Accounting for operating leases is SIGNIFICANTLY changing: Are you ready?

You may have heard about ASC 842 Accounting for Leases, requiring private companies and non-profits to track and disclose their leased assets.

And while this feels like yet another requirement facing you while you and your business or organization are dealing with uncertainty and other burdens, we recommend you start preparing now so it doesn’t become the ‘elephant in the room’ on January 1, 2022.

In our upcoming webinar, LSL Partners Mike Mangold, CPA & Gail Gray, CPA are joined by LeaseQuery’s Jason Parker, CPA to help you ‘slay the dragon’ of lease reporting. They’ll provide you an overview of the lease reporting requirements and how to start preparing to meet the deadline, including:

• Defining qualified leases and determining lease term
• Understanding your lease portfolio, digging through your data and finding pesky leases
• Choosing how you want to handle the complex calculations that are required to be reported and monitored
• Demonstrating how software technology can reduce time and risk to effectively comply

Who should attend:

Accounting & finance professionals in private businesses (including owners) and non-profits who are involved with their organizations’ lease management reporting.

Plan fiduciaries are required to engage in a prudent process when it comes to services and fees. Class action litigation on fees (think disgruntled employees!) continues to grow and is driving up the cost of fiduciary insurance.

Failure to know, negotiate and disclose fees can result in a breach of fiduciary duty (for which there is personal liability) and/or a prohibited transaction (which is also a breach and can result in excise taxes).

How do you know which plan fees to monitor and benchmark, and how often?

We’ve asked Sherrie Boutwell, employee benefits attorney & partner at Boutwell & Fay LLP, to join LSL partner Maria Arriola, CPA, to share which specific plan fees and other ‘need to know’ areas of your 401k plan need to be monitored and benchmarked.

They will discuss:

• 3 components of plan fees to evaluate: Administrative, consulting & investment (and what is included in each)
• ERISA requirements for reasonable fees: How much plan sponsors vs. plan participants pay
• Annual benchmarking: Comparing your plan fees against other plans of similar type and size
• Other important areas to monitor: Revenue sharing, share classes, fee ‘levelization’, and fees for health & welfare plans

They’ll also take questions through our live Q & A chat.