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Benefit Plan Advisory Alert: Empower Qualification in Service Organization Control Report, Potential Impact to MassMutual Plans

By Danielle Kimmell, CPA, and Susan Burnoski, CPA Plan sponsors and administrators have a fiduciary responsibility to monitor any outside service organization (OSO) utilized in the administration of their retirement plans. This includes understanding and monitoring internal controls and, in most cases, the OSO provides a Service Organization Control (SOC) Report. The SOC informs plan sponsors …

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Protecting Your Financial Identity

By Mark Lapikas, CPA | Principal, Tax With a previous break of Equifax, an estimated 143 million Americans’ information was compromised. In 2015, Anthem was breached compromising personal data of roughly 80 million Americans. Criminals are constantly seeking new ways to obtain your data which begs the question, “How do I protect my personal information?” …

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AGP Advisory: The Ultimate Financial Due Diligence Checklist

By Brandon Fredericks, CPA | AGP Advisory, Leader The merger and acquisition market remains active even through trying times. Over the past two years, an average of over 13,000 deals were completed for small and mid-size businesses—that’s over 35 deals a day. The act of buying or selling a business can be complex and time consuming. Luckily, we have provided some insight into …

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2021 Retirement Plan Limits

November 2, 2020 The IRS released updates to retirement plan limits in 2021 last week: 2021 Retirement Plan Limits 2021 2020 2019 401(k),403(b) and 457(b) Deferral Limits      $19,500 $19,500 $19,000 401(k) and 403(b) Catch-up Deferral Limits  $6,500 $6,500 $6,000 Annual Limitation on Compensation             $290,000 $285,000 $280,000 Defined Contribution Limitation                      $58,000 $57,000 $56,000 …

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AGP Advisory: Sizing Up Additional Acquisition Risk

By Brandon Fredericks, CPA | AGP Advisory, Leader In performing financial due diligence, we get a chance to really peal back the layers of a company. That process can reveal additional areas within the business that should be considered prior to any acquisition closing. The fact of the matter is everything in life comes with a cost. Thus, even though the financial due diligence process may …

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AGP Advisory: Understanding and Managing the Adjustments

By Brandon Fredericks, CPA | AGP Advisory, Leader Our journey thus far has taken us through understanding what a quality of earnings (QofE) entails, how we define and assess the “quality” within earnings, and our work around the earnings and Net Working Capital (NWC). This leads us into the next topic that helps bring these projects all together—the adjustments. Let’s define the typical adjustments we …

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AGP Advisory: Rolling Up the Sleeves – Earnings and Net Working Capital (NWC)

By Brandon Fredericks, CPA | AGP Advisory, Leader In our third installment of this series, we want to get into the interworking of sound financial due diligence. We have already explained what high quality of earnings (QofE) can do, but what does a financial due diligence process look like for isolating and assessing earnings? All projects should focus on three key elements in this area  …

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AGP Advisory: Defining the Quality Within Earnings

By Brandon Fredericks, CPA | AGP Advisory, Leader In this part, I want our discussion to get right to the heart of the main cornerstone of any transaction—the earning capabilities of an organization. Regardless if you are looking to acquire a business or ready to sell, all conversations will lead back to earnings. Therefore, the ability to approach a …

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