Single Audit Deadline The U.S. Office of Management and Budget (“OMB”) issued a memo on Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19). The memo brought some misconceptions regarding the single audit submission deadline. An extension has been provided; however, it was granted only to certain entities and does not apply to all recipients. The AICPA issued an alert from the Governmental Audit Quality Center, noting the following: “We discussed the memo with OMB staff to ensure an appropriate understanding and are providing you with a summary of that discussion to ensure the audit community is aware for purposes of discussions with your clients.” OMB confirmed the following: The memo is intended to provide guidance to federal agencies relating to areas where relief may be provided to certain recipients. The memo is not instructing federal agencies to provide a blanket waiver...
Each year, the IRS makes cost-of-living adjustments that change the limits placed on contributions to retirement plans. On November 6, 2019, the 2020 limitations for retirement plans and other retirement-related items were announced. Plan sponsors and employers must ensure that they are current on these limits, in order to be compliant and avoid penalties or corrections later. The charts below outline the most common retirement plan limits. There may be others that are also applicable. [table id=25 /] [table id=26 /]