Art of the Qualified Plan Audit

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.

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.

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.

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.

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.

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.

As part of the Patient Protection Affordable Health Care Act (PPACA), the Patient Centered Outcome Research Institute (PCORI) was created […]

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

Similar to ‘three strikes and you’re out’ in baseball, there is little opportunity in life to get multiple chances for a pardon.

Think back to your early childhood when your parents would try to get you to open your mouth and take in a spoonful of food. “Choo! Choo! Here comes the train!”