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Yearly Archives: 2018

IRS Announces Increases on Benefits and Contributions Dollar Limitations

The IRS has announced  cost-of-living adjustments that should be noted for retirement planning purposes.

Below is a chart that outlines employee benefit plan limits for 2019:

5500 Audit Requirements

All Good Things Come to an End: A Tale of Significant Changes in VCP Fees Affecting Small Benefit Plans

In the 14th century epic poem the Troilus and Criseyde, Geoffrey Chaucer portrays a tragic love tale between Troilus, a Trojan warrior, and Criseyde, the daughter of a Greek fortuneteller.

5500 Audit Requirements

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. 

DOL Limited Scope Audits

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

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.

DOL Limited Scope Audits

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.

Schedule of Delinquent Participant Contributions

Reporting Delinquent Contributions on the Schedule of Delinquent Participant Contributions

I recently heard a discussion about variances on how people pronounce certain words.

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    Belfint Lyons Shuman is a Certified Public Accounting firm that focuses on conducting audits of 401(k) Plans, Profit Sharing Plans, 403(b) Plans, Taft-Hartley, collectively bargained and defined contribution plans, in Delaware (DE) and Philadelphia (PA). Our team has experience conducting 401(k), 403(b), and large plan audits for plans with 120 participants to those with over 8,000 total participants.  We also have experience with first-year 401(k) and other plan audits.