Posted By: Christopher Ciminera, CPA On July 19, 2019, the AICPA Auditing Standards Board issued SAS 136 – Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. This standard was a long time coming. The AICPA worked with the DOL and other interested parties to create a new standard that addresses deficiencies found in … Continued
Posted By: Maria Hurd, CPA But They Got the Money in their Paycheck, Why Should They Get Even More? When an organization does not give employees the opportunity to make salary deferrals, or ignores their election to make salary deferral contributions, correcting the mistake in accordance with the IRS Correction Program called Employee Plan Compliance Resolution System (EPCRS) can be … Continued
Posted By: Maria Hurd, CPA There is Always Room for Improvement: Proposed Revisions to Form 5500 On September 14, 2021, the U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together “Agencies”) jointly announced a tri-agency notice of proposed forms revisions to the Form 5500 Annual Return/Report forms filed for employee pension … Continued
Posted By: Saaib T. Uppal, CPA, QKA IRS Announces Increases on Benefits and Contributions Dollar Limitations for 2022 The IRS has announced cost-of-living adjustments that should be noted for retirement planning purposes. Below is a chart that outlines employee benefit plan limits for 2022 Plan Limits RETIREMENT & SOCIAL SECURITY 2022 Limit 2021 Limit 2020 Limit Section … Continued
Posted by Chris Ciminera, CPA, QKA You (or your client) may have just found out that an audit is required for its retirement plan. Many questions may be running through your head such as Why must an audit be performed? What must be audited? Who performs audits? Who is required to have an audit? How is an audit performed? Well, … Continued
Is your auditor a Jack of all trades, but a master of none?
When I was a Teaching Assistant in College, group projects would inevitably result in complaints that some students were not pulling their weight.
Posted By: Maria T Hurd, CPA, RPA Improved EPCRS : More Self-Correction Options Inside the Box Perfection is aspirational, especially when it comes to retirement plan administration. That is why 30 years ago, in 1991, the IRS created the EPCRS (Employee Plan Compliance Resolution System), a mechanism for plan sponsors to fix mistakes. Compliance with pre-approved correction methods grants plan … Continued
Posted By: Maria Hurd, CPA, RPA What Do You Check to Indicate Your Client’s Auditor Performed a Limited Scope Audit On Your Mark, Get Set, GO!, Or Don’t Go….It’s Up to You! The AICPA postponed the mandatory effective date of the new audit standard, SAS 136, until next year, but the DOL had already updated Form 5500 to incorporate the … Continued
Posted By: Maria Hurd, CPA, RPA Growing up, my father always said this phrase when dealing with disagreements or differences of opinion: “En este mundo traidor, nada es verdad ni mentira, todo es segun el color, del cristal con que se mira,” which is a quote from Ramon de Campoamor meaning “In this deceitful world, nothing is an absolute truth … Continued