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Form 5500 is a part of the overall reporting and disclosure framework of Employee Retirement Income Security Act of 1974 (ERISA) that is designed to ensure employee benefit plans are managed and operated according to relevant standards. Auditors of employee benefit plans review internal controls as a basis for their audit planning. Any significant deficiencies…

Is your government or nonprofit subject to the Yellow Book requirements? If yes, and your audits are not performed accordingly, you might suffer the loss of grants or be in violation of state law. This is true even if you are not aware of the requirements. What is the Yellow Book? The Yellow Book is…

Our firm was involved in a fraud investigation where the small business lost $53,030. Not a great deal of money, but, still, if you are the owner, it hurts. The person stealing the funds had been with the company for several years and served as their bookkeeper. Once the theft was discovered and the news…

Below is an article from the American Ambulance Association written on December 3, 2020. Due to the Public Health Emergency declared for the COVID-19 pandemic, CMS issued a blanket waiver in May 2020 to delay the data collection and reporting for those ground ambulance organizations selected to report in year 1 by one year. They…

Health care providers have received billions of dollars in relief fund payments from the Provider Relief Fund created by the CARES Act signed into law in March. Providers that received Relief Fund payments are required to comply with certain auditing and reporting requirements as specified by the Department of Health and Human Services (“HHS”).  On…

Success Story Eleven Million Dollar Business Damages Jury Verdict After two years of litigation and arbitration, John Houser while a partner at his previous CPA firm – Miller Ray Houser & Stewart LLP – successfully testified to the plaintiffs’ economic damages and the defendants’ unjust enrichment resulting in an award to the plaintiffs’ of over…

To apply for forgiveness for the Paycheck Protection Program loan, the borrower must complete the Small Business Administration’s loan forgiveness application that can be viewed by clicking the link below. PPP Loan Forgiveness Application

Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing…

The recently released SBA Interim Final Rules can be viewed by clicking the link below. One interesting part of the attached SBA release deals with BSA/AML compliance. Section II on page 22 discusses the requirements for all lenders to identify and verify their PPP borrowers’s identities and if the borrower is a company, following any…

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act included the following: 2020 Recovery Refund Checks for Individuals The CARES Act provides eligible individuals with a refund check equal to $1,200 ($2,400…