by cpaadmin | Sep 15, 2024 | 401k Compliance, Fiduciary, Record Retention, Regulations & Policies
Understanding your fiduciary responsibilities as a 401(k) plan sponsor is critical to staying compliant and protecting yourself from personal liability. In short, no matter what, the buck stops with you. (Yes, we made a visual pun! Enjoy.) The Department of Labor...
by cpaadmin | Aug 15, 2024 | 401k Compliance, 401k Plan Mistakes, Regulations & Policies, Uncategorized
We’ve heard it all, over the 10+ years Cassell Plan Audits has been operating. Excuses like, “It wasn’t that late” and “We didn’t know” when our clients didn’t deposit 401(k) plan contributions and loan payments on time. Unfortunately, getting 401(k) plan...
by cpaadmin | Jul 15, 2024 | 401k Plan Audit, 401k Plan Mistakes, Audit Deadlines, Audit Procedures
As a plan sponsor, you’ve got a lot on your plate, and it’s easy to back-burner certain tasks—like your annual 401(k) audit. If you’re wondering (hypothetically or not), “What happens if I miss a 401k plan audit deadline?” … Here’s your...
by cpaadmin | Jun 15, 2024 | 401k Compliance, 401k Plan Audit, Audit Procedures, Preparing for a 401(k) audit, Regulations & Policies
Here’s how to determine the number of qualifying participants for your 401(k) audit. The total number of participants with balances in your retirement plan drives how the IRS Code and the Department of Labor see your plan. For audit purposes, this definition...
by cpaadmin | May 15, 2024 | 401k Audit Time, 401k Plan Audit, 401k Plan Mistakes, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit
As a plan sponsor of a 401(k) plan that requires an annual audit, you’ve probably wondered in frustration, “Why does it take so long?” Here’s how to streamline your 401(k) plan audit. Spoiler alert: audits can be time-consuming… but they don’t have to be! Here are...
