August 2021
Featured Article From Our Experts
Changes to Employee Benefit Plan Audits Are on the Horizon

In 2019, the American Institute of Certified Public Accountants (AICPA) released new audit requirements for employee benefit plans through the issuance of Statement on Auditing Standards No. 136 (SAS 136). It is intended to improve audit quality through enhanced auditor transparency, improved planning, risk assessment and reporting procedures and expanded communication requirements. Implementation of SAS 136 is required for audits of employee benefit plans for plan years ending on or after December 15, 2021. In this article, I will review the changes an employee benefit plan sponsor can expect.

SBA Streamlines Forgiveness for Smaller PPP Loans
The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. In this article, we will review how the new rule streamlines the forgiveness process.
Benefits of Robust Onboarding for Construction Companies
Finding good employees is challenging enough; retaining them over time can prove even more difficult. Yet, there’s one tool in a construction company’s work belt that can cut this problem down to size: a strong onboarding program for new employees. This article discusses the benefits of having a robust onboarding program and some of the "must-haves" to include.

Better Watch Out! Construction Fraud Can Hurt Your Bottom Line
In its 2020 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimated that a typical organization loses 5% of its revenues to occupational fraud each year. When it comes to construction, the ACFE found that the median loss suffered was $200,000 per fraud incident, compared with $125,000 per incident for all organizations. This article describes some common occupational fraud schemes and how to combat fraud. 

Dannible & McKee Virtual Construction Conference - December 15, 2021!
Save the date for our Annual Construction Conference, being held virtually on December 15th. This conference is designed to focus on the issues and solutions needed to manage operations for profitability, including financial and income tax topics that affect contractors.



About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. We are highly respected among construction leaders, and we are actively involved with our construction clients and the many organizations affecting their businesses. We go beyond our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Because of our comprehensive familiarity with all aspects of construction, we’re able to assist you in business planning and long-term goals, all while resolving your daily operational needs to maximize cash flow.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com