by cpaadmin | Dec 16, 2021 | 401k Audit Firm, 401k Plan Audit, 401k Plan Mistakes, Audit Insights, Auditor, Plan Sponsors, Virtual Audits
You probably already know your 401k plan must satisfy certain plan qualification requirements enforced by the IRS. But what you may not know is that if your plan fails to meet these requirements you, the employer and plan fiduciary, may be subject to personal...
by cpaadmin | Nov 19, 2021 | 401k Audit Firm, Auditor, Employee Addition
Kimberly R. Townsend Kim earned a Bachelor of Science degree from Madonna University in 2005. Then, after working as a corporate financial consultant for four years, returned to school to focus on accounting and earned a second degree in business administration with a...
by cpaadmin | Nov 15, 2021 | 401k Audit Firm, 401k Compliance, 401k Plan Audit, Audit Insights
There are many benefits to having a 401(k) plan for your employees, such as retirement savings for your team, reduced taxes on wages, and reduced taxes for the employer, to name a few. However, there are responsibilities as well, and the employer carries the...
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...
