Greetings. Here are your Articles for March 2019
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EEO-1 EMPLOYEE PAY DATA REPORTING REQUIREMENT MAKES A COMEBACK IN THE WAKE OF SIGNIFICANT FEDERAL COURT DECISION WHILE DEADLINE TO SUBMIT COMPLIANCE SURVEYS EXTENDED TO MAY 31, 2019
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Authored by,
Kenneth A. Rosenberg, Esq.
Asad Rizvi, Esq.
Fox Rothschild LLP
Recently, the U.S. District Court for the District of Columbia issued a significant decision reinstating an Obama-era employee pay data-reporting requirement that could have a far-reaching impact on employer practices and policies. Originally announced by the Equal Employment Opportunity Commission (EEOC) in September 2016 at the twilight of the Obama administration, the rule added pay data to the existing employee information that certain private employers and federal contractors must annually report to the federal government in their EEO-1 compliance surveys. The underlying policy behind the rule was to improve investigations of possible pay discrimination and close the wage gap. The rule required the reporting of W-2 wages and total hours worked in the prior year for all employees in 12 proposed pay bands. Shortly before the March 2018 effective date, the Trump administration in August 2017 acting through the Office of Management and Budget (OMB) initiated a review and stay of the EEOC’s new collection of pay data, claiming that the EEOC failed to comply with federal rulemaking requirements and imposed unlawful and burdensome collection obligations inconsistent with the Paperwork Reduction Act. Two months later, a women’s advocacy group and a Latin-American trade union joined forces and filed suit against the OMB decision, arguing that the suspension of pay data collection would harm their policy goals of achieving pay equity across race and gender wage gaps.
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Megan Kelly, CPA, CFE, Manager
Over the last several months we have been using this newsletter to introduce and re-introduce the professionals who comprise the SobelCo Forensic and Litigation Practice. This month we would like you to meet Megan Kelly, CPA, CFE.
When Megan Kelly was looking over her curriculum options as an entering freshman at The College of New Jersey, she opted for the Open Options program in the School of Business as she was still contemplating her future plans. But in 2008 the recession caused her great concern. She decided she wanted to pursue a career that would be practical. That downturn was all the wake-up call she needed to convince her to pursue a steady and dependable profession. As a result, accounting was her best choice.
Discovering Forensics
Megan was introduced to forensic accounting during her senior capstone class where she quickly became aware of all the opportunities available to a forensic accountant. She had previously enjoyed her business law classes and she found that forensics was the perfect integration of accounting and law with its focus on a combination of white collar crime and financial data. The class was fascinating as it emphasized two of her favorite attributes – critical thinking and identifying patterns – both of which she excelled at.
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Rebecca B. Fitzhugh, CPA, CFF, CFE, CIT, CIGA
Member of the Firm, Forensic Accounting/Litigation Services
Rebecca Fitzhugh is a Member of the Firm in Forensic Accounting/Litigation Services and has over eighteen years of experience in forensic accounting, litigation services, and public accounting. She has served clients in industries including government, construction, manufacturing, commercial real estate, nonprofit and retail. Ms. Fitzhugh led the 1 World Trade Center Integrity Monitoring team for the firm and also played a key role in the management of the joint venture through which the firm participated in this project. She has provided expert witness testimony and expert reports in a number of shareholder disputes and other forensic accounting matters.
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Frank Merenda, CVA, ASA, BCA, CMEA, MBA, MSChE
Managing Director, Sobel Valuations LLC
Prior to being named as the Managing Director of Sobel Valuations LLC, a wholly owned subsidiary of SobelCo, Frank L. Merenda served as the President and CEO of EAC Valuations, LLC. Beginning in May 2007, under Frank’s guidance and vision, the firm developed a well-recognized brand as a leader in the valuations community. EAC, formerly known as Enterprise Appraisal Company, provided in-depth and trusted appraisals and valuation reports since 1971, managing engagements around the world and across the street, completing nearly 14,000 appraisals for clients ranging from multi-national, multi-billion dollar Fortune 100 companies and financial institutions, to privately-held, local manufacturing and services companies.
Frank has been certified to provide machinery and equipment, inventory, intangible asset and business entity appraisals including valuation of patents, IPR&D, trade names and trademarks, and proprietary technology, both as stand-alone valuation assignments, and part of a purchase price allocation.
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Megan Kelly, CPA, CFE
Manager, Forensic Accounting/Litigation Services
Megan Kelly is a Manager in Forensic Accounting/Litigation Services. During her eight years at SobelCo, she has worked on a number of challenging forensic assignments for clients including financial institutions, a major telecommunications company, governmental and state agencies, and several closely held businesses. She was also a member of the firm’s 1 World Trade Center Integrity Monitoring team.
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SobelCo. | 973-994-9494 | SobelCoLLC.com
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