Correctly recognizing revenue is an important accounting function for all organizations. Often, it is not as simple as recording a sale when it is made.  In order to conform to generally approved accounting practices (GAAP), organizations must account for their revenue in specific ways. For consistency, once an organization begins using a revenue recognition method, it […]

In May of 2014, the Financial Accounting Standards Board (FASB) unveiled new revenue recognition criteria in NJ and nationwide for contracts with customers. The old rule addressed this issue by having different standards based on the type of business. In order to simplify reporting methods, all industries will now use the same five-point-method to identify and recognize revenue.  […]

The employer mandates of the Affordable Care Act (ACA) are quickly approaching. Although stiff penalties may be assessed if an organization does not meet requirements, many organizations lack an understanding of ACA and what is required of their businesses. Following the ACA compliance timeline below can help your organization become prepared to meet all ACA standards. 2014 ACA Compliance Timeline Organizations that offer wellness […]

It seems as though there is a change made to the Affordable Care Act (ACA) every day. Even with the transition relief and recent clarifications, complying with the ACA is a challenge. Below is a summary of the major recent clarifications, upcoming due dates and updates made to the ACA that will help guide you […]

Providing retirement plans is one of the greatest perks a company can offer. Benefit plans allow businesses to attract and retain high-quality talent. Additionally, providing employees with quality benefits and the ability to build wealth increases loyalty and employee satisfaction. The Employee Retirement Income Security Act (ERISA), is a federal law that dictates how employer-sponsored benefit plans must […]

Chances are the benefits your organization offers employees are governed by the Employee Retirement Income Security Act (ERISA). This law was designed to protect individuals who participate in private pensions, retirement funds and other employee-sponsored plans. ERISA documents the minimum standards around documenting, funding and administering a plan. ERISA regulations can be complicated to understand. […]

We are pleased to announce that a new Member of the Firm, Robert A. Rabkin, has joined the Fairfield office. Bob has extensive experience in dealing with various tax related issues and shares Smolin’s commitment to excellence. As a sole practitioner for the last 25 years in his own practice and a prior partner in an […]

If your company offers sponsored benefits to employees, particularly those that offer retirement or health benefits, you are likely subject to ERISA regulations. The Employee Retirement Income Securities Act (ERISA) sets the standard for how employer-sponsored plans must be administered. Failing to adhere to these regulations can have costly penalties for both the company and […]

Employee-sponsored benefits are subject to federal ERISA laws. The Employment Retirement Income Security Act (ERISA) is a federal law that governs all benefits where employers cover some of the costs. Unless an organization is a government entity or religious organization, they are subject to ERISA regulations.   What does ERISA do? ERISA sets the minimum standard on how all employee-sponsored benefits must be administrated. This is […]