How Has a New Auditing Standard Given Auditors More Flexibility in Agreed-Upon Procedures Engagements?

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 105, Concepts Common to All … Continued

What are the Administrative Procedure Changes Under the SECURE Act?

Posted by Tyler Starr, CPA In Are Retirement Savings More Secure under the SECURE Act?, we reviewed some notable changes included in Title I of the SECURE Act, which focused on expanding and preserving retirement savings. This follow-up blog will discuss other notable changes in the SECURE Act that mostly deal with changes to administrative provisions of plans. SECURE Act, … Continued

Are Retirement Savings More Secure under the SECURE Act?

Posted by Tyler Starr, CPA The passing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) at the end of 2019 included significant changes impacting qualified retirement plans. In fact, the retirement plan industry has not seen such extensive changes in one act since the passing of the Pension Protection Act in 2006. President … Continued

Are Tips a Trap? – (Tips and Traps of Compensation – Part V)

Posted by Tyler Starr, CPA The most common error found during the audit of an employee benefit plan is the incorrect definition of compensation being used for contribution purposes. Whether the error is related to payroll coding issues or not fully understanding the plan provisions, plan compensation can be one of the biggest traps for plan sponsors, especially when employees … Continued

Are Employer Matching Contributions for Student Loan Repayments Allowed?

Posted by Tyler Starr, CPA The IRS issued a private ruling on August 17, 2018, to allow an unnamed company to implement a new type of benefit for employees with student loan debt who were eligible to participate in its 401(k) plan. Prior to the private ruling, the company offered a 5% match contribution if employees contributed at least 2% … Continued

What’s the Difference between a Limited Scope and an ERISA Section 103(a)(3)(C) audit?

In late 2018, the Auditing Standards Board (ASB) voted to issue a final balloted draft of SAS 13X, which addresses the auditor’s responsibility to form an opinion and report on the audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA).

How do you Maximize Contributions to your Plan with a Triple Stack Match?

In my previous blog, “How to Order a Triple Stack Match for your Plan,” I discussed the basics of the triple stack match formula.

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 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.

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.

Author Archives: Tyler Starr