapter in a new e-book published by the International Taxation Committee of New York State Society of Certified Public Accountants (NYSSCPA).

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The Kindle edition is available to purchase at Amazon.com. Amazon’s book description is as follows:

The New York State Society of Certified Public Accountants Guide to International Taxation provides practitioners with the building blocks they need to develop this burgeoning area of their practice, while also providing guidance on international tax regimes that have stymied the most seasoned tax pro. The Guide to International Taxation allows some of the most respected New York licensed certified public accountants practicing in this increasingly complex area of taxation today to share their decades of combined knowledge and experience with their fellow practitioners.

Starting with the basics, practitioners will learn the essential areas of cross-border taxation and the various U.S. tax forms that have to be filed. Other chapters are dedicated to various U.S. income tax issues practitioners should know, such as the foreign-earned income exclusion, the rental and sale of foreign property, controlled foreign corporations and subpart F income, and the taxation of foreign pension plans.

There was a time when a tax practitioner’s only concern was whether a client had a foreign bank account or was a beneficiary of a foreign trust. Those days are gone. This reference tool will answer the day-to-day questions confronting today’s practitioners with clients who live or work abroad. The Guide to International Taxation will most likely become one of the most important professional reference guides in your library.

Rochester-based Insero & Company CPAs, P.C. is one of the leading accounting and business advisory practices serving western, upstate, and the southern tier of New York. A full-service public accounting firm with tax, audit, and consulting practices, Insero specializes in working with small businesses and middle market companies, employee benefit plan audits, and outsourced and virtual accounting services. For more information, visit www.inserocpa.com.

Insero & Company Ranked 4th Best Mid-Sized Accounting Firm to Work for

Insero & Company CPAs, P.C. was recently ranked 4th in the medium-sized firm category of the 2014 Accounting Today’s Best Accounting Firms to Work for. The list, which consists of 100 companies, recognizes the best employers in the accounting industry. Insero is the only firm in New York State to have been named to the list in 2014.

“This is the third straight year we’ve made the list, and each year our ranking has increased. It wouldn’t have been possible without our entire team working together to create the environment that exists today,” said Nancy Catarisano, managing partner. “We are looking forward to reviewing the input from the survey and carrying on our tradition of making the firm an even greater place to work.”

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Companies from across the United States entered the two-part survey process to determine Accounting Today’s Best Accounting Firms to Work for. The first part consisted of evaluating each nominated company’s workplace policies, practices, philosophy, systems and demographics. This part of the process was worth approximately 25% of the total evaluation. The second part consisted of an employee survey to measure the employee experience. This part of the process was worth approximately 75% of the total evaluation. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking, which was announced Monday at the Growth and Profitability Summit in Boca Raton, Florida.

For more information on Accounting Today’s Best Accounting Firms to Work for program, visit www.BestAccountingFirmsToWorkFor.com.

Rochester-based Insero & Company CPAs, P.C. is one of the region’s premier accounting and business advisory practices serving western, upstate and the southern tier of New York. A full-service public accounting firm with tax, audit and outsource accounting practices, Insero specializes in working with small businesses and middle market companies, employee benefit plan audits, and outsourced and virtual accounting services. For more information, visit www.inserocpa.com.

Make Today Your 401(k) Day

The Plan Sponsor Council of America wants you to celebrate 401(k) Day! This annual campaign provides materials to plan sponsors to help educate employees and encourage active participation in their plans.

To learn more about the campaign and how you can put it to use any day of the year click here.

To quickly download and print a flyer, click on the image below.

401(k) Infographic

 

To learn more about our services, visit www.benefitplanauditors.com.

2014 Audit & Accounting Update

Reminder: Today is the last day to receive $5 off with our Early Registration Discount, so don’t wait – register today.

Join us for the final installment of Insero & Company’s 2014 Accounting & Finance Education Series, designed for business owners, management, and accounting and finance professionals. Whether you represent a large publicly-traded company or a small not-for-profit organization, it can be difficult to stay up to date on current accounting topics. Learn about changes that may affect your organization and how to apply the most recent standards and guidance. Presented by Vincent Leo, Michael Giess, and Jennifer Martlew.

CPE Series

Click Here for More Information and Registration

When: Tuesday, November 18, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per participant ($25 per participant through November 4th with Early Registration Discount)
Presented By: Vincent Leo, CPA. Michael Giess, CPA, and Jennifer Martlew, CPA, CFE.

To receive updates on future events, please join our mailing list.

Billing for Time in QuickBooks: An Overview

The QBC: QuickBooks® Client Newsletter

If you sell your employees’ time and skills, you can use QuickBooks to record those hours and bill your customers for them.

If your small business sells products, you know how precisely you must track your starting stock numbers, ongoing inventory levels, and your reorder points. QuickBooks provides tools to help with this process, but human factors can sometimes throw off your careful counts.

Fortunately, QuickBooks is remarkably flexible when it comes to recording the time your employees spend on customers and jobs. You can enter information about a single activity — either billable or unbillable — and/or document hours in a timesheet. A built-in timer (the “Stopwatch”) helps you count the minutes automatically; you can also type them in manually.

One Work Session

All versions of desktop QuickBooks include dialog boxes designed to help you enter all the details related to a single timed activity. To get there, either open the Employees menu and select Enter Time | Time/Enter Single Activity or click the down arrow next to the Enter Time icon on the Home Page and choose Time/Enter Single Activity.

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Figure 1: QuickBooks helps you create records for individual activities completed by employees, which can be either billable or unbillable.

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Employee Benefits Update: October/November 2014

This issue’s topics include:

  • Target Date Funds and Fiduciary Duty: Examine your TDFs’ glide paths to ensure suitability
  • ESOPs facing tougher scrutiny by regulators and courts
  • Are your 401(k) plan administrative fees allocated equally?
  • DOL sets 2015 regulatory agenda

 

Employee Benefits Update October/November 2014

Click Here to Download

As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact me directly.