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.

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Finding a Qualified Benefit Plan Auditor

Chicago businesses that offer an employer sponsored 401k, or other retirement plan, must comply with a variety of regulations. The rules apply to various aspects of plan operations, including the misuse of funds, participation, vesting schedules, benefit accrual, and plan funding. Under the oversight of the U.S. Department of Labor (DOL), the Employee Retirement Income Security Act (ERISA) sets standards, requires an appeal process, establishes fiduciary responsibilities, and ensures the right to sue in the …

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Are We Required to Have our Benefit Plan Audited?

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 …

R&D Tax Credit Amortization Now Required

The federal research and development (R&D) tax credit provides eligible Chicago companies focused on innovation with a significant financial incentive. While long believed to apply only to companies with formal R&D functions, or companies in certain industries like scientific, manufacturing, …

Selden Fox Adds to Its Accounting Solutions Team

Selden Fox welcomed three new accountants to its accounting solutions team in recent months.

Kristin J. Schaefer joied the firm in March 2023 as an accounting manager. She joins the firm with more than ten years of accounting experience. Most …

Key Details of the Illinois Paid Leave Act

A new mandate for employee paid leave will impact most Chicago area employers starting on January 1, 2024. The Paid Leave for All Workers Act (the “Act”) which was signed by Governor Pritzker on March 13, 2023, will give up …

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