Everyone procrastinates.
That’s especially true now, when just about everyone is short-staffed.
When it comes to your 401(k) audit, the sooner you start, the better.
Think of it like planning a trip.
Here in Chicagoland, the Eisenhower is notorious for its rush hour traffic jams. If you’re in the suburbs and need to get downtown, it only takes an hour—if you’re on the road at 6:00 a.m. sharp.
Hesitate a little… and suffer.
You leave at 7:00? You’ll get about halfway there—to the junction of 355. The miles will fly by. But as soon as you reach Oakbrook, you’ll be sitting in park.
The same is true of your 401(k) audit.
Start early in February, get done early.
Start a little later in April, get done on time—traffic permitting.
Start in September? You’re at the mercy of factors beyond your control.
When you leave the house makes all the difference
No matter when you engage Cassell Plan Audits, we work hard for you. The more time you give us, the easier it is to navigate around the unexpected.
After starting your audit process, it may take you another 2-3 months to gather the documentation you need. Data may be lost or missing, and it could take time to get it back. Or a key employee might be on vacation.
With an early start, you’ll have less stress—fewer issues can derail you.
If your audit runs late, you could:
- End up getting an external audit from the IRS or Department of Labor
- Face significant penalties in addition to fixing any discovered issues
- Suffer enhanced 401(k) plan administration scrutiny in years to come
Luckily, you always have the biggest say in whether you’re on time. And your decision can protect your working relationship with the DOL and IRS.
Start by gathering required documentation—including trust statements to your internal records; signed, current 401(k) plan documents; your written investment policy; fidelity bond; and SOC 1 reports.
Then, find a 401(k) audit professional you can trust.
Make your life easier by getting an early start with Cassell Plan Audits
Cassell Plan Audits is the experienced team that can meet your needs. Working together, we’ll make your audit as easy and painless as possible.
Contact us to find out more or get started.
