by cpaadmin | Nov 15, 2024 | 401k Compliance, 401k Plan Audit Documentation, Audit Deadlines
“It’s the most wonderful time of the year…” Frozen turkeys go on sale, holiday carols fill the airwaves… and retirement plan sponsors check off those year-end 401(k) plan tasks to stay compliant. (That’s what you were thinking, too, right?) Because by the end of the...
by cpaadmin | Mar 15, 2024 | 401k Plan Audit, 401k Plan Audit Documentation, Audit Deadlines, Audit Procedures, Preparing for a 401(k) audit
For employers or plan sponsors with 401(k) plans with 100 or more participants with balances, here’s how to prepare for your first 401(k) plan audit. Step One: Determine whether your 401(k) plan requires an independent audit. Firstly, who makes this determination? ...
by cpaadmin | Feb 15, 2024 | 401k Plan Audit Documentation, Plan Sponsors, Preparing for a 401(k) audit, Regulations & Policies
As a seasoned plan sponsor, this is not your first audit. Here is a quick-and-easy checklist for your next 401(k) plan audit so you catch what may have changed—on your side or the regulatory side — to ensure that your next audit is as painless and efficient as...
by cpaadmin | Aug 18, 2021 | 401k Audit Firm, 401k Compliance Error, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Eligible compensation discrepancies, Employee Corrective Contribution
It happens… you’ve performed your audit and discovered some discrepancies. If you’ve ever found yourself in this position, you’re definitely not alone. In fact, eligible compensation errors are so common that they’re included in the IRS...
by cpaadmin | Jul 22, 2021 | 401k Audit Firm, 401k Plan Audit, 401k Plan Audit Documentation, Merger & Acquisitions, Plan Sponsors, Record Retention, Retirement Plan
Congratulations to your organization, on selling (or buying) a business! Now comes the fun part: Figuring out what to do with all of those employee records. When you’re a 401(k) retirement plan sponsor, the question of what to retain through the merger and...
by cpaadmin | Jun 16, 2021 | 401k Audit Firm, 401k Audit Oversight, 401k Plan Audit, 401k Plan Audit Documentation, Audit Procedures, Virtual Audits
We all know that 401k plans provide benefits to employees and employers alike, offering enhanced retirement security for workers and acting as an enticement when recruiting new employees. But for those charged with managing 401k oversight, these popular plans bring...
