Knowing What Counts Podcast

Employee Benefit Plan Audit Red Flags: The Top Mistakes That Cost Clients Money

Send us Fan Mail [https://www.buzzsprout.com/2434874/fan_mail/new] How Can Employee Benefits Plans Trigger An Audit? Ever wonder how a tiny payroll hiccup can snowball into a costly compliance issue? We dig into the real-world mechanics of employee benefit plans [https://thempgroupcpa.com/]—401(k), 403(b), and pensions—and show how small process gaps turn into late remittances, missed enrollments, and broken match formulas. With Audit Senior Meghan Boone guiding the way, we translate ERISA audit thresholds, timing expectations, and plan document nuances into clear, workable steps any HR, payroll, or finance team can use. We break down when an audit becomes mandatory and why the 100 and 120 eligible participant thresholds matter more than most realize. From there, we go straight to the hotspot errors: deposits that don’t reach the trust “as soon as administratively possible,” compensation definitions that don’t match what the plan document actually says, and eligibility rules that fail silently when systems aren’t in sync. You’ll hear practical guardrails—automation between payroll and the trust, cycle-by-cycle reconciliations, eligibility reporting, and staff training—that shrink risk and make audits faster and cleaner. When issues surface, speed and transparency are everything. We walk through scoping the impact, calculating lost earnings, and choosing the right path with the IRS EPCRS or DOL programs [https://thempgroupcpa.com/]. Beyond fixes, we emphasize building a year-round compliance rhythm: quarterly reviews tying payroll, trust, and recordkeeper data together; tight communication between HR, payroll, and finance; and documenting every amendment, approval, and change so controls are provable. The result is fewer findings, stronger participant protection, and a plan that stands up to scrutiny without the drama. If this conversation helps you tighten your process or avoid a late deposit, share it with your HR and finance teammates. Subscribe for more practical guidance, leave a quick review to tell us what helped most, and send us your toughest benefits question for a future episode. To learn more about MP CPAs visit: https://thempgroupcpa.com/ [http://thempgroupcpa.com/] MP CPAs 413-739-1800

Audit Readiness: Navigating the New Uniform Guidance for a Flawless Single Audit

Send us Fan Mail [https://www.buzzsprout.com/2434874/fan_mail/new] What Is The New Uniform Guidance?   Federal grant rules just changed, and the ripple effects touch budgets, audits, and day-to-day controls. We sit down with audit director Sharon Blazejowski to translate the new uniform guidance [https://thempgroupcpa.com/] into plain language and practical next steps for nonprofits, governments, and charter schools. From the raised single audit threshold to the higher de minimis rate and equipment capitalization changes, we connect each policy shift to what it means in your ledger, your policies, and your audit file. We break down which entities may exit single audit requirements at the one million dollar mark and why “less audit” does not mean “less compliance.” Sharon explains how the Type A program threshold [https://thempgroupcpa.com/] affects major program selection and how to recalibrate testing plans. We detail how to correctly apply the 15% de minimis rate, adjust budgets, and avoid overbilling. We also cover the explicit push to fold cybersecurity into internal controls, including access control, incident response, and vendor risk where federal information is involved. If you touch federal funds, you’ll leave with a clear picture of audit readiness: a running SEFA tied to the general ledger, mapped OMB requirements [https://thempgroupcpa.com/] to controls, tested eligibility and procurement, and documented subrecipient monitoring with suspension and debarment checks. We share the most common pitfalls—stale policies, weak procurement documentation, and unclear cost allowability—and show how finance and grants teams can work together with better segregation of duties, monthly reconciliations, and grant management software. Want a calmer, cleaner audit and stronger compliance posture all year long? Press play, then subscribe, share with your grants team, and leave a review to tell us what topic you want next. To learn more about MP CPAs visit: https://thempgroupcpa.com/ [http://thempgroupcpa.com/] MP CPAs 413-739-1800

A Practical Guide To The New Business Tax Bill And What It Means For Your 2025 Plan

Send us Fan Mail [https://www.buzzsprout.com/2434874/fan_mail/new] Big Beautiful Bill – Business Edition – Tax Senior Bryce Thompson  New tax rules rarely hand business owners this much control over cash flow, but the latest bill does exactly that. We sit down with Bryce Thompson, Tax Senior at MP CPAs [https://thempgroupcpa.com/], to break down what actually changes your bottom line: the return of 100% bonus depreciation for most non-residential assets, a bigger Section 179 limit, immediate expensing for qualified production property in U.S. manufacturing, and the shift back to EBITDA for Section 163(j) interest limits. Bryce explains how these provisions can accelerate deductions, improve financing capacity, and help you reinvest sooner. We dig into practical strategy, not buzzwords. You’ll hear how to time capital purchases around income, why state conformity can erode a clean federal win, and when it makes sense to push placed-in-service dates into 2025. For innovators, domestic R&D [https://thempgroupcpa.com/] becomes fully deductible starting in 2025, with a powerful retroactive election for small businesses to reclaim previously capitalized costs. We map the deadlines, tradeoffs, and modeling steps to capture the most value without tripping over multi-year consequences. Founders planning exits will want to note tighter QSBS timelines [https://thempgroupcpa.com/] and higher caps: a reduced holding period with tiered exclusions, an increased per-issuer cap to 15 million, and a larger asset threshold that broadens eligibility. Put together, these changes reward smart sequencing—aligning purchases, financing, and equity plans to your revenue curve. If you’re building, modernizing, or preparing to sell, this is a timely playbook to turn tax law into leverage. If this helped clarify your next move, follow the show, share it with a colleague, and leave a quick review so others can find it. To learn more about MP CPAs visit: https://thempgroupcpa.com/ [http://thempgroupcpa.com/] MP CPAs 413-739-1800

How The 2025 “Big Beautiful Bill” Changes Your Taxes, From SALT To Overtime

Send us Fan Mail [https://www.buzzsprout.com/2434874/fan_mail/new] Big Beautiful Bill – A Deeper Dive for Individual Tax – Tax Senior Maggie Gladu Tax law just changed in ways that can meaningfully shift your refund, your withholdings, and the timing of your biggest money moves. We invited MP CPAs Tax Senior Maggie Gladu to decode the 2025 “Big Beautiful Bill [https://thempgroupcpa.com/]” and translate headlines into clear actions you can take before year-end. From a quadrupled SALT cap to new above-the-line deductions, we separate what helps, what phases out, and what you should plan around right now. We walk through who truly benefits from the SALT cap [https://thempgroupcpa.com/] rising to $40,000, why itemizers in high-tax states may gain most, and how the phaseout between $500k and $600k AGI changes the calculus. Mortgage interest rules hold steady for acquisition debt up to $750k, while home equity interest remains off the table—documentation matters more than ever. A new auto loan interest deduction (up to $10,000) could reduce taxable income without itemizing if you buy a qualifying U.S.-assembled vehicle from 2025–2028, subject to income limits. Social Security taxation stays the same, but seniors get a $6,000 above-the-line bonus with phaseouts. Service and shift workers see new opportunities: deductions for qualified tips (up to $25,000) and overtime ($12,500 single, $25,000 joint) across 2025–2028, each with clear AGI thresholds. We also unpack “Trump accounts,” long-term custodial accounts designed to seed savings for children born 2025–2028 and minors under 18, with contributions that can grow for goals like a first home. Don’t miss the deadlines: residential clean energy, energy-efficient home improvements, and EV credits end after 2025. Then 2026 ushers in above-the-line charitable deductions [https://thempgroupcpa.com/] for non-itemizers, a new charitable floor for itemizers, and a cap on itemized deductions for top-bracket taxpayers. We close with practical timing strategies—prepaying taxes, scheduling gifts, and aligning income—to keep you under key phaseouts. If this helped you get clarity, follow the show, share it with a friend, and leave a quick review. Questions about your AGI range or deduction timing? Send them our way and we may answer on a future episode. To learn more about MP CPAs visit: https://thempgroupcpa.com/ [http://thempgroupcpa.com/] MP CPAs 413-739-1800

Smart Investors Are Leveraging Qualified Opportunity Zones—Here's How

Send us Fan Mail [https://www.buzzsprout.com/2434874/fan_mail/new]  From Capital Gains to Tax Deferrals: Inside Opportunity Zones- Kiley Tomaskowicz Senior Tax Associate The tax landscape is constantly evolving, and savvy investors are discovering powerful strategies to defer, reduce, and even eliminate capital gains taxes through Qualified Opportunity Zones [https://thempgroupcpa.com/]. This eye-opening episode featuring Senior Tax Associate Kiley Tomaskowicz unveils how these special economic zones—originally created in the 2017 Tax Cuts and Jobs Act and now made permanent—offer a triple tax advantage that could transform your investment approach. Kylie breaks down the mechanics of Opportunity Zone investing with crystal clarity, explaining how virtually any taxpayer can defer capital gains [https://thempgroupcpa.com/] by reinvesting them within 180 days into designated distressed communities. The magic happens when you hold these investments—after five years, you'll see a 10% reduction in your original taxable gain; after seven years, that jumps to 15%; and perhaps most compelling, after ten years, any appreciation on your Opportunity Zone investment becomes completely tax-free. But this isn't a simple tax play. As Kylie cautions, these investments require careful consideration of liquidity needs (your money will be tied up for years), compliance requirements (the rules are strict and penalties for non-compliance significant), and market risks (these zones need development for a reason). We also explore exciting new provisions for rural opportunity funds that offer enhanced benefits including a remarkable 30% basis step-up and reduced improvement thresholds. Whether you're looking to diversify your portfolio, support community development, or implement sophisticated tax strategies [https://thempgroupcpa.com/], this episode provides the roadmap you need to navigate Opportunity Zone investments successfully. Want to learn more about how Qualified Opportunity Zones might fit into your wealth strategy? Visit TheMPGroupCPA.com or call 413-739-1800 to connect with our expert team and discover if this powerful tax incentive could work for you. To learn more about MP CPAs visit: https://thempgroupcpa.com/ [http://thempgroupcpa.com/] MP CPAs 413-739-1800