Employee Benefit Plan Audits
FASB Approves New Guidance on Certain Crypto Assets
AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]
DOL Audit Quality Study Underscores the Need for Specialized EBP CPA
In November 2023, The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) published its Audit Quality Study, which outlines work quality as performed by independent qualified public accountants—specifically in employee benefit plan financial statement audits covered under the Employee Retirement Income Security Act (ERISA) during its 2020 filing year. The administration focused on […]
IRS Sends Erroneous Late Filing Notices
AAFCPAs would like to make clients aware that 2022 Form 8955-SSA late filing notices were sent erroneously due to an IRS programming error. Specifically, IRS notices were sent stating Form 8955-SSA were either incomplete or not received on time when in fact they were filed prior to the due date of July 31, 2023. The […]
What Plan Sponsors Need to Know About SECURE 2.0
During AAFCPAs’ recent Nonprofit Seminar (April 2023), Employee Benefit Plan Practice leaders Davide Villani, CPA, CGMA and Shawn P. Huxley, CPA, MSA updated more than 400 attendees on SECURE 2.0 and how it affects plan sponsors. Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, SECURE 2.0 is designed to […]
IRS Audit Risk Areas for Nonprofit Retirement Plan Sponsors
During AAFCPAs’ recent Nonprofit Educational Seminar (April 2023), Employee Benefit Plan Practice leaders Davide Villani, CPA, CGMA and Shawn P. Huxley, CPA, MSA updated 400+ CFO and Executive Director attendees on the IRS’ 2023 strategic focus areas for small exempt organizations that sponsor retirement plans. AAFCPAs audits 180+ plans annually including 401(k) and 403(b) plans, […]
Understanding Secure 2.0, and how it Affects Plan Sponsors
SECURE 2.0—so-called because it builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019—is legislation designed to substantially improve retirement savings accounts, including 401(k)s and 403(b)s, in the U.S. There’s a host of provisions in the bill and in this webcast, recorded April 2023 at AAFCPAs’ Nonprofit Educational Seminar. AAFCPAs’ Employee […]
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
Live Session: What Fiduciaries Need to Know about Administering Employee Benefit Plans , April 27
AAFCPAs’ Annual Nonprofit Educational Seminar is Virtual Again in 2022! AAFCPAs is offering a full day of educational content (9am – 3pm) designed to educate, challenge, and inspire nonprofit professionals! As a client and/or friend of AAFCPAs, your registration is complimentary. Reserve your seat.>> Featured Session: What Fiduciaries Need to Know about Administering Employee Benefit […]
Shawn Huxley Joins AAFCPAs’ Employee Benefit Plan Audit Practice
Boston, MA (01/24/22) – AAFCPAs, a best-in-class CPA and consulting firm known for assurance, tax, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Shawn P. Huxley, CPA, MSA, as a Partner in the firm’s Employee Benefit Plans practice. Shawn joins AAFCPAs with 15 years of public accounting experience leading […]