Chicago CPA Firm – Selden Fox

The driving force at Selden Fox is our commitment to the prosperity of our clients. We are committed to providing service that is continuously accounting for your future. Our promise to go beyond compliance and provide advice and services that uniquely fit your future is what sets us apart from other accounting firms.

From Our Blog

Benefit Plan Audits – The 80/120 Rule
Blog Post

Benefit Plan Audits – The 80/120 Rule

Administrators of benefit plans, particularly as a plan is growing in participants, often ask themselves each year if their benefit plan must be audited as a result of the Employee Retirement Income Security Act (ERISA).

Under ERISA, “large plans” are required to have an audit of the financial statements. As a general rule, large plans are those with 100 or more participants at the beginning of the plan year, and small plans are those …

Are We Required to Have our Benefit Plan Audited? <i>2023 Update</i>
Blog Post

Are We Required to Have our Benefit Plan Audited? 2023 Update

As calendar year 2023 has closed, many administrators of benefit plans are starting to think about their upcoming benefit plan audits and 5500 filing requirements. Some benefit plan administrators may be pleased to learn that due to a change in the 2023 Form 5500, an audit may no longer be required for their plan.

Under ERISA, a “large plan” is required to have an audit of the plan’s financial statements. For plan years leading up …

Auto Dealerships’ Defense Strategy for Data Breaches

Did you know that the frequency of data breaches has increased across all sectors? Invaluable data lies at the core of each handshake, loan paper, or service agreement. Customer financial details, confidential personal records, and critical transactional data pass through …

Tax Relief for American Families and Workers Act

On January 31, 2024, the U.S. House approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This $78 billion bipartisan bill, crafted by Senate Finance Committee Chair Ron Wyden (D-Ore.) and House Ways …

A New Credit Loss Model Creates Changes in Accounting and Disclosures for Most

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 326, also known as the Current Expected Credit Loss (CECL) standard, represents a significant shift in the accounting treatment of credit losses. Effective for fiscal years beginning after December 15, 2022, …

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