BREAKING NEWS

Announcing Our Newest Partner

BMF welcomes with pride and purpose, our newest partner, Marie Lenarduzzi!

Articles & Publications

Top 5 Key Insights from DOL’s Employee Benefits Audit Quality Study

February 6, 2024 Benefit Plans

In November 2023, the Employee Benefits Security Administration (EBSA) of the US Department of Labor (DOL) released its fourth evaluation of the audit work conducted by independent qualified public accountants. This evaluation specifically scrutinizes the performance of audits for. Read More >>

Exploring Financing Options for Your Business

In today’s uncertain economic climate, business owners face challenges in selecting the right financing options to support their operations and navigate financial uncertainties. Whether you require funding for equipment upgrades or wish to expand your business, it’s crucial to. Read More >>

DOL Issues Changes to Form 5500: Smaller Benefit Plans To Be Excused From Audits Starting in 2024

The U.S. Department of Labor (DOL) has recently modified long-standing rules regarding which plans are required to be audited annually for filings on Form 5500. The current rules, which will remain effective for 2022, require that any plan with. Read More >>

SECURE Act 2.0 Makes Sweeping Changes to Retirement Plans

In December 2022, Congress passed an omnibus spending bill that included a significant portion dedicated to the Secure 2.0 Act of 2022, which makes significant changes and enhancements to retirement planning laws in the United States. We’ve included a. Read More >>

Designing a 401(k) Matching Program to Meet Your Objectives

We’ve found over the years that it can be challenging to get employees to set aside money for their retirement. By providing a matching contribution to your employees, you are helping to incentivize them to put their own money. Read More >>

SBA Speeds Up PPP Loan Forgiveness Process

The U.S. Small Business Administration (SBA) has published new guidance to simplify and speed up the forgiveness process for Paycheck Protection Program (PPP) loans of $150,000 or less. In their 29-page interim final rule (IFR), the SBA is introducing. Read More >>

SBA Eliminates PPP Loan Necessity Questionnaire

We reported last month that the Small Business Administration (SBA) was planning to withdraw its controversial Loan Necessity Questionnaire for Paycheck Protection Program loans of $2 million or more. In a notice sent July 9, the SBA officially stated. Read More >>

The Changing Face of the Employee Benefit Plan Limited Scope Audit

As we noted last month, the Employee Retirement Income Security Act of 1974 (ERISA) requires that employee benefit plans with 100 or more eligible participants are required to have their financial statements audited annually, which should be attached to. Read More >>

SBA To Withdraw Paycheck Protection Program Loan Necessity Questionnaire

The American Institute of Certified Public Accountants (AICPA) yesterday reported that the Small Business Administration (SBA) plans to withdraw its highly controversial loan necessity questionnaire. Last fall the SBA published Form 3509 – Loan Necessity Questionnaire in an attempt. Read More >>

Restaurant Revitalization Fund: SBA to Open Registration April 30

Yesterday, the SBA announced that applications will be opened beginning Friday, April 30, 2021. Registration for the program will open at 9 a.m. EST on April 30, with the doors opening for application submissions starting at noon EST on. Read More >>