EBSA Disaster Relief Notice 2020-01 – Correcting Late Salary Deferral Deposits

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

Tips and Traps of Compensation – Part IV

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

Tips and Traps of Compensation – Part II

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

Safe Harbor Plans - 401k Audit Delaware

Mid-Year Amendments to Safe Harbor Plans

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.

VFCP - Delaware 401k Auditor

The Voluntary Fiduciary Correction Program – Overview

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.