How Did the EPCRS Improve Loan Correction Opportunities?
On April 19th, the IRS issued an update to the EPCRS which expands the Self-Correction Program (SCP) to cover certain plan loan failures.
401k Plans
Oops! How do I make it right? IRS Correction Program Options for Common Plan Errors
Posted by Maria Hurd, CPA Disclaimer: All blog posts are valid as of the date published. 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 … Continued
Nothing is Certain but Death, Taxes, and Retirement Plan Operational Errors
In this world, nothing can be said to be certain, except death, taxes, and retirement plan operational errors. Two decades of plan audits have shown time and time again that even the most accurate plan sponsor is not immune from making one of the common errors.
Almost There – Part II
In my last blog, Almost There: Moving Closer to the New EBP Audit Standard , I gave a brief background on what led to SAS 13X – Statement on Auditing Standards Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“Final Balloted Draft”) and its proposed changes to the audit report.
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:
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.
Delinquent 401(k) and 403(b) Deposits: Same Prohibited Transaction, But Only ONE is Subject to Penalties
With the October 15th deadline in the past and a majority of Form 5500s having been filed, many plan sponsors, auditors, and third-party administrators have breathed a sigh of relief.
Is Keeping Former Employees in Your Plan a Good Idea?
Our recent blog “So You Are Changing Jobs…Are You Forgetting Something?” urged people to consider a rollover of their retirement accounts when joining a new employer plan
IRS Announces Increases in Benefit and Contribution Dollar Limits
As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.