Posted by Maria T. Hurd, CPA, RPA Inquiring minds want to know – Are the Bonuses In or Out? How Can I Withhold from a Gift Card? It’s Not Cash! … and more … The Problem The use of an incorrect definition of compensation for contribution purposes continues to be listed as the most common error the IRS finds during … Continued
Posted by Maria T. Hurd, CPA, RPA Tips and Traps of Compensation: Part III – Double Jeopardy: No Match on Catch-Ups and No True-Up In our previous two blogs, The Trouble with True-Ups or Lack of True-Ups and What’s the Catch with Administering Catch-Up Contributions, we went over the basic rules and potential pitfalls of administering true-ups and catch-ups. When … Continued
Posted by Maria T. Hurd, CPA, RPA Tips and Traps of Compensation: Part II – What’s the Catch with Administering Catch-Up Contributions? In the first part of our Tips and Traps of Compensation Series, we talked about The Trouble with True-Ups or Lack of True-Ups. Part II talks about administering catch-up contributions. Definition of Catch-Up Contribution As stated on the … Continued
Posted by Maria T. Hurd, CPA, RPA Does your 401(k) or 403(b) plan auditor belong to the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC)? To demonstrate their commitment to quality in the performance of ERISA audits, 2,600 CPA firms, about a third of the firms that perform EBP audits, have become members of the Employee Benefit Plan Audit Quality … Continued
Posted by Maria T. Hurd, CPA, RPA The AICPA Employee Benefit Plan Digital Badges: How can plan sponsors evaluate prospective auditors who are equally credentialed with digital badges? Is your auditor a Jack of all trades, but a master of none? As the results of the DOL studies on audit quality shift the industry focus to the qualifications of employee … Continued
Posted by Maria T. Hurd, CPA, RPA Testing the work of a specialist in a retirement plan audit: How much expertise does the financial statement auditor need? Service providers to the employee benefit plan (EBP) industry are often highly intelligent people that talk in “code”: Internal Revenue Code and ERISA Regulation sections. The legislation that regulates retirement plans encompasses … Continued
In “The DOL can use large retirement plan filings to uncover missing welfare plan filings”, we discussed the importance of plan sponsors not forgetting to file a Form 5500 for their health and welfare plans when filing the annual Form 5500 for their retirement plan.
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.
As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
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.