When the 5500 is Ready for SAS 136, but Your Auditor is Not

Posted By: Maria Hurd, CPA, RPA What Do You Check to Indicate Your Client’s Auditor Performed a Limited Scope Audit On Your Mark, Get Set, GO!, Or Don’t Go….It’s Up to You! The AICPA postponed the mandatory effective date of the new audit standard, SAS 136, until next year, but the DOL had already updated Form 5500 to incorporate the … Continued

FINRec vs. the DOL/IRS…..Auditors vs. 5500 Preparers

Posted By: Maria Hurd, CPA, RPA Growing up, my father always said this phrase when dealing with disagreements or differences of opinion: “En este mundo traidor, nada es verdad ni mentira, todo es segun el color, del cristal con que se mira,” which is a quote from Ramon de Campoamor meaning “In this deceitful world, nothing is an absolute truth … Continued

BLS Presentations You May Want to Attend

  Maria Hurd, CPA, RPA, Christopher Ciminera, CPA, QKA,  and many members of our employee benefit plan audit team are highly sought after for speaking events. Here are a few upcoming speaking events that we thought you might be interested in attending. APRIL 19, 2021: Death, Taxes, and Retirement Plan Operational Failures – On April 19 from 2-2:45PM EST, Maria … Continued

Quick Reference Guide to the Taxation of Retirement Plan Distributions

Posted By: Chris Ciminera, CPA, QKA A major benefit to employees who are participating in a qualified retirement plan is the deferral of taxes. Pre-tax deferrals, employer contributions, and the related earnings grow tax-free until the amounts are distributed from the plan. Unfortunately, when a participant takes a distribution upon retirement or an early distribution that is not rolled over, … Continued

Big Little Plans

Posted By Maria T. Hurd, CPA How Big Can a Retirement Plan Be and Still Qualify for the Small Plan Audit Exemption? “Define Large.” It is a question I often get from advisors hoping to get their clients out of a retirement plan audit. Until now the answer has been simple: 100 participants is the general rule, but if your … Continued

Correction Options for Retirement Plan Errors

Posted by Maria T. Hurd, CPA 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 IRS Employee Plan Compliance Resolution System (EPCRS) in one of … Continued

The 5 Ws of a 401(k) Plan Audit

Posted By: Stacey Snyder, CPA, QKA, TGPC If you’ve just been informed that your 401(k) plan needs an audit, you probably have many questions if you have never been through a 401(k) audit. Hopefully by answering the five Ws (Who? What? When? Where? Why?), we’ll cover most of your questions. WHO? – Who Audits a 401(k) Plan? The audit of … Continued

How Do I Correct Late Salary Deferral Deposits?

Posted by Christopher J. Ciminera, CPA, QKA Update – April 29, 2020 On Wednesday, April 29, 2020 the Employee Benefits Security Administration (EBSA) also posted a Disaster Relief Notice 2020-01. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent COVID-19 issues which was addressed in my blog below. … Continued

Are Retirement Savings More Secure under the SECURE Act?

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 Protection Act in 2006. President … Continued