When it comes to IRS audits, “an ounce of prevention is worth a pound of cure,” as Benjamin Franklin so wisely put it.
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?
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.
Leveling Out ADP and ACP Tests with Refunds, QNECs/QMACs, Bottom-Up QNECs, or One-to-One Contributions
Discrimination. It’s a concept that most people don’t associate with retirement plan savings.
Along with the presidential election on Tuesday, November 8, another election that participants should have on their mind is the deferral for their retirement plan.
On April 6, 2016, the U.S. Department of Labor (DOL) issued its final rule expanding the definition of investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and modifying the complex list of prohibited transaction exemptions as it relates to the expanded definition.
Posted by Maria T. Hurd, CPA In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational errors can be corrected through the IRS Employee Plan Compliance Resolution System (EPCRS) in one of … Continued
Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.
One of the most common operational errors when administering retirement plans is the failure to implement a participant’s elective deferral election or change in percentage.
Users of accounting information make informed decisions using information contained in the financial statements.