As mentioned in my previous blog, EPCRS: How to Correct Improper Exclusions of Employees from a 401(k) Plan, the IRS implemented and recently revised the Employer Plan Compliance Resolution System (EPCRS),
Author Archives: Stacey Snyder, CPA, QKA, TGPC
Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.
The Department of Labor just sent a letter to plan administrators emphasizing the importance of selecting a quality auditor.
As explained in Timeliness of Deposits, the Department of Labor (DOL) has set deadlines for which salary deferrals must be deposited into the plan. If these deadlines are not met, a prohibited transaction under Section 4975 will have occurred and Form 5330 must be filed and excise taxes paid for each year or part of the year that the prohibited transaction is outstanding.
Inheriting a retirement account, whether in a qualified plan or an IRA, can lead to complicated decisions regarding the treatment of the account.
You may have asked yourself the title question after hearing ‘QNEC’ or ‘QMAC’ in a discussion related to ADP/ACP testing.
Failing to allow eligible employees to defer in an employee benefit plan can be very costly and result in plan disqualification.
When the Department of Labor (DOL) made filing changes for Form 5500, it resulted in the revision of Form 8955-SSA. The revision also required that the form must now be filed with the IRS.
As previously discussed in K.I.S.S.: Keep it Simple and Straight Forward with Safe Harbor Plan Designs, the IRS requires that safe harbor 401(k) plans, prior to the beginning of each plan year, […]
Practitioners in the retirement plan industry are well aware of the fact that most small plans don’t have to undergo an audit by an independent qualified public accountant, while large plans do.