Resources - Novak Francella | Certified Public Accountants

Notice of OLMS Proposed Rulemaking: Form T-1 Trust Annual Report

May 30, 2019

The Office of Labor-Management Standards (OLMS) today published a Notice of Proposed Rulemaking (NPRM) to establish a Form T–1 to require annual reporting on financial information pertinent to “trusts in which a labor organization is interested”. Follow this link for our client bulletin: Bulletin Please contact us for additional information

Offering COBRA to a terminated employee’s domestic partner

March 11, 2019

Many employers offer coverage to employees’ domestic partners under their health care plans. If your organization does so, you need to determine what rights domestic partners have regarding COBRA insurance. General principles One common question for employers is whether terminated employees may elect to continue COBRA coverage for their domestic partners. The answer is yes; […]

Novak Francella ranks first in number of multiemployer plans audited

February 1, 2019

At the 2018 International Foundation of Employee Benefit Plans annual conference the Department of Labor conducted a training session titled "Conversations with the DOL". Included in the presentation is the list of accounting firms that service multiemployer benefit plans and Novak Francella was listed as the firm servicing the most plans! Follow the link for […]

Walking on eggshells: ERISA compliance depends on plan documents

January 1, 2019

The Employee Retirement Income Security Act (ERISA) covers both defined-benefit and defined-contribution retirement plans. If your organization offers its employees either, you may feel like you’re constantly walking on eggshells trying to oversee all the regulatory details involved. One critical way to stay in compliance and avoid costly penalties is to ensure your plan operates […]

Keep a close eye on your employment records

January 1, 2019

Every employer needs to keep records on pay, hours, workplace injuries and the like. And, of course, the fun doesn’t end there — you’ve also got to maintain other documentation, such as job descriptions, annual objectives and performance reviews. In totality, these documents make up your employment records. To prevent any number of disastrous circumstances, […]

IRS raises valuation limit for employer-provided vehicles

January 1, 2019

One of the most popular fringe benefits for employees at many organizations isn’t an insurance plan or a health club membership; it’s shiny chrome and steel — a vehicle. Providing a car, van or truck that an employee can use for both work and personal purposes can attract better job candidates or just make sense […]

DOL increases penalties for many labor law violations

January 1, 2019

Every employer knows that failing to comply with federal laws is costly, but it’s getting even more so. The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 directs federal agencies to adjust civil penalties for inflation each year. As a result, the Department of Labor recently issued a final rule that revises civil […]

2019 adjusted penalty amounts for health and other plans

January 1, 2019

The Department of Labor (DOL) announced in very late January the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. Because of the government shutdown, however, the 2019 penalties weren’t published by […]

Protect retirement plan fiduciaries through training, insurance

January 1, 2019

When an employer decides to sponsor a retirement plan for employees, it takes on great responsibility. Anyone who exercises discretionary authority over any vital facet of plan operations likely will be considered a plan fiduciary. In turn, these individuals face a significant risk of liability if anything goes seriously wrong with the plan. Your plan […]

Fraud fact: Crooks prefer cash

January 1, 2019

It should come as no surprise that cash is the most popular target of fraud perpetrators. After all, once stolen, cash itself is virtually untraceable. But that doesn’t mean forensic accounting professionals can’t unearth cash fraud schemes — and the crooks behind them. 3 categories According to the Association of Certified Fraud Examiners, there are […]

Dissecting the role of the forensic accountant in litigation

January 1, 2019

When people hear the term “forensic science,” they usually think “CSI.” What comes to mind when you hear the term “forensic accounting”? Similar to forensic scientists offering opinions about scientific matters, forensic accountants may be called on to investigate and serve as financial experts in commercial litigation. Here’s how. Who they are Forensic accountants specialize […]

Prevent fraud with the help of your audit committee

January 1, 2019

Your board’s audit committee is a first line of defense against fraud. But to be effective, committee members need to do more than simply review financial statements and audit results. Members should also adopt the following best practices: Conduct risk assessments. Identify the types of risks faced by your company and their likelihood of occurrence. […]

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