Category: DOL/IRS Guidance
Taft- Hartley Plan Payroll Audits
October 05, 2015
BLS understands the importance that payroll audits play in the annual audit of Taft-Hartley plans’ financial statements.
The Voluntary Fiduciary Correction Program – How to File an Application
July 23, 2015
In my previous blog, “The Voluntary Fiduciary Correction Program – Overview”, I discussed the Voluntary Fiduciary Correction Program (VFCP).
The Voluntary Fiduciary Correction Program – Overview
July 07, 2015
By filing through the VFCP, a plan sponsor will receive a no-action letter from the EBSA indicating to the plan that the EBSA will not take civil action against the plan sponsor with regard to this specific transaction in the submission. It is also important to note that there is no application fee to file through the VFCP.
A Plan Sponsor’s Guide to Assessing the Qualifications of Retirement Plan Auditors
June 10, 2015
The DOL has released the report on its fourth study of audit quality. Revealing a shocking turn for the worse, 39% of the plan audits in the sample did not comply with professional audit standards, up from 33% in the 2004 study, 19% in 1997 study, and 23% in the 1988 study.
Trustee Travel Expense Reimbursements
September 16, 2014
Traveling Outside State Lines Requires Staying in Line with the Travel Expense Reimbursement Rules. Taft-Hartley plan trustees must stay up to date on the most recent rules and regulations regarding plan administration.
Unforeseeable Emergency Distributions from 457(b) Plans
July 30, 2014
State or local governments and organizations that are tax-exempt under IRC Section 501(c) can establish a 457(b) plan to allow their employees to defer income taxation on retirement savings, similar to how the more popular 401(k) plans operate, but with some important differences, including the availability of hardship distributions.
Patient Centered Outcome Institute Fees Due by July 31, 2014
July 16, 2014
If your company offers a self-insured health and welfare plan, a HRA, or a FSA, your company must pay a fee per covered person by July 31, 2014 on Form 720.
The DOL can use large retirement plan filings to uncover MISSING welfare plan filings
February 19, 2014
Welfare plans such as health, life insurance, dental, vision, short and long term disability plans, among others are generally a combination of unfunded and fully insured.
Do you owe the PCORI Fee which is due by July 31, 2013?
July 16, 2013
As part of the Patient Protection Affordable Health Care Act (PPACA), the Patient Centered Outcome Research Institute (PCORI) was created […]
How to Scratch that Match
May 23, 2013
Posted by Saaib Uppal, CPA As discussed in one of our previous blog entries, the IRS updated its regulations in 2009 to allow for the reduction and/or the suspension of safe harbor non-elective contributions if certain situations are in play. But, what should be the course of action for the employer who wishes to reduce/suspend a … Continued