New Comparability Plans

Posted By: Stacey Synder, CPA, QKA, TGPC Profit-sharing plans give employers the option to make contributions to a retirement saving account for the benefit of their employees. These contributions may be made at the discretion of the company and do not need to be based on the actual profits of the company. Traditional profit-sharing plans undergo compliance testing similar to … Continued

The 5 Ws of a 401(k) 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 401(k) Plan? The audit of … Continued

EPCRS: Participant Loan Corrections

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),

Participant Limits - Delaware CPA

Know Your Limits

Our lives are filled with limits; speed limits, credit limits, time limits, and a number of different retirement plan limits.

Late Deferral Deposits - Delaware CPA

Late deposits of employee deferrals: Paying the Piper

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.

What the Heck is a QNEC?

You may have asked yourself the title question after hearing ‘QNEC’ or ‘QMAC’ in a discussion related to ADP/ACP testing.