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Upcoming Changes for our Review, Compilation, and Financial Statement Preparation Clients

December 23, 2015 by chris

Some of the services our firm provides are governed by standards set by the American Institute of CPAs (AICPA). There are changes to some of these standards that go into effect for engagements on financial statements dated on or after December 15, 2015, and they may impact you if we provide you or your organization with financial statement preparation services or perform a review or compilation of your financial statements. We will review the changes in more detail with you but here’s a brief overview of some of the changes. These changes do not impact tax or audit engagements.

Financial Statement Preparation Services: For clients who have engaged us to prepare their financial statements, you will notice a substantial change in our deliverables. Whereas in the past, we were required to issue a report if such financial statements were expected to be used by third parties (including most boards of directors), we can now issue financial statements to you without a report. However, we will be required to indicate on each page of the financial statements that we prepared that no assurance is provided on the financial statements. Our firm name will not appear on the financial statements. We are happy to discuss with you in more detail if this is a service that may be a good fit for your organization.

Compilation of financial statements: For clients who have engaged us to perform a compilation engagement in the past, if you require a report on your financial statements (regardless of whether we prepared the financial statements), you’ll see a few changes. We’ll ask you to sign an engagement letter that includes some changes designed to clarify responsibilities. The compilation report is also changing to make it easier for readers to distinguish it from a review or audit report.

Review of financial statements: For clients who have engaged us to perform a review of financial statements, there are also a few changes. We’ll ask you to sign an engagement letter that includes some changes designed to more clearly outline responsibilities. The review report is changing slightly and there may be some other changes throughout the course of the review engagement.

This is just a quick synopsis of some topics we will be discussing with you in more detail if you are impacted by the changes outlined above. We believe that these changes will allow us to better serve you by offering the option of formalizing our accounting assistance through the new preparation service and by providing another opportunity to discuss services to best meet your needs. Until then, if you have questions, please feel free to contact us any time at (951) 801-4628.

Filed Under: accounting, Company News

Healthy Workplaces, Healthy Families Act of 2014: What it Means for Employers

June 22, 2015 by chris

On September 10, 2014, Governor Brown signed into law the “Healthy Workplaces, Healthy Families Act of 2014” (“HWHFA”) (AB 1522) to provide protection to California employees to ensure, among other things, that they are able to address their own health needs and those of their families. This new law is effective July 1, 2015, and requires California employers to provide paid sick leave benefits to their employees.

Action Required

Employers in California will need to carefully review their sick leave or paid time off policies and practices, as well as revise payroll and wage statement practices regarding such time off. The law also requires the following: 1) changes to the employer’s new-hire employee notice, 2) a different workplace-posting requirement, and 3) recordkeeping mandates. Specific requirements under the HWHFA include:

  • Displaying a poster addressing employees’ rights for mandatory sick time pay; poster should be in a prominent location where employees can easily access and read the notice.
  • Providing a written notice to newly hired employees of paid sick leave rights at the time of hire.Providing an accrual of sick time or paid time off for employees, including part-time and temporary employees, to earn at least one hour of paid leave for every 30 hours worked.
  • Alternatively, employers may provide at least 24 hours or three (3) days at the beginning of a 12-month period of paid sick leave for each eligible employee to use per year (calendar year or other designated 12-month basis). Accrual begins on the first day of employment or July 1, 2015, whichever is later.
  • Allowing eligible employees to use accrued paid sick leave upon reasonable request beginning on or after the 90th day of employment. An employer may limit an employee’s use of paid sick days to 24 hours or three (3) days in each year of employment. Note: However, employers are prohibited from discriminating or retaliating against an employee who requests paid sick days.
  • Providing written notice to employees every payday of the amount of sick time the employee has accrued and has available for use; this may be on a pay stub or a document issued the same day as a paycheck.
  • Maintaining employment records going back three years showing hours worked, paid sick time accrued and paid sick time used.

HWHFA also defines certain key terms including “employer,” “employee,” and “family member,” and provides specific guidance regarding the allowable uses of accrued sick time. It is extremely important that you take the time now to understand HWHFA’s impact on your company, and to take the necessary steps to ensure appropriate compliance with this law.

How is the law enforced?

The law assigns enforcement authority to the California Labor Commissioner, the agency that already has enforcement power over California employee wage claims, and the California Attorney General.Employers that violate the law can face up to three times the unpaid sick pay due and administrative fines that vary from $50 to $4,000 per violation, depending on the nature of the violation. The law also authorizes the Labor Commissioner or the Attorney General to recover civil penalties, attorneys’ fees, costs, and interest against violating employers, as well as to reinstate employees.

What happens if I am found to have violated the law?

The HWHFA does not expressly permit employees to bring private civil lawsuits against employers for violations under this statute. However, employees may be able to bring wrongful termination tort claims for alleged violations that result in terminations. In addition, California employees may be able to bring claims under the Private Attorney General’s Act, and can seek equitable, injunctive, and restitutionary relief (presumably an order from the court to perform or refrain from some act, and lost sick pay due to the employee), and an award of reasonable attorneys’ fees and costs.

Employers that violate the law can face up to three times the unpaid sick pay due and administrative fines that vary from $50 to $4,000 per violation, depending on the nature of the violation. The law also authorizes the Labor Commissioner or the Attorney General to recover civil penalties, attorneys’ fees, costs, and interest against violating employers, as well as to reinstate employees.

What are the fines and penalties?

Employers that violate the law can face up to three times the unpaid sick pay due and administrative fines that vary from $50 to $4,000 per violation, depending on the nature of the violation. The law also authorizes the Labor Commissioner or the Attorney General to recover civil penalties, attorneys’ fees, costs, and interest against violating employers, as well as to reinstate employees.

Employers that violate the law can face up to three times the unpaid sick pay due and administrative fines that vary from $50 to $4,000 per violation, depending on the nature of the violation. The law also authorizes the Labor Commissioner or the Attorney General to recover civil penalties, attorneys’ fees, costs, and interest against violating employers, as well as to reinstate

Where should I go for assistance and additional information if I have questions regarding my obligations?

Additional information and resources are available on California’s website under the Division of Labor Standards Enforcement at http://www.dir.ca.gov/dlse/ab1522.html. It is our understanding that after these types of laws go into effect, the state often issues clarifications and additional information. We suggest that you check the website listed above regularly for further information.

We also strongly encourage you to consult with legal counsel experienced in employment practice matters to review your company’s compliance with the requirements of the HWHFA and to assist you if revisions need to be made to your policies and procedures to ensure compliance with the new law and to mitigate potential legal exposures to your business.

Filed Under: accounting

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  • Upcoming Changes for our Review, Compilation, and Financial Statement Preparation Clients
  • Healthy Workplaces, Healthy Families Act of 2014: What it Means for Employers
  • New Clients: Get $50 Off Preparing Your 2014 Federal Tax Return
  • How Healthcare Reform Will Affect Your Tax Return
  • Tax Benefits of Putting Family Members on the Payroll

Trimble and Company

4201 Brockton Ave # 100
Riverside, California 92501
United States (US)
Phone: 951-781-2910
Fax: 951-788-6135

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Company Profile:

James W. Trimble's public accounting experience goes all the way back to 1978. Now a managing shareholder of Trimble & Company, he was initially with a local firm in the Palm Springs area, until 1984 when he started his own firm in Riverside. Trimble & Company has two shareholders, three CPAs, and 15 employees in total, several of whom have been with the firm for over 20 years. Learn more...

Recent Posts

  • Upcoming Changes for our Review, Compilation, and Financial Statement Preparation Clients
  • Healthy Workplaces, Healthy Families Act of 2014: What it Means for Employers
  • New Clients: Get $50 Off Preparing Your 2014 Federal Tax Return
  • How Healthcare Reform Will Affect Your Tax Return
  • Tax Benefits of Putting Family Members on the Payroll

OFFICE

Trimble and Company
4201 Brockton Ave # 100
Riverside, California 92501
United States (US)
Phone: 951-781-2910
Fax: 951-788-6135
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