Novak Francella
Novak Francella

What is Peer Review and Why Is It Important

February 18, 2025
Organizations and individuals around the country rely on audit reports issued by CPA firms. When a CPA firm signs an audit report, they are certifying that they have done what is required by generally accepted auditing standards in order to issue that report. But who checks up on the CPA firm to make sure they […]
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PBGC Premium Filing Due Date Change for 2025 Plan Years

January 8, 2025
PBGC Premium Filing Due Date Change for 2025 Plan Years - premiums are due one month earlier than usual On January 6, 2025, the Pension Benefit Guaranty Corporation (PBGC) issued Technical Update 25-1, providing important guidance to sponsors of PBGC-covered1 single-employer and multiemployer defined benefit (DB) plans regarding the change in the timing of PBGC […]
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IRS Announces New Pilot “Pre-Audit” Compliance Program for Retirement Plans

June 21, 2022
IRS launched a pilot pre-audit program for retirement plans. Plans get 90 days to self-review and correct issues using EPCRS. If they respond, IRS may agree or conduct further examination. If not, full audit follows. Program aims to reduce burden and IRS exam time. Full details pending.
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American Rescue Plan Act - Information for Labor Unions and Benefit Funds

March 17, 2021
On March 11, 2021 the American Rescue Plan Act became law. It makes important changes to relief available for Labor Unions and Benefit Funds. Please see our bulletin for additional information. ARPA Bulletin
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DOL Form T-1

February 18, 2021
Update: The OLMS will not seek to enforce the filing of the Form T-1 for one year from the original due date. Office of Labor-Management Standards (OLMS) published a final rule on May 30, 2019 establishing a Form T–1 Trust Annual Report which requires annual reporting by Form LM-2 filing labor organizations on financial information […]
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DOL proposes changes to Form LM-2

October 7, 2020
The Office of Labor-Management Standards (OLMS) Department of Labor (DOL) is expected to publish a Notice of Proposed Rulemaking (NPRM) to modify the existing Form LM-2 and to establish a LM-2 Long Form (LM-2 LF). Please follow this link for our client bulletin: Bulletin Copies of the draft LM-2 and LM-2 Long Form can be […]
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CARES and Families First Payroll Protection Acts - information for Benefit Funds and Labor Unions

April 1, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act both provide potential relief for nonprofit associations. We are still awaiting important details on the many provisions of the Acts, but we wanted to provide a summary of some of the programs which will be of interest to our […]
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We're Open for Business

March 31, 2020
Our firm has been deemed “Life Sustaining” which allows us to remain open. Please see our bulletin regarding our ongoing operations: We're Open for Business
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CARES and Family First Acts provide potential relief for Unions

March 31, 2020
CARES Act and Families First Coronavirus Response Act offer relief for nonprofit associations, including unions. Key programs of interest to union clients are summarized. Details on many provisions still pending. Updates will follow as more information becomes available.
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IRS Extends Filing Deadline

March 25, 2020
The Treasury Department and the Internal Revenue Service has provided special tax filing and payment relief to individuals and businesses in response to the COVID-19 Outbreak, by extending the 2019 tax filing deadline from April 15, 2020 to July 15, 2020. Please see our bulletin below for more information:  Bulletin
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COVID-19: Our Response & Resource Plan

March 17, 2020
Please see the bulletin below providing information regarding our response and current resource plan: COVID-19 Response
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2020 Tax Rates and Limits

January 13, 2020
We have provided a summary listing the Tax Rates and Limits in effect for 2020. The list includes payroll tax limits, the standard mileage rate as well as other limits. 2020 Rates and Limits Please contact us for additional information
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