Paycheck Protection Program Application

[ updated April 7, 2020 | 8:35am ] The Department of Treasury has released the Paycheck Protection Program application and supplemental information, all available on their website. As a reminder, funds from this program: Can be used for employee salaries under $100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments; Are 100% forgivable… Read more »

SBA Guidance and Loan Resources

[ updated March 27, 2020 | 11:30am ] The U.S. Small Business Administration (SBA) has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans. We will update this page as health and government officials continue to release new funding, grants and resources. Contact us with any specific questions and… Read more »

Virginia Tax Update

As Federal measures to mitigate the economic effects of the COVID-19 (Coronavirus) pandemic continue to roll out, states are slowly adopting their own guidance. On March 19, 2020, Governor Northam announced tax changes to assist Virginia residents and businesses in hope of lessening the economic impact caused by COVID-19. [ Updated March 20, 2020 | 1:52pm… Read more »

Federal Tax Filing Delayed until July 15

[ Updated March 28, 2020 | 1:00pm ] Federal measures to mitigate the economic effects of the COVID-19 pandemic continue to roll out. On March 20, Treasury Secretary Mnuchin announced that the federal income tax filing deadline has been extended to July 15, 2020.  As of this writing, there are few details concerning the new extension and specific… Read more »

The Secure Act – What Plan Sponsors Need to Know for 2020

On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act), which is the most extensive retirement legislation since the 2006 Pension Protection Act. The SECURE Act includes many changes that will impact both participants and Plan Sponsors. We have addressed some important provisions that… Read more »

Being A Strong Leader | Great Leadership Is An Invaluable Tool

How often do you challenge your personal leadership skills? Why is this important to your organization? Surveys have shown that great leadership is an invaluable tool in retaining top talent. What is Leadership? Leadership involves motivating a group of people to pursue a common goal, or to accomplish a shared task. We frequently think about… Read more »

10 Common Retirement Plan Mistakes

Managing your organizations retirement plan can be complicated. For most employees, their retirement funds are their biggest asset. One that they will rely on exclusively once they stop working. Our team of Employee Benefit Plan experts work with organizations of all sizes and unique situations. In fact, we audit over 60 different plans. Thanks to… Read more »

Changes to Hardship Withdraws

If circumstances, such as immediate and heavy medical expenses, required you to make a hardship withdrawal from your 401(k) you may need to be aware of changes over the past year. Thanks to the Budget Act of 2018, several changes are going into effect for the 2019 Plan Year in regards to hardship withdrawals: No… Read more »

Three Questions to Ask Your Auditor Before Your First Benefit Plan Audit

Is your first benefit plan audit in the near future? If so, you’ll need to be prepared. Any business with employee benefit plans covered by ERISA will be subject to complex regulations and possibly an annual audit, once they have 100 eligible employees. Plan sponsors have a fiduciary responsibility to properly manage their plans. Before… Read more »

Failing to properly complete Form I-9 can be costly

In recent years, U.S. Immigration and Customs Enforcement (ICE) agency has focused its attention on construction companies and other businesses that rely heavily on foreign workers. And the agency isn’t just targeting companies that employ workers who are in the country illegally. It’s also penalizing businesses that fail to satisfy their employee verification paperwork requirements…. Read more »