Category: 401k Plans
2020 Plan Limits – IRS Announces Increases on Benefits and Contributions Dollar Limitations
November 15, 2019
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) … Continued
Tips and Traps of Compensation: Part I
June 25, 2019
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 … Continued
Are Employer Matching Contributions for Student Loan Repayments Allowed?
June 18, 2019
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 … Continued
How Did the EPCRS Improve Loan Correction Opportunities?
April 29, 2019
On April 19th, the IRS issued an update to the EPCRS which expands the Self-Correction Program (SCP) to cover certain plan loan failures.
Oops! How do I make it right? IRS Correction Program Options for Common Plan Errors
April 28, 2019
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 … Continued
IRS Announces Increases on Benefits and Contributions Dollar Limitations
November 08, 2018
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
May 15, 2018
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
May 11, 2018
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.
Accounting Treatment of Refund of Excess Contributions
February 09, 2017
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?
Internal Controls in a Retirement Plan
January 12, 2017
As auditors, we are required to review the controls in place at a plan sponsor of a retirement plan and its service providers to assess the risk of material misstatement resulting from control risk. In doing so, we constantly evaluate the adequacy of the control structure and recommend improvements to strengthen the processes to prevent errors.