Art of the Qualified Plan Audit

Posted By: Stacey Snyder, CPA, QKA, TGPC If you’ve just been informed that your 401(k) plan needs an audit, you probably have many questions if you have never been through a 401(k) audit. Hopefully by answering the five Ws (Who? What? When? Where? Why?), we’ll cover most of your questions. WHO? – Who Audits a … Continued

Posted by Maria T. Hurd, CPA, RPA For 403(b) plan eligibility determinations, the IRS says that “Once In, Always In” is much better than “In and Out,” so are your part-time employees “In or Out” or “In and Out”? Part-time workers and transient workers have always posed a challenge for plan sponsors trying to determine … Continued

Posted by Tyler Starr, CPA The American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB) issued the Statement on Standards for Attestation Engagements (SSAE) No. 19, Agreed-Upon Procedures Engagements, in December 2019. SSAE 19 supersedes SSAE 18 AT-C section 215 of the same name and also amends certain provisions of SSAE 18 section … Continued

Posted by Maria T. Hurd, CPA, RPA The SECURE Act’s provisions that encourage retirement savings and increase coverage and participation could reduce an estimated retirement savings shortfall of $3.8 trillion dollars by 3%, which does not sound like much percentage-wise, but it amounts to more than one hundred billion dollars: an unquestionably good result.  However, … Continued

Posted By Christopher J. Ciminera, CPA, QKA Throughout the COVID-19 pandemic, the Employee Benefits Security Administration (EBSA) had been relatively quiet on retirement plan compliance relief. That changed with Disaster Relief Notice 2020-01 issued on April 29, 2020. This notice provides guidance and relief for employee benefit plans due to the COVID-19 outbreak. Time Period … Continued

Posted by Christopher J. Ciminera, CPA, QKA On Tuesday, April 28 my blog, “How Do I Correct Late Salary Deferral Deposits?,” was posted. Coincidentally, the very next day the Employee Benefits Security Administration (EBSA) Disaster Relief Notice 2020-01 was posted. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in … Continued

Posted by Christopher J. Ciminera, CPA, QKA Update – April 29, 2020 On Wednesday, April 29, 2020 the Employee Benefits Security Administration (EBSA) also posted a Disaster Relief Notice 2020-01. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent COVID-19 issues which was … Continued

Posted By Maria T. Hurd, CPA, RPA Coronavirus-Related Distributions are NOT “Eligible Rollover Distributions,” but They Can be Rolled Over: What Withholding Rate Applies? To address the novel Coronavirus, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) has created a novel type of distribution from retirement plans: the Coronavirus-Related Distribution (“CRD”). It … Continued

Posted by Maria T. Hurd, CPA, RPA In pandemic times, employer contributions to retirement plans are not immune to cost-cutting initiatives, as corporate cash flows and liquidity dwindle. However, discontinuing discretionary contributions does not always eliminate all employer contribution requirements, and it is important for employers to anticipate and budget for any contributions that cannot … Continued

Posted by Maria T. Hurd, CPA, RPA Every year, retirement plan audit season starts in early April, shortly after discrimination tests are complete and audit packages for the more straightforward plans become available. Human resources managers, payroll managers, and chief financial officers at the plan sponsor collaborate to provide the auditor with payroll, personnel data, … Continued