2018 Plan Limits
The Internal Revenue Service announced the following dollar limits applicable to tax-qualified plans for 2018:
Changing Jobs? Are You Forgetting Something?
We live in an ever-changing world. Some areas which will most likely change many times during your lifetime include your car, job, the place where you live, your hobbies, your relationships with others, and even the organizations you associate with.
Improving Audit Quality Through Enhanced Financial Reporting
In response to the DOL’s findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality
401(k) Contribution Limits: A Walk Down Memory Lane
Internal Revenue Code Section 401(k) was added to the tax law as part of President Jimmy Carter’s Revenue Act of 1978.
Proposed Statement of Auditing Standards: Redesigning the Audit Reporting Model for ERISA Plan Financial Statements
The Auditing Standards Board created a special task force in 2015 to consider a proposal to improve the quality of employee benefit plan audits by strengthening the EBP auditors’ report.
Hardship Distributions: Source Documents vs. Documentation of Self-Certification by Participants
“The buck stops here” is a phrase that was popularized by U.S. President Harry S. Truman, who kept a sign with that phrase on his desk in the Oval Office.
Plan Adviser Magazine: Avoidance Strategies
I had the honor of being selected as a resource for an article “Avoidance Strategies: How advisers can help sponsors steer clear of common plan errors” in the May/June issue of Plan Adviser magazine,
Self-Audits
Let’s face it, humans make mistakes. John Wooden said “If you’re not making mistakes, then you’re not doing anything.” In my blog titled “Internal Controls in a Retirement Plan,” I pointed out the importance of controls at the plan sponsor and its service providers to help prevent mistakes in plan administration, help prevent fraud within the plan…
What the IRS can Learn from Amelia Bedelia: The IRS Forfeits to Common Sense when Applying Forfeited Funds to Safe Harbor Contributions
Some of my most memorable childhood stories were those of Amelia Bedelia by Peggy Parish.
The Softer Side of the IRS: Memorandum on Calculating the Maximum Participant Loan Amount
Some people believe you can never get enough of a good thing.