Why Payroll Compliance Audits?
Trustees of employee benefit funds have a fiduciary responsibility to collect all contributions due to the fund. Trustees failing to carry out this fiduciary responsibility can be held personally liable under the Employee Retirement Income Security Act of 1974 (ERISA) and ordered to make good on all losses to a plan.
Payroll audits ... Read More ›
On May 15, 2020, the Small Business Administration (SBA) issued the much-anticipated Loan Forgiveness Application (SBA Form 3508) for the Paycheck Protection Program (PPP). As described in Legacy News Flash 20-7, the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act established the PPP to provide forgivable loans to small businesses and ... Read More ›
On April 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-23, which amplifies previous notices providing taxpayer relief due to the coronavirus pandemic. Notice 2020-23 expanded the defined “affected taxpayer” to those performing a time-sensitive action. Effective April 14, 2020, relief is now provided to filing any form, including Form 990-series annual information ... Read More ›