Automobile & Truck Dealerships

Our dedicated team serves the unique needs of small- to medium-sized, privately-held automobile and truck dealerships.

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Auto Dealership

Professional Services

We have the experience and expertise needed to help address many of the operational and financial challenges faced by professional service firms. We also partner with attorneys to provide a range of value added services designed to help them serve their clients.

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Professional Services

Manufacturing & Distribution

We assist a broad range of manufacturing and distribution entities with their unique financial requirements. We maintain the highest quality standards in our compliance work and focus on bottom line results, strategic planning, and asset protection.

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Manufacturing & Distribution

International Services

Our team of international consultants, tax professionals, and accountants have helped clients from over 30 countries expand into the US. We have also helped numerous US businesses expand outside our borders.

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International Services
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Tax Planning & Consulting, State & Local Tax, Estates, Gifts, and Trusts, and more...

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Audits, Reviews, Compilations, Bookkeeping & Payroll, and more...

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Business Advisory Services, Mergers & Acquistions, Commercial Lease Negotiation, and more...

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Learn More about Michael Silver & Company CPA's business valuation services.

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Employee Benefit Plans

In recent years, the Employee Benefit Plans area has exploded with new information and new regulations due, in large part, to the Affordable Care Act (ACA), as well as the changes in rules and regulations associated with pension plans. Employee Benefit Plans typically include:

 
Retirement
Plans
  • Pension
  • Profit sharing
  • 401(k)
  • Individual Retirement Accounts (IRA)—Traditional and Roth
  • Self-Employed—Individual 401(k) or SEP
 
Health & Welfare
Benefit Plans
  • Fully-insured
  • Self-insured
  • HSA & HSA compatible
  • Cafeteria (Premiums, FSA, and Dependant Care)
 
Other Plans &
Services
  • Deferred Compensation
  • Phantom Stock
  • Stock Options
  • Reimbursed Business Expenses

Michael Silver & Company CPAs provide a broad range of expertise and services designed to help navigate this challenging and often confusing area. We are proud of our capability to provide our clients with a "larger firm's" experience, but with all of the benefits of a "smaller firm's" responsiveness. Our services include:

Employee Benefit Plans Consulting

Michael Silver & Company CPAs offer a wide variety of consulting services related to Retirement Plans, Health & Welfare Benefit Plans, and other employee benefits. Whether you are in the planning stages, need assistance with implementation, or need basic compliance assistance, we can help. The broad variety of consulting services we offer include:

Retirement Plans:

  • Assistance with Plan implementation and design, for both large company and individual plans
  • For companies within the 100 – 120 participants range, we partner with you to manage your exposure to audit requirements
  • Compliance checks to identify areas of non-compliance and recommendations to improve your plan's compliance, including correction of eligibility and vesting requirements and participant loan errors
  • Determination of plan applicability related to controlled groups
  • Assistance with Voluntary Compliance Submissions to correct plan errors in the most effective manner and avoid costly IRS or Department of Labor penalties
  • IRA analysis, including benefit of deductible versus Roth contributions; traditional to Roth conversions; beneficiary designations
  • Calculations of required minimum distributions (RMDs), and assistance with reporting of missed RMDs
  • Assistance to minimize penalties on early withdrawals from IRA or retirement accounts
  • Assistance to Plan Administrators in choosing investment advisors or Third Party Administrators (TPA)

Health & Welfare Benefit Plans:

  • Applicability of the Affordable Care Act to your business
  • Analysis of self-insurance vs. fully-insured plan
  • Effect of offering employees additional compensation in lieu of insurance benefits
  • Guidance on understanding the nondiscrimination rules
  • Assistance with understanding and setting up of HSA accounts and HSA compatible plans
  • Assistance with setting up cafeteria plans, including analysis of benefits to the company and employees
  • Differentiation of benefits for most employees vs. owners and highly-compensated individuals
  • Utilization of HSA versus FSA account for employees

Other Employee Benefits:

  • Executive Plans, including Phantom Stock: plan design, implementation and annual calculations
  • Deferred Compensation Plans: design, implementation and annual calculations
  • Stock options: analysis of tax consequences of exercise and sale
  • Salary Reviews – comparables
  • Employee vs. Independent Contractor Analysis for applicability of benefits
  • Assistance in establishing an appropriate employee expense reimbursement plan

Financial Statements for Employee Benefit Plans

Our team of Accounting and Audit professionals can provide the year-end compliance and financial statement services specific to satisfying the requirements dictated by the Employee Retirement Income Security Act (ERISA). We work closely with your in-house staff to provide guidance and advice on how to prepare for this type of financial statement engagement. We are committed to understanding our client's unique circumstances to provide quality and reliable financial statement services.

Through intense collaboration, we work in partnership with your organization to help you keep your Employee Benefit Plan in compliance with the myriad requirements. We also have experience addressing the common problems found in many Employee Benefit Plans and can provide you with the high quality financial statements the IRS and the Department of Labor expect. We utilize our extensive knowledge, experience and technology to provide improved effectiveness and efficiency in our financial statement work. Our services include:

  • For required audited financial statements, both full-scope and DOL limited scope audits:
    Department of Labor (DOL) limited scope audits are available to plans that have received acceptable certification from the custodian/trustee that holds the assets and performs the transactions related to the plan if that custodian/trustee is a regulated company, such as a bank, a trust company or insurance company. When performing limited scope audits of financial statements, we are not required to perform audit procedures on investment activity or information prepared and certified by the custodian/trustee.
  • Preparation of individual participant statements (part of our Compilation Services)*
  • Identification of plan deficiencies, associated with our audit procedures and assistance to return a plan to compliance
  • Working with Plan Administrators to increase their understanding of the provisions of their plan in the effort to ensure that the plan operates as designed
  • Helping Plan Administrators and Sponsors understand their fiduciary responsibilities, as well as how it affects the plan audit
  • Preparing formal Letters to Management and Board of Trustees regarding weaknesses in internal control related to the plan, and suggestions on how to address and remedy those weaknesses.

Tax Compliance for Employee Benefit Plans

In addition to our consulting services, Michael Silver & Company CPAs can also manage all of the Plan's tax compliance reporting needs, including:

  • Preparation of Forms 5500, 5500-SF and 5500-EZ, as applicable
  • Preparation of Summary Annual Reports
  • Assistance with Voluntary Compliance Submissions
  • Preparation of Responses to IRS and DOL tax notices
  • Assistance with IRS or DOL plan audits
  • Assistance with preparation of employee census information for actuaries, for the proper annual contribution calculations to be prepared
  • Working with Investment advisors or TPA firms to determine tax benefit of different contribution options
  • Preparation of participant statements, when not supplied by investment advisor or TPA firm
  • Preparation of or assistance with preparation of Form 5530 for reporting of late deferrals or other prohibited transactions
  • Preparation of Form 1099-R and Form 945 to report participant distributions and any related withholdings
  • Preparation of required reporting for PCORI fees
  • Assistance with wind-down of plan operations
  • Assist Plan administrator(s) ensure familiarity and compliance with the Plan document
Client Success Stories