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.
403b 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.
Did You Hear that the IRS made Hardship Distributions “a Little Less Hard”?
The IRS is striving to make the process of taking hardship distributions “a little less hard” through proposed regulation issued on November 14th, 2018, ushered by the Bipartisan Budget Act of 2018 (BBA).
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:
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.
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.
Changing Jobs? Are You Forgetting Something?
We live in an ever-changing world. Some areas which will most likely change many times during your lifetime include your car, job, the place where you live, your hobbies, your relationships with others, and even the organizations you associate with.
Improving Audit Quality Through Enhanced Financial Reporting
In response to the DOL’s findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality