Some people believe you can never get enough of a good thing.
It has been almost two years since the DOL released the results of its study of the quality of work performed by independent qualified public accountants (IQPAs).
As mentioned in my previous blog, EPCRS: How to Correct Improper Exclusions of Employees from a 401(k) Plan, the IRS implemented and recently revised the Employer Plan Compliance Resolution System (EPCRS),
The Paradox of Participant Loans in Default: A Taxable Distribution of a Loan Balance Still Considered to Remain Outstanding
Keeping two sets of books often means that someone is hiding something from the taxing authorities.
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?
As a plan sponsor, you may know that, generally, if your plan covers 100 employees or more, your plan is considered a large plan and requires audited financial statements to be attached to the 5500 filing.
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.
Along with the presidential election on Tuesday, November 8, another election that participants should have on their mind is the deferral for their retirement plan.
On April 6, 2016, the U.S. Department of Labor (DOL) issued its final rule expanding the definition of investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and modifying the complex list of prohibited transaction exemptions as it relates to the expanded definition.
Posted by Maria T. 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 … Continued