The Employee Retirement Income Security Act of 1974 (ERISA) requires that every fiduciary of an employee benefit plan and every person who handles funds or other property of such a plan, be bonded. Since the enactment of ERISA, the agency has provided various forms of guidance on the application of ERISA’s bonding requirements, including Field…
As the plan sponsor for your company’s retirement plan, you have certain fiduciary duties, including being compliant with IRS regulations. Non-compliance with these regulations could ultimately result in revocation of the tax-exempt status of the retirement plan. The following are some basic compliance requirements qualified retirement plans must abide by in order to satisfy the…
In the midst of the mayhem of managing creditors, regulators, and employees in a distressed situation there exists opportunity. What does filing for and planning for bankruptcy mean? Bankruptcy is about giving the debtor a fresh start, however that does not necessarily mean you need to start again with no resources at your disposal. Without…
Part 1 of this article series on forensic accounting expert witnesses covered why a legal team would want or need to use an expert witness and Part 2 reviewed the specific focuses a witness may bring to the table, and the differences between testifying and non-testifying experts. Our series concludes with a look at the…
During legal proceedings, there often arise analyses of situations, background, or other detailed information regarding a case that the average person would simply not know much about. When someone is shot in a suspicious manner and there were no witnesses, a ballistics expert may be called in as an expert witness to rule out some…
Share With its long-held mission to improve tax compliance and administration, the IRS routinely issues new reporting requirements designed to “increase the transparency and efficiency” of examining corporate tax returns. But recently, the IRS had to admit that it had gone too far. The episode began in January 2010, when the agency announced plans to…
Tips For Repairing Your Credit After Filing For Bankruptcy Filing for bankruptcy provides you with the opportunity for a fresh start. However, it does come with consequences. It could take up to 10 years to completely repair your credit report after filing for bankruptcy, depending on the condition of your credit report, and when it…
Understanding the role of a financial statement audit of a retirement plan in accordance with ERISA can provide useful information in better demonstrating fiduciary responsibility. Consider the following. Plan fiduciaries should maintain a dialogue on the types of processes that they can improve in order to better meet these two elements of a financial statement…
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