IRS Announces Increases in Benefit and Contribution Dollar Limits
As required by IRC Section 415, the IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes.
Financial Accounting Standards Board
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.
Never Too Early for New Year’s Resolutions
Every year, right around December 31st (and closer to January 1!), we sit down and start to draft up resolutions for the upcoming new year. Whether it’s aiming for a healthier life style, setting aside for targets at work, or perhaps being more fiscally responsible, it’s important to not only make these goals, but to have a plan in place for accomplishing them as well.
Push it to the Limit (for 2015!)
Corbin Blue may not have been targeting plan participants as his audience when he told us to “push it the limit”, but what would those limits be if he was? Well we know what they are for 2015 thanks to a recent IRS announcement.
Qualified Plans Should Not Hope to get a Qualified Audit Opinion
Posted by Maria T. Hurd, CPA As a result of recent changes to the AICPA-approved language for audit reports, unqualified audit opinions will no longer confuse plan sponsors and service providers who associate the word qualified with compliance. New accounting pronouncements have changed the phraseology used to indicate the plan’s financial statements are not materially misstated from “unqualified opinion” to … Continued
Maybe…Maybe Not – Building a Safe Harbor Escape Clause
As discussed in one of our previous blog posts How to stop a non-elective contribution, circumstances and factors often arise that have us wishing that a commitment that we had entered into had an escape clause.
Limited-Scope Certification vs. SSAE 16 Report: Not Mutually Exclusive
Imagine you come home from school after graduation and you see your mother beaming with a huge smile on her face. She asks to see your diploma (a certificate of completion in this example) and you oblige and move on to show your father the same.
Employers that Participate in a Multiemployer Plan: Financial Statement Disclosures
Plan sponsors who are signatories to collective bargaining agreements agree to make contributions to their employees’ unions’ benefit funds, which generally include a welfare plan, a defined benefit pension plan, and a defined contribution annuity fund, among others.
Does your auditor exceed EBPAQC requirements?
CPA firms that perform employee benefit audits can voluntarily join the American Institute of Certified Public Accountants’ EBPAQC (the Center).
2014 Plan Limits
The 2014 plan limits were just released. Included in this blog is a chart that outlines the recently announced cost-of-living adjustments affecting retirement plans.