Category Archives: Related Services
Employee benefit plans are great recruiting and retention tools, but they come with some serious responsibilities for plan sponsors: protecting the interests of the employees, managing the assets of the plan and complying with complex plan documents and IRS and Department of Labor regulations.
Heidi A. Chick, CPA, leads the employee benefit plan audit service team.
AICPA Employee Beneft Plan Audit Quality Center Resources:
Because of the very unique and complex nature of employee benefit plans, plan auditors need to have specific experience and training to provide quality services to sponsors.
WK’s experienced Employee Benefit Plan (EBP) audit team can help you meet regulatory requirements and reduce the risk to your organization and anyone who serves as a fiduciary. Whether an annual audit is required or you’d like a plan checkup, we look forward to working together.
WK provides audit and consulting services to the following types of employee benefit plans:
- Defined contribution plans such as profit-sharing and 401(k) plans
- Defined benefit plans
- Health Plans
- 403(b) Plans
- Governmental employee retirement and health systems
Our EBP service team members participate in annual training provided by the American Institute of Certified Public Accountants (AICPA), Missouri Society of Certified Public Accountants, SunGard Corbel and other sources. Additionally, WK is a member of the AICPA Governmental Audit Quality Center and Employee Benefit Plan Audit Quality Center, and we regularly participate in the Centers’ training programs. Our team typically receives a minimum of eight to 10 hours of CPE directly related to employee benefit plan audits annually.
- Heidi Chick, CPA, is the leader of our EBP audit team and is the contact partner for the AICPA Employee Benefit Plan Audit Quality Center. She has more than 30 years of experience in auditing and working with all types of employee benefit plans. Heidi attends the annual AICPA National Employee Benefit Plan Conference, which draws more than 1,500 participants with presenters from national firms, the Department of Labor, and the Internal Revenue Service.
- Jon C. Class, CPA, is an audit member with more than 12 years of experience auditing employee benefit plans, including defined benefit plans, 401(k) plans, 403(b) plans, employee stock ownership plans, and profit sharing plans. He oversees many of the firm’s employee benefit plan audits and regularly participates in continuing professional education for the employee benefit plan industry, including the AICPA National Employee Benefit Plan Conference and various other courses through the AICPA’s Employee Benefit Plan Audit Quality Center.
- WK associate Faye Johnson, QPA, has worked in retirement plan administration since 1986. She is a member of the American Society of Pension Professionals & Actuaries (ASPPA), which is the premier national organization for career retirement plan professionals.
In order to resolve difficult technical issues and provide better service to our clients, we subscribe to TAGdata.com, a Wolters Kluwer product. TAGdata.com is a resource pension and benefit professionals can use to access information and ask questions of research specialists and ERISA attorneys.
To learn more about WK audit services, please call (573) 442-6171 or (573) 635-6196 or e-mail email@example.com.
Successfully managing a growing business enterprise takes talent, ambition and a team of trusted business advisors with the tools to help you grow your new and existing businesses.
Williams-Keepers LLC can be a trusted advisor regarding compliance, structuring and other financial matters, and we can work with your attorney, banker and other business advisors to ensure your ventures are positioned for success.
WK provides these and other services to help you navigate the start-up, growth and succession phases of your business.
- Strategic Planning and Management Consulting
- Employee Benefit Plan Services
- Cost Segregation Studies
- Business Valuation
- Outsourced accounting solutions and controllership services
- Industry Benchmarking
- Executive Compensation Planning
- Forecasted financial statements
- Outsourced CFO Services
- Litigation Support
- Fraud Investigations
- Business Succession Planning
- Buy/Sell Agreements
Whether you’re purchasing real estate, constructing a new building or expanding or renovating existing property, a cost segregation study might help you enjoy significant tax savings by taking advantage of IRS-allowed depreciation expenses.
Costs for items such as wiring, plumbing, flooring and lighting can often be sorted into different asset classifications and depreciated over a shorter period of time than the IRS allows for buildings. By assigning costs to classifications with shorter depreciable lives, additional depreciation might be allowed in earlier years, which results in significant tax savings. In some cases, additional savings can also be realized through reduced property, sales and use taxes and other state and local tax credits, incentives and abatements.
A cost segregation study might also reveal potential savings for past property acquisitions or construction activities. IRS regulations permit deduction of depreciation amounts that were not claimed in original property classifications but only when supported by a cost segregation study prepared by qualified professionals.
Williams-Keepers LLC’s experienced staff can conduct a cost segregation study for your business. WK uses its knowledge of tax laws and regulations to work with you, your project manager and contractors to identify items eligible for cost segregation.
To learn more about WK’s cost segregation services, please call (573) 442-6171 or (573) 635-6196 or e-mail firstname.lastname@example.org.
With an office located in Missouri’s capital city WK is positioned to offer convenient, efficient service to political candidates and other campaign organizations.
Political candidate campaigns, political action committees, and ballot initiative campaigns face significant requirements as the organizations are established and through the duration of the campaign. Williams-Keepers LLC’s experienced professionals can help ensure your organization meets all Internal Revenue Service and Missouri Ethics Commission (MEC) obligations.
Our work is confidential, nonpartisan, and can include the following services:
- Organization establishment – obtain federal ID number, establish bank accounts, request tax exempt status, and prepare initial MEC filings;
- Weekly or bi-weekly accounting – prepare checks for the treasurer’s signature, prepare notice reports for MEC, maintain list of donors;
- Quarterly MEC report filing;
- Federal Election Commission filings;
- Annual preparation of Form 1099; and
- Preparation and filing of Forms 1120 POL and 990, if applicable.
To learn more about WK’s campaign compliance services, please call (573) 442-6171 or (573) 635-6196 or e-mail email@example.com.
Outsourcing CFO services can provide a level of financial expertise that might not currently be available from your in-house accounting staff. We will provide direct personal service and, if appropriate, supervise your accounting staff as a project manager. However the service is delivered, high-level CFO expertise is provided without adding a full-time employee to your payroll.
The following is a listing and brief description of some of our outsourced CFO services.
- Evaluation of your business organization structure with respect to:
- the manner in which assets are held;
- how various operations are conducted;
- business tax structure; and
- Business tax planning.
- Insurance and risk management – Determine the organization’s ability to tolerate financial risks and, accordingly, the need for insurance to cover the risk in-excess of its tolerance.
- Strategic planning – Assist in interviewing and selecting financial personnel and third party financial service providers
- Short-term and long-term financial forecasting
- Capital asset acquisition planning – Project capital asset acquisitions and evaluate financing options
- Cash flow modeling
- Develop the appropriate financing model – The appropriate financing model may reduce the equity requirements of the owners thereby reducing the owner’s financial risk
- Develop a financing packet for proposals to lending institutions
- Business succession – Develop a plan to provide for the next generation of owners and or managers
- Personal tax structure and financial organization of the owners or key management personnel
- Design internal financial reports, including incorporation of key indicators of financial success
- Assist management in interpreting and utilizing financial reports
- Oversee financial statement preparation
- Develop and/or document internal processes – Developing and documenting repetitious processes allows for easier delegation to lower level staff and makes for easier allocation of work among staff.
To learn more about WK’s outsourced CFO services, please contact Williams-Keepers LLC at (573) 442-6171 or (573) 635-6196 or e-mail firstname.lastname@example.org.
Successful business managers know the value of setting goals and establishing a plan for reaching them.
Whether we’re helping healthcare providers maneuver a maze of rising costs, sort out complex regulatory changes or identify the optimal practice management strategies, we do so with the utmost respect for confidentiality and our clients’ time.
WK’s healthcare team monitors industry trends and develops practical, cost-effective recommendations for our clients’ most important financial concerns. These strategies help keep clients focused on one thing: providing exemplary care for their patients.
In addition to tax, audit and accounting services, WK can assist medical and dental practices, retail pharmacies and other entities in the medical service industry in the following areas.
- Operational reviews – assess policies, patient scheduling, cash and copay collection, charge capture procedures, accounts receivable, collections and denial management.
- Billing and coding evaluations – assess coding documentation and billing processes
- Compliance review – ensure adherence to key compliance program terms
- Management review – assess available analysis tools, including financial statements and key performance indicators
- Managed care contracting and reimbursement evaluation – assess contracting process and identify opportunities for improvement
- Employee benefit plan design, administration and audit
- Succession planning
- Physician compensation analysis
Jeff Echelmeier, CPA, enjoys working with healthcare providers to help their practices flourish.
John P. Vaclavek, CPA, CFE is an experienced provider of fraud investigation services.
Whether committed by executives, managers or employees, instances of fraud can be costly for businesses, government agencies and not-for-profit organizations. In addition to the monetary cost, fraud can also be damaging to an organization’s morale and public reputation.
An accurate assessment of a business’ worth can be an invaluable tool for any business owner. A business valuation can be used to prepare for a variety of common business transactions and activities, including tax, legal and regulatory uses and financial planning.
Williams-Keepers LLC prepares comprehensive valuations for a variety of businesses, regardless of size or structure. WK helps its clients complete business valuations that meet two criteria. First, each valuation should reach a supportable conclusion of value. Second, the valuation should clearly and convincingly establish how the conclusion was reached.
WK’s business valuations have helped clients faced with challenges presented by:
- purchasing or selling a business;
- buy/sell agreements;
- divestiture and spin-offs;
- stock options and incentives;
- corporate reorganizations;
- collateral values for loans;
- intangible assets; and
- estate and business succession planning.
Business valuations can also be a valuable tool for stockowners and investors. A tangible value for a business determines stability when establishing loan values, stock options and incentives and acquisition potential. Knowing the full value of a business also helps to establish intangible values, which can be used as support information for a number of professional investment opportunities.
A valuation professional can be a helpful resource if you ever find yourself involved in business disputes, marital dissolution or other litigation.
To learn more about WK’s business valuation services, please call (573) 442-6171 or (573) 635-6196 or e-mail email@example.com.
Click on the links below for helpful information from the DOL, IRS and the AICPA’s Employee Benefit Plan Quality Center. Most items are in PDF format.
Section 403(b) plan primer
If your organization sponsors a 403(b) plan that is subject to ERISA, Department of Labor regulations subject the plan to the same Form 5500 reporting and audit requirements that current exist for 401(k) plans. Williams-Keepers LLC can prepare the required IRS filings and perform a high-quality audit efficiently and in compliance with the DOL’s requirements. Employee benefit plans are a significant practice area at WK, and we commit time and resources to staying current on legal and regulatory changes.
In 2007, the Treasury Department and the IRS finalized the first comprehensive 403(b) regulations since 1964. The intent of the regulations was to move the regulatory framework of 403(b) plans closer to that of 401(k) plans. Highlights of the new regulations addressed: (1) plan documents, (2) contract exchange and transfer rules, (3) timing of deferral deposits, (4) universal availability rule and (5) plan termination.
Beginning in 2009, employee benefit plans established under Internal Revenue Code Section 403(b), covered by the Employee Retirement Income Security Act of 1974 (ERISA) and sponsored by charitable organizations are subject to the same Form 5500 reporting and audit requirements that previously existed for Section 401(k) plans. The amended regulations issued by the Department of Labor eliminated the exemption previously granted to certain Section 403(b) plans from the annual Form 5500 reporting, disclosure and audit requirements under Title I of ERISA.
Section 403(b) plans covered by ERISA (generally, plans sponsored by charities and schools but not those sponsored by religious organizations or governments) that have 100 or more eligible participants are required to file audited financial statements beginning with their 2009 Form 5500 filing. Smaller 403(b) plans with fewer than 100 eligible participants will be able to use a new Short Form 5500 and will be eligible for a waiver of the audit requirement.
Factors that could make the preparation of the financial statements and Form 5500 more difficult might include having multiple third-party administrator (TPA) vendors (non-exclusive administration of the plan), orphan contracts (old accounts and contracts that were not transferred to the current TPA), “missing” participants, participants with multiple annuity contracts, or historical plan records that are nonexistent or not readily available for previous years.
WK has the expertise and the experience to help you meet your requirements. Contact us at (573) 442-6171 or (573) 635-6196 or via e-mail at firstname.lastname@example.org to learn more.
- Amended DOL regulations (PDF)
- DOL Field Assistance Bulletin No. 2007-02 (ERISA Coverage of 403(b) Tax-Sheltered Annuity Programs)
- DOL Field Assistance Bulletin No. 2009-02 (Annual Reporting Requirements for 403(b) Plans
- DOL Field Assistance Bulletin No. 2010-01 (Annual Reporting and ERISA Coverage for 403(b) Plans
- IRC 403(b) Tax-Sheltered Annuity Plans
- Publication 571, Tax-Sheltered Annuity Plans for employees of public schools and certain tax-exempt organizations (PDF)
- 403(b) plan participant brochure (PDF)
- 403(b) plan participant brochure (PDF)
- Designated Roth Accounts under a 401(k) or 403(b) plan (PDF)
- 403(b) Plan Checklist (PDF)
- Check-up for 403(b) Retirement Plans