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
Posted by Saaib T. Uppal, CPA, QKA 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 2020: PLAN LIMITS RETIREMENT & SOCIAL SECURITY 2020 Limit 2019 Limit 2018 Limit Section 401(k), 403(b), 457(b) elective deferrals $19,500 $19,000 $18,500 401(k) or 403(b) catch up contributions … Continued
Posted by Maria T. Hurd, CPA, RPA UPDATED 7/11/19 Tips and Traps of Compensation: Part I – The Trouble with True-Ups or Lack of True-Ups When 401(k) and 403(b) plans provide that the match contribution is calculated annually, but administratively, the deposit is done on a payroll by payroll basis, it is important for the plan sponsor to understand and … Continued
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
On April 19th, the IRS issued an update to the EPCRS which expands the Self-Correction Program (SCP) to cover certain plan loan failures.
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
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:
The Tax Cuts and Jobs Act (Tax Act) resulted in major changes to the US income tax code.
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.
There is a popular philosophical question that asks if a tree falls in a forest, and no one is around to hear it, does it make a sound?