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Specialization Matters: Small Employee Benefit Plan Audit Practices More Likely to Produce Deficient Audits
Posted by Kevin Petrosino on Mon, Jun 22, 2015 @ 06:00 PM

Findings from a recent Department of Labor Report, Assessing the Quality of Employee Benefit Plan Audits: 2014 Audit Report suggest a strong correlation between the number of employee benefit plan audits a firm performs and audit quality. At 76%, audit deficiency rates among firms that performed one or two audits per year were almost twice as high as the deficiency rate of the report’s population as a whole, which registered at 39%. Deficient audits affected $653 billion in plan assets and 22.5 million participants.

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Topics: employee benefit plan, Kevin Petrosino

Tight State and Local Budgets May Signal Bad News for Not-for-Profits
Posted by Carole A. Budyak on Fri, Jun 19, 2015 @ 09:03 AM

Not-for-profit organizations may be called upon for additional payments and taxes as state and local governments weigh solutions for their budgets. These organizations are often exempt from paying property tax and may become targets for proposed budget solutions in part because of their collective size. In many metropolitan areas, not-for-profit organizations own a significant portion of the city’s property. Boston has roughly 50% of its property in tax-exempt hands. Estimates for New Orleans are even higher, with 67% of the city’s property exempt from taxation.

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Topics: state and local tax issues, Carole Budyak

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