Dispelling an Urban Legend: Participant Loans do NOT result in Double Taxation
Pre-tax contributions to a 401(k) or 403(b) plan are not taxed when made to the plan but are taxed when the participant receives a distribution of the contributions.
Yearly Archives: 2017
Tipping The Scales From Prevention To Detection: Get ready for an IRS examination of your plan
When it comes to IRS audits, “an ounce of prevention is worth a pound of cure,” as Benjamin Franklin so wisely put it.
Accounting Treatment of Refund of Excess Contributions
There is a popular philosophical question that asks if a tree falls in a forest, and no one is around to hear it, does it make a sound?
Understanding Independent Qualified Plan Auditor Opinions on Financial Statements
As a plan sponsor, you may know that, generally, if your plan covers 100 employees or more, your plan is considered a large plan and requires audited financial statements to be attached to the 5500 filing.
Internal Controls in a Retirement Plan
As auditors, we are required to review the controls in place at a plan sponsor of a retirement plan and its service providers to assess the risk of material misstatement resulting from control risk. In doing so, we constantly evaluate the adequacy of the control structure and recommend improvements to strengthen the processes to prevent errors.