William Chozen

Running a business in the United States involves more than just balancing the books and hitting quarterly goals. If your company offers a retirement or health benefit plan and reaches a certain threshold of eligible participants, you're likely required to have that plan audited. Failing to comply with federal regulations can result in penalties and legal complications. That’s why understanding the importance of an employee benefit plan audit is essential for companies of all sizes that sponsor employee benefit plans. Understanding the Basics of an Employee Benefit Plan Audit An employee benefit plan audit is a specialized financial audit designed to ensure that a company’s employee benefit plans are being managed in accordance with the Employee Retirement Income Security Act (ERISA). Most commonly, this involves 401(k) plans, pension plans, and other health or welfare benefits. The audit checks for proper reporting, fiduciary responsibility, and compliance with regulatory standard...

Tax preparation is a critical aspect of any business, but for many, it can become a complex and time-consuming task. In the United States, businesses often face the challenge of staying compliant with the constantly evolving tax laws. This is where tax preparation outsourcing comes in. By outsourcing tax preparation, companies can streamline operations, reduce costs, and improve accuracy. This article explores why outsourcing tax preparation is a smart move for businesses in the U.S. Cost Savings One of the most significant benefits of outsourcing tax preparation is the cost savings it offers businesses. Hiring a full-time in-house tax team can be expensive when you consider salaries, benefits, and training costs. By outsourcing, businesses only pay for the services they need during the tax season, avoiding the overhead costs associated with maintaining an internal team. This cost-effective solution is especially beneficial for small and medium-sized enterprises (SMEs) that may not ha...

As businesses in the USA continue to evolve, the need for expert financial guidance has never been more critical. A Chief Financial Officer (CFO) plays a vital role in managing a company’s financial health, making strategic decisions, and ensuring that financial operations run smoothly. However, not every business, particularly small and medium-sized enterprises (SMEs), can afford or justify the expense of hiring a full-time in-house CFO. This is where Outsourced CFO Services come into play. They allow businesses to access top-tier financial expertise at a fraction of the cost, without the burden of a permanent hire. In this article, we’ll explore why many companies opt for outsourced CFO services to foster growth and drive financial success. Cost-Effectiveness of Outsourced CFO Services One of the primary reasons businesses turn to CFO Services is cost savings. Hiring a full-time, in-house CFO can be expensive—especially for small businesses and startups that may not have the resource...

Efficient financial management is the backbone of any successful business. Yet many small and mid-sized companies across the United States struggle to stay on top of their financial records. Whether it’s due to lack of time, knowledge gaps, or rapid business growth, falling behind on bookkeeping is more common than most business owners like to admit. Fortunately, Clean-Up and Catch-Up bookkeeping services offer a streamlined way to regain control, reduce stress, and ensure compliance with tax regulations. Understanding the Need for Organized Financial Records Financial disorganization doesn’t just lead to stress—it can result in missed deductions, IRS penalties, and even hindered cash flow. Business owners who allow their records to pile up or remain inaccurate often find themselves overwhelmed during tax season or audits. That’s where bookkeeping clean-up and catch-up services step in, offering tailored solutions that align records, correct mistakes, and update all entries to reflect ...

Employee Benefit Plan (EBP) audits are crucial for maintaining the integrity and transparency of benefit plans offered by employers to their employees. In the United States, these audits are not just a regulatory requirement but also an essential part of ensuring that these plans are managed in compliance with federal laws and are financially accurate. The process of EBP audit services is a comprehensive review that helps to safeguard both the employee and employer interests by ensuring the proper administration of benefits and addressing any discrepancies before they become larger issues. This article will delve into the importance of employee benefit plan audit, why it is necessary, and how businesses can stay compliant. What is an EBP Audit? An EBP audit service refers to the examination and verification of an employer-sponsored employee benefit plan, such as a retirement plan, health plan, or welfare benefits plan. The goal is to ensure that the plan complies with the regulations s...