Posted by Christopher J. Ciminera, CPA, QKA On Tuesday, April 28 my blog, “How Do I Correct Late Salary Deferral Deposits?,” was posted. Coincidentally, the very next day the Employee Benefits Security Administration (EBSA) Disaster Relief Notice 2020-01 was posted. In this notice, the EBSA provides relief to plan sponsors regarding the possibility of lags in deposits due to the recent … Continued
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 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
Proposed Statement of Auditing Standards: Redesigning the Audit Reporting Model for ERISA Plan Financial Statements
The Auditing Standards Board created a special task force in 2015 to consider a proposal to improve the quality of employee benefit plan audits by strengthening the EBP auditors’ report.
What the IRS can Learn from Amelia Bedelia: The IRS Forfeits to Common Sense when Applying Forfeited Funds to Safe Harbor Contributions
Some of my most memorable childhood stories were those of Amelia Bedelia by Peggy Parish.
It is not often that we can give our clients good news as a result of new guidance from the Internal Revenue Service, but thanks to Notice 2016-16, Mid-Year Changes to Safe Harbor Plans and Safe Harbor Notices, we have fantastic news.
In May 2015, the U.S. Department of Labor’s Employee Benefit Security Administration (EBSA) published the results of its assessment of the quality of retirement plan audits.
When an auditor is considering accepting an engagement to audit financial statements and/or after a new auditor has been engaged to audit financial statements that have been audited by another firm in previous years,
In my previous blog, “The Voluntary Fiduciary Correction Program – Overview”, I discussed the Voluntary Fiduciary Correction Program (VFCP).
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.