Category: 403b Plans

Are Retirement Savings More Secure under the SECURE Act?

January 29, 2020

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 … Continued

Learn More >>

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

November 25, 2019

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 … Continued

Learn More >>

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

Learn More >>

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

Learn More >>

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

Learn More >>

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.

Learn More >>

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

Learn More >>

Did You Hear that the IRS made Hardship Distributions “a Little Less Hard”?

January 10, 2019

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).

Learn More >>

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:

Learn More >>

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.

Learn More >>


© 2022 Belfint Lyons & Shuman | All Rights Reserved  | Privacy Policy | Beflint.com

Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. For additional information contact us at info@belfint.com