BREAKING NEWS

BMF Named a 2021 Best of the Best Firm!

We have again been named to the IPA’s 2021 Best of the Best Firms list, which recognizes the highest-performing firms within the accounting profession.

Articles & Publications

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 >>

Employee Benefit Plan Audits: What It Is and When You Might Need One

Background The Employee Retirement Income Security Act of 1974 (ERISA) requires that certain companies offering employee benefit plans must have their plan audited annually. The audit reports not only on the plan’s financial standing but the process can also. Read More >>

Partial Plan Terminations – How Does This Affect My Business?

Because of the current economic uncertainty due to COVID-19, some businesses have had to lay off considerable portions of their workforce, many with the hope of rehiring the individuals sometime down the road. Whether these layoffs are temporary or. Read More >>

Employee Benefits: The Implications of the New Laws in Response to COVID-19 / Coronavirus

Jim Merklin discusses how businesses’ and individuals’ benefit plans are being impacted by the SECURE Act AND CARES Act, which was put in place as a result of COVID-19.   Read More >>

Benefit Plan Relief for Plan Sponsors and Participants

The Coronavirus Aid, Relief and Economic Security (CARES) Act and The SECURE Act include several retirement plan provisions benefiting plan sponsors and participants and their families. The IRS recently issued guidance in the form of a Q&A relating to. Read More >>

Ohio Employers to Receive Dividend from Bureau of Workers’ Compensation

Some good news for Ohio businesses. To help Ohio’s economy and business community withstand COVID-19’s challenges, which include temporary business closings, stay-at-home orders, and the record number of unemployment assistance, the Ohio Bureau of Workers’ Compensation’s Board of Directors. Read More >>

State Agencies Issue Financial Relief to Ohio Businesses and Workers in Response to COVID-19

The Ohio Bureau of Worker’s Compensation, The Ohio Department of Insurance and The Ohio Department of Labor have issued orders and additional guidance on insurance premiums and FMLA requirements for employers and employees in light of the COVID-19 impact.. Read More >>

When Bad Things Happen to Good Plans: Preventing errors with eligible compensation plans

For even the most well-intended and conscientious plan sponsor, the complex rules and regulations regarding retirement plans can result in the occasional error in administration or operation. Operational errors are made while carrying out the plan in accordance with. Read More >>

Is This the End of the Limited Scope Audit?

In July, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 136 – Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. These new standards will go into effect. Read More >>

Department of Labor Raises Pay Threshold for Exempt Workers to $35K

1.3 million American workers now eligible for overtime pay Earlier this week, the Department of Labor (DOL) issued the final overtime rule to make an additional 1.3 million American workers eligible for overtime pay. The ruling updates earning thresholds. Read More >>