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General Articles

Tips for a Faster Month-end Close

In a recent article posted on the AICPA website, Maria Murphy offers tips for a better and faster month-end close. A few questions she addresses to help consider if your close cycle needs to be quicker are:

  • Is anyone complaining about the length of the monthly close?
  • Who will benefit from a quicker close?
  • Can the close go faster without sacrificing accuracy?
  • Is there specific information that can be disseminated before the close is finalized?
  • Can nonfinancial data, such as human resources or production data, be used to close more quickly?

The tips Murphy offers for a shortened close are:

  • Break the close process into pieces
  • Perform a risk analysis
  • Change mindsets from looking backward to looking forward
  • Evaluate close areas that can be done in different time periods
  • Use technology
  • Communicate

At Brickley DeLong, we assist many clients with the monthly, quarterly, and annual period-end financial closings. We pride ourselves in being dependable when it comes to preparing your tax returns and other required filings. For more information on our accounting services, click here, or contact Brian McFarren at (231) 726-5815 or bmcfarren@brickleydelong.com.

 

Brickley DeLong is a West Michigan Accounting Firm, offering personalized accounting services with offices in Muskegon, Hart, and Grand Rapids, Michigan. 

Millennials Flock to 401(k) Plans

Tom Anderson, in a recent article published on CNBC, discusses how more millennials are investing in 401(k) plans. While younger employees benefit the most from participating in 401(k) plans, historically, they have been the least likely to participate.

The Bank of America Merrill Lynch analysis reported that 64% more employees between ages 18 and 34 started contributing to 401(k) plans than in 2013.

This growth in participation, according to the article, can be attributed to:

  • Improvements in the economy and job market
  • Rise of auto-enrollment and new streamlined sign-up processes
  • Greater financial education in the workforce
  • High influence of Baby Boomer parents who had not saved as much for retirement

To view the entire article, click here. For more information on 401(k) plans or employee benefit plans, please contact Brenda Jacobs at bjacobs@brickleydelong.com or (231) 726-5880.

Brickley DeLong is a West Michigan Accounting Firm, offering personalized accounting services with offices in Muskegon, Hart, and Grand Rapids, Michigan. 

Important Information About Non Profit Organizations

In a recent blog post from the AICPA, Christopher Cole, CPA, CFF, and CGMA, discusses the importance of non profit organizations to understand their finances to run an effective organization. Many non profits are run by volunteers of whom many do not fully grasp the complicated rules governing their organizations. Cole offers three important points that can be transferable to many different nonprofit organizations:

  1. Understand the implications of hiring a professional fundraiser
  2. Be aware of “unrelated business expenses”
  3. Reporting on grants is more complicated than you might realize

At Brickley DeLong, we aim to help understand each unique non profit organization and their specific tax implications. We would be pleased with the opportunity to discuss your non profit and how these (or other) items relate to your organization.

Please read the full article at AICPA Insights or contact Brenda Jacobs at bjacobs@brickleydelong.com or (231) 726-5880.

Brickley DeLong is a West Michigan Accounting Firm, offering personalized accounting services with offices in Muskegon, Hart, and Grand Rapids, Michigan. 

Supreme Court Decision on Tibble v. Edison, 401(k) Lawsuit

On Monday, May 18, the U.S. Supreme Court came to its decision on Tibble v. Edison, a 401(k) lawsuit filed initially in 2007.  This lawsuit was brought on by employees against their employer’s 401(k) plan because of its high fees. Darla Mercado, in an article published in InvestmentNews, discusses the importance of the decision on this case, which confirms the responsibility for plan sponsors to periodically review fund performance, fee policies, quality of providers, etc.

Please read the full article about Tibble v. Edison at Investment News.

For more information on Brickley DeLong 401(k) plans or employee benefit plans, please contact Brenda Jacobs at (231) 726-5880 or bjacobs@brickleydelong.com

 

Brickley DeLong is a West Michigan Accounting Firm, offering personalized accounting services with offices in Muskegon, Hart, and Grand Rapids, Michigan. 

An Accounting Internship Experience at Brickley DeLong

As a prospective accounting graduate, it is highly encouraged for students to obtain an accounting internship while working towards the completion of their degree. I was most fortunate to land a tax season internship in the Grand Rapids office at Brickley DeLong PC.

From my first impression of Brickley DeLong, it was clear that the employees were welcoming and friendly. I had the opportunity to tour the office, before actually starting my internship. This eased me into the position, and gave me an idea as to what my office space was going to be like, as well an initial meeting with some of my coworkers. It was not long before I felt like I was one of the staff.

When I began my orientation, the firm was clear and concise about my responsibilities. As a student, I had been taught much to prepare me for the profession; however, actually seeing and applying what I learned was a process. Throughout my internship, I had to lean on the support of staff and their experience with situations I had not seen before. The firm’s open door policy was extremely beneficial for me as an intern; partners and staff were always willing to answer my questions – despite it being busy season. My supervisors made a special effort to not just answer my questions- but to make sure I understood why the answer was correct. They were not afraid to challenge me in my work and gave me more complex returns when I felt ready.

I am happy to say that my internship at Brickey DeLong went better than I ever could have expected. This can be attributed to the firms’ knowledgeable and supportive professional staff.

For more information on recruiting and hiring at Brickley DeLong PC, please visit our career pages or contact Christine Dill, cdill@brickleydelong.com or (231) 726-5835.

 

Interviewing for a Staff Accountant Position at Brickley Delong

My name is Bryan Jacques and I am a staff accountant at Brickley DeLong. I began full time in January 2015, and was first exposed to the firm at the Grand Valley’s Pre-recruiting Night.

At the recruiting event, I talked with one of the firm’s representatives. Our conversation went well; but due to the amount of candidates and time constraints, it was short and generic, so I was unsure whether or not to anticipate an interview. After the recruiting event, I eagerly awaited to see which firms selected me for an on-campus interview, and fortunately Brickley DeLong was one of them.

My on-campus interview was with Brenda Jacobs, a partner at the firm. Prior to beginning my career in accounting, I graduated from college with a degree in sociology; after various misguided attempts at exploring new career pathways, I ended up doing social work for a brief period. Realizing this was not the career I was hoping for, I went back to school for accounting. As I began searching for a job in my new field, I was worried that my career indecisiveness would reflect poorly on myself as a candidate.  With Brickley DeLong, this was not the case. Brenda scanned my resume as I sat in front of her, and noted that every resume told a story. She assured me that trying to restart a career was not a drawback, and was not going to be held against me. I remember feeling like the firm was more interested in where I currently was, rather than my past.

After the on-campus interview, I was invited to interview at the firm’s Muskegon office. I was very excited, but also a little apprehensive, as the interview was scheduled for a total of four hours, and I was a full-time employee elsewhere. The firm’s administrator explained that during the interview, I would be meeting with many different members of the firm and even be served lunch as the interview would be in the middle of the day.

My interview began with two seasoned partners who relayed the history of the firm, and explained the direction the firm was heading. Afterwards, I met with partners representing both the tax and audit side of the firm. They explained what it was like to work in both of the respective fields. Next, I ate lunch with one of the firm’s newest members who explained what it was like being a new member of the firm. Finally, I interviewed with the firm administrator, who covered firm policies, and other administrative matters. At the conclusion of the interview, I was somewhat surprised when she handed me a check and thanked me for taking 4 hours out of my day to interview with Brickley DeLong.

During the entire interview process at Brickley DeLong, it was clear that the members of the firm respected their employees, and were seeking a mutually beneficial relationship. I did not feel like they were just looking for someone who would add the most value to the firm, but for someone who would fit into the firm culture and enjoy their work. When I got the phone call offering me the full time position, my decision was conclusive.

For more information on recruiting and hiring at Brickley DeLong PC, please visit our career pages or contact Christine Dill, cdill@brickleydelong.com or (231) 726-5835.

Deadline for IRS Penalty Relief Program for Form 5500-EZ

Certain small businesses that have failed to timely file required retirement plan returns have until June 2, 2015 to take advantage of a special IRS penalty relief program that was launched last year.

This IRS penalty relief was launched June 2, 2014, and provides administrative relief from penalties occurred from failure to file. Some small business may have either been unaware or ignored the reporting requirements. Plan administrators and sponsors that fail to file can face high penalties – up to $15,000 per return.

The applicant must complete Form 5500 series return, including all required schedules and attachments for each plan year penalty relief is sought.  This relief is generally open to certain small businesses (owner-spouse) plans, business partnership’s plans, and certain foreign plans.

Relief is not available if a penalty has already been assessed.
For more information, please read this article or contact Brenda Jacobs at (231) 726-5880 or bjacobs@brickleydelong.com

Additional information on Employee Benefit Plans through Brickley DeLong click here.

Offshore Voluntary Disclosure Program (OVDP) to Remain Open

The IRS recently stated that it intends to keep the OVDP (Offshore Voluntary Disclosure Program) open indefinitely until it announces otherwise. The OVDP was restarted in 2012 after earlier time-limited programs had closed. The IRS reiterated its commitment to pursuing taxpayers who hide assets overseas all over the world. The focus of the program is on taxpayers holding assets offshore.

For more information, please read the referenced article or contact Patrick Mutchler at 231-726-5860 or pmutchler@brickleydelong.com.

What are the Major Changes to the Michigan Nonprofit Corporation Act?

In January 2015, some significant revisions to the Michigan Nonprofit Corporation Act were enacted. The more significant provisions related to:

  1. Additional limitations on director and officer;
  2. Dissolving a nonprofit corporation;
  3. Voting to approve membership or stock corporation mergers and dissolutions; and
  4. Potentially more limited access to information for shareholders and members.

For more information, please visit the referenced article from Miller Johnson, or contact Ed Elsner for questions associated with nonprofit organizations.

IMF Lowers Forecast for Global Economic Growth

The International Monetary Fund (IMF) recently announced the lowering of its forecast to 3.5% growth for 2015 as compared to growth projections of 3.8% in October 2014. This downgrade is expected despite the fall in oil prices, which is positive for most countries.

IMF aims to help its 188 members’ government “take advantage of the opportunities – and manage the challenges – posted by globalization and economic development”.

For more information and to read the full article from BBC news, please visit this article, or contact Timothy Arter for information in regards to international auditing and tax matters.