Resources

401(k) Benefit Plan Audits: What You Need to Know

It’s already midyear, and that means it’s the perfect time to review the audit requirements for your company-sponsored employee benefit plans. One of the most important and complex audits is the annual audit of your 401(k) plan. Here are some general tips and guidelines to help you understand when you’ll need an audit and what to expect during the process.

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What Our Clients Say About the CK Way

At Cray, Kaiser Ltd., we believe the relationships we build with our clients makes us more than just an accounting firm. Client satisfaction is our number one goal, which is why we regularly solicit feedback at the conclusion of projects through an online satisfaction survey. Through the use of the Net Promoter Score (NPS) method, we are able to determine if we are providing our clients with long-term value while developing their loyalty.

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The QuickBooks Online 411: New Features and Best Practices

With over 2.2 million registered online users, QuickBooks Online is far and away the most popular accounting software solution for small businesses. With ample room for customization via third party applications, QuickBooks Online is striving to be the leading choice for cloud-based accounting software. But are you getting the most out of QuickBooks it?

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Illinois’ Midyear Tax Hike Surprise

Last week the Illinois Senate and House passed the state’s budget bill. Part of the new budget requires the individual and corporate tax rates to be raised. The state also made some changes to credits, deductions and additions to income. Below you will find some highlights of the new rules.

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Can I Work While Receiving Social Security Benefits?

For various reasons, many people continue to work while collecting Social Security retirement benefits. Some people need the additional income while others simply enjoy keeping busy. In 2016, Associated Press reported that more than 4 in 10 Americans over 50 years of age begin taking Social Security benefits before retirement age. Whatever the reason, there are important tax implications to consider should you choose to work while receiving Social Security benefits.

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Understanding Audits for Nonprofits (Part 1)

Going through an audit can be a very daunting experience. That goes for both independent audits of your financial statements as well as those necessitated by the IRS. Even though an independent audit has a completely different purpose than an IRS audit, the process can feel equally stressful if you don’t know what to expect. So, how do you know if you need a financial statement audit? When should you begin?

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2017 Midyear Nonprofit Updates

At Cray Kaiser, we’re always looking for ways to stay up-to-date on the ever-changing nonprofit policies. It’s especially important now since many organizations are beginning a new fiscal year on July 1. This month, we attended the 36th Annual Conference for Not-For-Profit Organizations hosted by Chicago-Kent College of Law. The conference provided several takeaways that will directly impact our nonprofit clients. If any of these issues raise questions for your organization, please do not hesitate to contact us today.

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Trump Tax Reform: To Be or Not to Be in 2017

In the last seven months, the 2016 presidential election results brought optimism to many closely-held business owners who foresaw the promise of lower taxes from the new administration. However, that optimism is turning into impatience as the government’s summer recess looms.

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Reducing Risk with Forensic Accounting

When you hear the term forensic accounting, images of perpetrators in handcuffs and espionage may come to mind. In reality, it’s not always a CSI moment. Forensic accounting is not only important when taking steps to prevent crime, it’s also vital among day-to-day operations and decision-making within your business.

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