Do you feel like you’ve been paying too much in income tax? Maybe you have! On May 18, 2015 the US Supreme Court ruled, in the Wynne Case (Comptroller v. Wynne), that a portion of Maryland’s income tax law was unconstitutional. The state will be required to issue refunds to some taxpayers.
During the past couple of months, many businesses have been going through audits of their company’s retirement plan. As you may know, these compliance audits differ vastly from the traditional financial statement audits. This is due to not only the compliance regulations of these plans, but also the different method of accounting for pension plans. This article is intended to briefly cover the basics of retirement plan audits so that you and your company can better understand how they work and when you might need one.