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,
401k Plans
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.
The DOL’s Assessment on the Quality of Financial Statement Audits: The Aftermath
It has been almost two years since the DOL released the results of its study of the quality of work performed by independent qualified public accountants (IQPAs).
Participant Loan Refinancing
Administrative simplicity or empathy for participants in need? Allowing more than one participant loan in a retirement plan is not a black and white determination.
EPCRS: Participant Loan Corrections
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),
The Paradox of Participant Loans in Default: A Taxable Distribution of a Loan Balance Still Considered to Remain Outstanding
Keeping two sets of books often means that someone is hiding something from the taxing authorities.
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.
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.