Shouldn’t That Error be Considered Immaterial, even De Minimis?
When auditors identify operational errors, clients and service providers often ask whether we can ignore them since they are immaterial to the financial statements.
Avoiding the Curveball of a Taxable 401(k) Loan under New Law
The Tax Cuts and Jobs Act (Tax Act) resulted in major changes to the US income tax code.
Hardship Distributions Made Easier Under New Budget Act
There has been a lot of talk about changes brought by the Tax Cuts and Jobs Act (Tax Act) that President Trump signed last December.
The Big Difference between Form 5500 Filing Requirements for Welfare and Retirement Plans
In “The DOL can use large retirement plan filings to uncover missing welfare plan filings”, we discussed the importance of plan sponsors not forgetting to file a Form 5500 for their health and welfare plans when filing the annual Form 5500 for their retirement plan.
Reporting Delinquent Contributions on the Schedule of Delinquent Participant Contributions
I recently heard a discussion about variances on how people pronounce certain words.
Delinquent 401(k) and 403(b) Deposits: Same Prohibited Transaction, But Only ONE is Subject to Penalties
With the October 15th deadline in the past and a majority of Form 5500s having been filed, many plan sponsors, auditors, and third-party administrators have breathed a sigh of relief.
Is Keeping Former Employees in Your Plan a Good Idea?
Our recent blog “So You Are Changing Jobs…Are You Forgetting Something?” urged people to consider a rollover of their retirement accounts when joining a new employer plan
IRS Announces Increases in Benefit and Contribution Dollar Limits
As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
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