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Paul Dunn Named as Examiner for 2017 Malcolm Baldrige National Quality Award July 21, 2017

The Commerce Department’s National Institute of Standards and Technology (NIST) has named Paul Dunn, Partner at Montgomery Coscia Greilich LLP (MCG) in Dallas, Texas, to the Board of Examiners for the 2017 Malcolm Baldrige National Quality Award. The Baldrige Award is the nation’s highest honor for organizational innovation and performance excellence. Appointed by the NIST […]

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DOL Disclaimer Audit Opinion Proposed Changes July 7, 2017

Comments are due by August 21, 2017, on proposed changes to the audit opinion issued on DOL disclaimer audits, including detailing findings noted during audit procedures. On April 20, 2017, the Auditing Standards Board (“ASB”) issued an Exposure Draft, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.  The […]

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MCG’s Christy Kimball Wins the Achiever Award in the Fort Worth Admin Awards June 8, 2017

MCG is excited to celebrate Christy Kimball’s winning of the Achiever Award in the Fort Worth Admin Awards this past week. The Achiever Award recognizes the administrative professional that has either recently managed a significant project with a company-wide impact, or continuously demonstrates resourcefulness and perseverance in their day-to-day, or both. We’re proud that Christy’s […]

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Announcing Our Coaches and Associates of Q1 2017! April 25, 2017

Darin Frizzel – Audit Coach of the Quarter Candice Vermeulen – Audit Associate of the Quarter Ross Taylor – Consulting Coach of the Quarter Emily Campiere – Consulting Associate of the Quarter Michael Pham – Tax Coach of the Quarter Edy Reyes – Tax Associate of the Quarter Selen Paredes – Sales Tax “Like a […]

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Congratulations to MCG’s 2016 Core Value Awards Winners! February 8, 2017

Paul Somers – Value Meghan Hardison – Integrity Dillion Mazzuca – Purpose Renee Padilla – Excellence Jennifer Giannini – Relationships Carlos Rojo – Relentless Each year, MCG recognizes six individuals that embody our core values, as well as one individual that exemplifies all of them in the VIPERR award. (Learn more about our core values.) […]

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Montgomery Coscia Greilich LLP Announces New Tax Partner January 26, 2017

January 24, 2017 – Plano-based CPA firm Montgomery Coscia Greilich LLP (MCG) has announced the promotion of Kevin Harris to Partner in the tax practice. Harris, a graduate of Texas Tech University, has been with the Firm since January 2013. His primary disciplines include performance of federal and state tax compliance, and consulting with partnerships, […]

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Pension Benefit Guaranty Corp (PBGC) New Payment System January 20, 2017

For 2017 PBGC Premium Filings, the new My PAA (My Plan Administration Account) is ready to start accepting electronic premium filings and payments. The Form 5500 is now requiring the My PAA payment confirmation number to be listed on Schedule H or Schedule I, depending on plan size. To use My PAA, you must set […]

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Important Defined Contribution Plan Deadlines January 20, 2017

The following deadlines are for calendar year-end plans. January 31st Form 1099-R Forms to be mailed File Form 945 (Annual Return of Withheld Federal Income Tax) March 15th IRS deadline for check issue date for refunds due to failed ADP and ACP nondiscrimination testing (to avoid 10% excise tax) March 31st Deadline for filing Form […]

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Form 5500 Changes in 2017 January 20, 2017

A summary of the 2017 Form 5500 reporting changes are highlighted below: Administrative Penalties The Form 5500 instructions have been updated to reflect the increase in the maximum penalty for a plan sponsor who fails or refuses to file a complete or accurate Form 5500 timely, from $1,100 each day to $2,063 a day. The […]

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Nationwide Injunction Issued on New FLSA Overtime Requirements November 28, 2016

***BREAKING: A federal judge in Texas issued a nationwide injunction blocking the new FLSA overtime rules on November 22, 2016. It was ruled that the U.S. Department of Labor overstepped its authority and states and business groups would suffer serious financial harm if the rule was put into effect as scheduled on December 1. What were […]

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Giving Employees Gifts: Tax Implications November 28, 2016

Awards and Prizes Under IRS regulations, prizes and awards given by an employer to an employee are generally taxable and included in the employee’s wages and subject to withholdings. (Exceptions to this general rule are de minimis items provided to employees and certain awards for safety and length-of-service.) A de minimis fringe benefit is defined […]

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MCG Congratulates Community Champion Award-Winner Sharla Gunn October 31, 2016

MCG is excited to congratulate Sharla Gunn on her winning the Dallas Admin Awards’ Community Champion Award. MCG’s philosophy of community service is rooted in our mission statement: be significant in the lives of others. As executive assistant to Firm co-founder Tom Montgomery, Sharla also directs all charity and volunteer activities for the firm, ensuring that MCG […]

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1099 Reporting: Frequently Asked Questions September 29, 2016

1. What is a 1099? The 1099 form is a series of documents the IRS refers to as “information returns.” There are a number of different 1099 forms that report the various types of income someone may receive through the year other than salary. There are many categories of 1099 forms: 1099-INT for interest, 1099-DIV […]

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New FLSA Overtime Requirements: Why They Matter and How to Prepare September 29, 2016

What are the new FSLA overtime requirements? On May 18, the U.S. Department of Labor released the final rule that raises the white collar overtime exemption threshold under the Fair Labor Standards Act (FLSA). This will increase the salary threshold for the overtime exemption from $455 a week ($23,600 annually) to $913 a week ($47,476 […]

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MCG Introduces Open Paid Time Off Policy August 24, 2016

The Dallas-based accounting firm Montgomery Coscia Greilich LLP (MCG) has formally adopted an Open Paid Time Off (PTO) policy for full-time exempt employees.  Under the Open PTO policy, employees are allowed to take as much time off as they need.  This differs greatly from the Firm’s outgoing, traditional PTO policy that dictates how many days […]

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MCG Named a DFW “Best Place to Work” August 5, 2016

Dallas-based accounting firm Montgomery Coscia Greilich LLP (MCG) has been named by the Dallas Business Journal as a “Best Place to Work” in the Dallas/Fort Worth Metroplex. “We are proud to have been named one of the Dallas Business Journal’s Best Places to Work. Our talented team of people exhibit our core values every day […]

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DOL Releases “Conflict of Interest” Rule May 4, 2016

The United States Department of Labor (“DOL”) released the final version of the “Conflict of Interest” rule this past April. Here’s what you need to know: When does it go into effect? The deadline for full implementation is January 1, 2018, but a phased approach will begin in April 2017. Why is this important? This rule […]

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Cybersecurity for Employee Benefit Plans Remains a DOL Concern May 4, 2016

In a recent webinar with the AICPA, Chief Accountant with the DOL Employee Benefit Security Administration (“EBSA”) Ian Dingwall raised concerns on behalf of the Department of Labor (“DOL”) that electronic plan records can be hacked, and stressed that the responsibility to proactively safeguard Plan data – including data stored or maintained by a service […]

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Montgomery Coscia Greilich LLP Named 2016 Top 100 Firm April 1, 2016

Montgomery Coscia Greilich LLP (MCG) has been named as a 2016 Top 100 Firm by Accounting Today. The Firm’s continued growth in the Top 100 is indicative of the Firm’s commitment to core values amongst employees, with clients, and within the Firm’s broader communities. Currently ranked as the 73rd largest accounting firm in the United […]

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DOL Demands Quality in Plan Auditors February 5, 2016

by Karen Soefje, Partner DOL Communicates with Plan Administrators about the Importance of Audit Quality and Hiring an Experienced Auditor The Department Of Labor (“DOL”) Office of Chief Accountant recently communicated to all plan administrators of plans which were required to have an annual financial statement plan audit alerting them of the importance of obtaining […]

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